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<h1>New Reporting Rules for Foreign Exchange Transactions Under FEMA 1999: Compliance and Management Updates by RBI.</h1> The Master Direction under the Foreign Exchange Management Act, 1999 (FEMA) outlines the reporting requirements for transactions conducted by authorized persons. The Reserve Bank mandates the submission of various reports and forms through authorized entities, which are crucial for supervisory purposes and policy adjustments in foreign exchange transactions. These reports are consolidated in the Master Direction, which will be periodically updated with new instructions. This ensures compliance and effective management of foreign exchange activities as regulated under FEMA.