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Master Circular on Export of Goods and Services (2008)

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2008-09/22 · issued 01 Jul 2008 · ~1 min read
Quick answerRBI consolidated all export-related FEMA instructions into one Master Circular for Category-I AD banks, effective July 1, 2008, with a one-year sunset clause. It covers general and operational guidelines for export of goods and services.

What changed

RBI issued Master Circular No. 09/2008-09 consolidating all existing instructions on export of goods and services under FEMA 1999. The circular is organized into five parts: introduction, general guidelines, operational guidelines for AD Category-I banks, annex with forms, and list of underlying circulars. It includes a sunset clause making it valid only until July 1, 2009, after which it will be replaced.

What it means for you

Banks now have a single reference document for export-related compliance, reducing the need to track multiple circulars. The one-year sunset clause signals that RBI expects regular updates, so banks must stay alert for the next version. Operational guidelines for AD Category-I banks are explicitly separated, making their responsibilities clearer.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All Category-I Authorised Dealer Banks, Exporters and importers dealing with AD banks, RBI compliance and forex operations teams

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the legal basis for this Master Circular?

It is issued under Section 7 of FEMA 1999, read with Notification GSR 381(E) and FEMA Notification 23/RB-2000, both dated May 3, 2000, as amended.

Does this circular replace all previous export instructions?

Yes, it consolidates existing instructions into one place, and the list of underlying circulars is provided in the appendix.

What happens after July 1, 2009?

The circular will stand withdrawn and be replaced by an updated Master Circular on the same subject.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/22 Master Circular No. 09/2008-09 July 1, 2008 To, All Category – I Authorised Dealer Banks Madam / Sir, Master Circular on Export of Goods and Services Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. GSR 381(E) dated May 3, 2000 and FEMA Notification 23/RB-2000 dated May 3, 2000 as amended from time to time. 2. This  Master Circular  consolidates the existing instructions on the subject of "Export of Goods and Services from India" at one place. The list of underlying circulars is furnished in Appendix. 3. The circular is organized into five parts as under: Part 1 : Introduction Part 2 : General guidelines for exports Part 3 : Operational guidelines for the AD Category – I banks Part 4 : Annex (notifications and the forms for exports) Part 5 : List of all circulars consolidated in the master Circular. 4. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 01, 2009 and be replaced by an updated Master Circular on the subject. Yours faithfully, (Salim Gangadharan) Chief General Manager-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/22 · issued 01 Jul 2008. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4322&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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