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.
What you must do
- Review the consolidated guidelines to ensure your bank's export processing aligns with the Master Circular.
- Prepare for the sunset clause by planning to adopt the updated Master Circular expected by July 1, 2009.
- Train staff on the five-part structure to quickly locate relevant instructions for export transactions.
Who it affects
All Category-I Authorised Dealer Banks, Exporters and importers dealing with AD banks, RBI compliance and forex operations teams
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The circular will stand withdrawn and be replaced by an updated Master Circular on the same subject.