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Master Circular on Export of Goods and Services (2011-12)

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2011-12/10 · issued 09 Feb 2012 · ~2 min read

Quick answerRBI consolidated all export-related FEMA instructions into one Master Circular for Category-I AD banks. It covers declaration exemptions, receipt/payment norms, realisation timelines, and operational procedures. Banks must follow these rules until July 1, 2012, when an updated circular will replace it.

What changed

This Master Circular consolidates all existing instructions on export of goods and services into a single document, replacing multiple earlier circulars. It includes a sunset clause, meaning it will stand withdrawn on July 1, 2012, and be replaced by an updated version. The circular covers general guidelines, operational procedures for AD banks, and annexures with relevant notifications.

What it means for you

Banks now have a single reference for export-related compliance, reducing the need to track multiple circulars. The sunset clause ensures regular updates, keeping rules aligned with evolving trade practices. AD banks must ensure their export processing systems and staff are aligned with these consolidated instructions before the circular expires.

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

Review and update internal export processing manuals to align with this Master Circular's consolidated instructions.
Train staff handling export transactions on the key sections: declarations, receipt/payment, realisation, and operational guidelines.
Monitor the sunset clause and prepare for the updated circular expected by July 1, 2012.
Ensure all export-related forms (GR, SDF, PP, SOFTEX) and procedures comply with the circular's requirements.

Who it affects

All Category-I Authorised Dealer Banks, Exporters dealing with foreign exchange transactions, RBI compliance and trade finance departments

❓ Common questions

Regulatory timeline

Decoded by BankPulse 2026-06-19 00:59 IST
Status change: withdrawn 03 Aug 2026, 04:00 IST

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

What is the sunset clause in this Master Circular?

The circular includes a sunset clause stating it will stand withdrawn on July 1, 2012, and be replaced by an updated Master Circular on the same subject.

Does this circular change any existing export rules?

No, it consolidates existing instructions into one document without introducing new rules. Banks should continue following the same procedures as before.

Which banks are covered under this circular?

All Category-I Authorised Dealer Banks, as specified in the circular's address line.

📜 Read the original circular — full text as issued by RBI

RBI/2011-12/10 
 Master Circular No.10/2011-12 
 (Updated as on February 9, 2012) 
 July 01, 2011 
 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. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account) Rules, 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/notifications consolidated in this Master Circular is furnished in Appendix.
 3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 01, 2012 and be replaced by an updated Master Circular on the subject.
 Yours faithfully,
 (Rashmi Fauzdar)
 Chief General Manager 
 INDEX 
 PART-1

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/10 · issued 09 Feb 2012. The plain-English explanation above is BankPulse’s own independent summary.

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BankPulse Compliance Evidence Pack — generated 03 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=6502&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.