Export and Import of Goods and Services

बेटी बचाओ बेटी पढ़ाओ भारतीय ररज़र्व बैंक RESERVE BANK OF INDIA RBI/2025-26/194 A.P. (DIR Series) Circular No. 20 January 16, 2026 All Authorised Dealers, Madam / Sir, Export and Import of Goods and Services The Reserve Bank has comprehensively reviewed the regulations and directions governing export and import of goods and services, under FEMA, 1999, in consultation with stakeholders, and issued Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The Regulations are intended to promote ease of doing business, especially for small exporters and importers, and to empower authorised dealers to provide quicker and more efficient service to their customers. The Regulations will be effective from October 01, 2026. Accordingly, the instructions contained in these directions will also be effective from the said date. 2. In exercise of the powers conferred under the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby directs that authorised dealers shall ensure adherence to Foreign Exchange Management Act, 1999 (FEMA), and rules, regulations & directions issued under FEMA, and extant Foreign Trade Policy issued by the Government of India, while handling transactions related to export and import of Goods and Services, including merchanting trade transactions. 3. An Authorised Dealer shall (i) send all references to the Reserve Bank through PRAVAAH portal1. (ii) inform any doubtful transaction to the Directorate of Enforcement (DoE). 1 https://pravaah.rbi.org.in/pravaah/#/ वर्देशी मुद्रा वर्भाग, केंद्रीय कायावलय, केंद्रीय कायावलय भर्न, शहीद भगत व िंह मागव, पो.बॉ. िं. 1055, मुिंबई - 400001 फोन: कें.का.: (91-22) 2261 0615; ई मेल: fedcopcd@rbi.org.in Foreign Exchange Department, Central Office, Central Office Building, Shaheed Bhagat Singh Marg, P.B. No. 1055, Mumbai-400001; Tel: (91-22) 2261 0615; E-mail: fedcopcd@rbi.org.in4. With effect from the date these directions come into force, the Master Direction – Export of Goods and Services and Master Direction – Import of Goods and Services and circulars listed at Annex shall stand superseded. 5. Authorised Dealers may bring the contents of the circular to the notice of their customers/ constituents concerned. 6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permission /approvals, if any, required under any other law. 7. These directions shall come into force from October 01, 2026. Yours Sincerely, (N. Senthil Kumar) Chief General Manager 2Annex A. List of Circulars superseded – Export of Goods and Services Sl. Circular No. Subject Date No. 1. A.P . (DIR Series) Foreign Exchange Management Act 1999 – September Circular No.12 Export of Goods and Services 9, 2000 2. A.P . (DIR Series) Barter Trade with Myanmar under the Indo-Myanmar October 16, Circular No.17 Border Trade Agreement 2000 3. A.P . (DIR Series) Foreign Exchange Management Act, 1999 – March 2, Circular No.27 Export of goods and services -Forwarder’s Cargo 2001 Receipt 4. A.P . (DIR Series) "Write off" of unrealised export bills – April 4, 2001 Circular No. 30 Simplification of procedure 5. A.P . (DIR Series) Foreign Exchange Management Act, 1999 - Export of June 11, Circular No.35 Goods and Services 2001 6. A.P . (DIR Series) Counter-Trade Arrangements with Romania August 27, Circular No.4 2001 7. A.P . (DIR Series) Export of Goods and Services August 27, Circular No.5 2001 8. A.P . (DIR Series) Export of Goods and Services September Circular No.6 24, 2001 9. A.P . (DIR Series) Export of Goods and Services - Certification of October 25, Circular No.9 SOFTEX Forms 2001 10. A.P . (DIR Series) Export of goods & services – January 28, Circular No.20 Extension of period of realisation 2002 11. A.P . (DIR Series) Export of Goods for Exhibition / Trade Fairs outside March 26, Circular No.30 India 2002 12. A.P . (DIR Series) Export of Goods and Services - April 1, 2002 Circular No.35 Facilities to Status Holder Exporters 13. A.P . (DIR Series) Foreign Exchange Management Act, 1999 – April 12, Circular No.38 Export of goods and services – Reduction in value 2002 14. A.P . (DIR Series) Export of Goods and Services July 04, Circular No.2 2002 15. A.P . (DIR Series) Export of Goods and Services – August 14, Circular No.10 Facilities to units in Special Economic Zones (SEZs) 2002 16. A.P . (DIR Series) Export of Goods and Services August 28, Circular No.12 2002 17. A.P . (DIR Series) Disposal of duplicate copies of Export Declaration September Circular No.21 Forms 16, 2002 18. A.P . (DIR Series) Export of Goods and Services October 23, Circular No.33 2002 19. A.P . (DIR Series) "Write-off" of unrealised export bills- December Circular No.61 Surrender of export incentives 14, 2002 20. A.P . (DIR Series) Export of Goods and Services - Facilities to Units in April 1, 2003 Circular No.91 Special Economic Zones (SEZs) 21. A.P . (DIR Series) Export of Goods and Services - April 26, Circular No. 94 Export of goods on promotional grounds 2003 22. A.P . (DIR Series) Export of Goods and Services - Exports to May 2, 2003 Circular No.100 Warehouses Abroad 23. A.P . (DIR Series) Supply of goods by Special Economic Zones (SEZs) June 16, Circular No.105 to Units in Domestic Tariff Area (DTA) against 2003 payment in foreign exchange 24. A.P . (DIR Series) Export of Goods and Services August 20, Circular No.12 2003 325. A.P .(DIR Series) Opening of Foreign Currency Account in India by September Circular No.20 Project / 23, 2003 Service Exporter for Execution of Contract Abroad 26. A.P . (DIR Series) Export of Goods and Services - Payment of Claims by September Circular No.22 ECGC 24, 2003 27. A.P . (DIR Series) Export of Goods and Services - October 3, Circular No.26 Export of Books on Consignment Basis 2003 28. A.P . (DIR Series) Export of Goods and Services October 21, Circular No.30 2003 29. A.P . (DIR Series) Export of Goods and Services - Project Exports October 28, Circular No.32 2003 30. A.P . (DIR Series) Export of Goods and Services – Liberalisation December 5, Circular No.40 2003 31. A.P . (DIR Series) Exemption from Declaration of Export of Goods and January 31, Circular No.61 Software 2004 32. A.P . (DIR Series) Export of Goods and Services - Liberalisation February 20, Circular No.68 2004 33. A.P . (DIR Series) Export of Goods by way of Gifts - Liberalisation February 20, Circular No.73 2004 34. A.P . (DIR Series) Export of Goods and Services to Latin American September Circular No.10 Countries 13, 2004 35. A.P . (DIR Series) Export of Goods and Services Period of Realisation November Circular No.25 for Export Oriented Units (EOUs) 01, 2004 36. A.P . (DIR Series) Export of Goods and Services - Liberalisation - GR January 10, Circular No. 21 Approval for export 2006 37. A.P . (DIR Series) Export of Goods and Services – Extension of period April 21, Circular No. 31 of realization 2006 38. A.P . (DIR Series) Liberalisations in Project and Service Exports January 08, Circular No. 26 2007 39. A.P . (Dir Series) Liberalisation of Export and Import procedures February 28, Circular No. 33 2007 40. A.P . (DIR Series) Export of Goods and Services April Circular No.37 Refund of Export Proceeds - Liberalisation 05, 2007 41. A.P . (DIR Series) Data on Project Export Finance June 8, Circular No.71 2007 42. A.P . (DIR Series) Export of Goods and Services - June 03, Circular No. 49 Payments of Claims by Insurance Companies-Write 2008 off 43. A.P .(DIR Series) Export of Goods and Services - Realisation and June 03, Circular No.50 Repatriation of Export Proceeds - Liberalization 2008 44. A.P . (DIR Series) Export of Goods and Services- Direct Dispatch of August 13, Circular No.06 Shipping Documents Realisation and Repatriation of 2008 Export Proceeds – Liberalisation 45. A.P . (DIR Series) On-line Downloading of GR Forms March 26, Circular No.60 2009 46. A.P . (DIR Series) Export of Goods and Software - Realisation and June 30, Circular No.70 Repatriation of Export Proceeds - Liberalisation 2009 47. A.P . (DIR Series) Export of Goods and Software - Realisation and June 29, Circular No.57 Repatriation of Export proceeds - Liberalisation 2010 48. A.P . (DIR Series) Export of Goods and Services - Unrealised export bills July 22, Circular No.03 – Write-off - Surrender of export incentives 2010 49. A.P . (DIR Series) Export of Goods and Software - Realisation and March 31, Circular No.47 Repatriation of Export Proceeds - Liberalisation 2011 50. A.P . (DIR Series) Export of Goods and Software - Realisation and November Circular No.40 Repatriation of Export Proceeds - Liberalisation 01, 2011 51. A.P . (DIR Series) “Set-off” of export receivables against import November Circular No. 47 payables- Liberalization of Procedure 17, 2011 452. A.P . (DIR Series) Mid – Sea Trans-shipment of catch by Deep Sea November Circular No.48 Fishing Vessel 21, 2011 53. A. P. (DIR Series) Foreign Exchange Management Act, 1999 – January 12, Circular No.65 Export of Goods and Services - Forwarder’s Cargo 2012 Receipt 54. A.P . (DIR Series) Export of Goods and Services- February 15, Circular No. 80 Simplification and Revision of Softex Procedure 2012 55. A.P . (DIR Series) Export of Goods and Services - February 21, Circular No.81 Receipt of advance payment for export of goods 2012 Involving shipment (manufacture and ship) beyond one year 56. A.P . (DIR Series) Discontinuation of Supplying Printed GR forms by March 30, Circular No.98 Reserve Bank 2012 57. A. P. (DIR Series) Supply of Goods and Services by Special Economic October 23, Circular No. 46 Zones (SEZs) to Units 2012 in Domestic Tariff Areas (DTAs) against payment in foreign exchange 58. A. P. (DIR Series) Export of Goods and Services – October 23, Circular No. 47 Simplification and Revision of Softex Procedure 2012 59. A.P . (DIR Series) Export of Goods and Software - Realisation and November Circular No.52 Repatriation of Export Proceeds - Liberalisation 20, 2012 60. A.P . (DIR Series) Export of Goods and Services – January 1, Circular No. 66 Simplification and Revision of Softex Procedure at 2013 SEZs 61. A.P . (DIR Series) “Write-off” of unrealized export bills – March 12, Circular No. 88 Export of Goods and Services – Simplification of 2013 procedure 62. A.P . (DIR Series) Export of Goods and Software - Realisation and May 20, Circular No.105 Repatriation of Export Proceeds - Liberalisation 2013 63. A.P . (DIR Series) Export of Goods and Services - Realization and June 11, Circular No.108 Repatriation Period for Units in Special Economic 2013 Zones (SEZ) 64. A.P . (DIR Series) Export of Goods and Services – Project Exports June 26, Circular No.118 2013 65. A.P . (DIR Series) Export of Goods and Software - Realisation and July 22, Circular No.14 Repatriation of Export proceeds - Liberalisation 2013 66. A.P . (DIR Series) Export of Goods and Services- September Circular No.43 Simplification and Revision of Declaration Form for 13, 2013 Exports of Goods/Softwares 67. A.P . (DIR Series) Export of Goods and Services – Project Exports September Circular No. 51 20, 2013 68. A.P . (DIR Series) Export Outstanding Statement (XOS) Online Bank October 01, Circular No.60 wide Submission 2013 69. A.P . (DIR Series) Closing of Old Outstanding Bills: Export - Follow-up - October 14, Circular No.62 XOS Statements 2013 70. A. P. (DIR Series) Third party payments for export / import transactions November 8, Circular No.70 2013 71. A.P . (DIR Series) Third party payments for export / import transactions February 4, Circular No.100 2014 72. A.P . (DIR Series) Export of Goods and Services: February 4, Circular No.101 Export Data Processing and Monitoring System 2014 (EDPMS) 73. A.P . (DIR Series) Export of Goods and Services: February 28, Circular No. 109 Export Data Processing and Monitoring System 2014 (EDPMS) 74. A.P . (DIR Series) Export of Goods - Long Term Export Advances May 21, Circular No.132 2014 575. A.P . (DIR Series) Export of Goods and Services – Project Exports July 22, Circular No.11 2014 76. A.P . (DIR Series) Export of Goods / Software / Services - Period of November Circular No.37 Realisation and Repatriation of Export Proceeds - For 20, 2014 Exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs 77. A. P. (DIR Series) Delay in Utilization of Advance Received for Exports February 09, Circular No.74 2015 78. A.P . (DIR Series) Export of Goods and Services - Project Exports April 1, 2015 Circular No.93 79. A.P .(DIR Series) Export of Goods and Services - Declaration of Exports May 14, Circular No.101 of Goods / Software 2015 80. A.P . (DIR Series) BEF Statement - Submission under XBRL June 18, Circular No.110 2015 81. A.P . (DIR Series) Re-export of unsold rough diamonds from Special July 02, Circular No.1 Notified Zone of Customs without Export Declaration 2015 Form (EDF) formality 82. A.P . (DIR Series) Export factoring on non-recourse basis July 16, Circular No.5 2015 83. A.P . (DIR Series) Software Export – Filing of bulk SOFTEX-further November Circular No.27 liberalisation 05, 2015 84. A.P . (DIR Series) Export of Goods and Services – Project Exports January 14, Circular No. 39 2016 85. A.P . (DIR Series) Settlement of Export/ Import transactions in February 4, Circular No. 42 currencies not having a direct exchange rate 2016 86. A.P . (DIR Series) Grant of EDF Waiver for Export of Goods Free of Cost March 3, Circular No.53 2016 87. A.P . (DIR Series) Foreign Exchange Management (Exports of Goods May 12, Circular No. 68 and Services) Regulations, 2015 2016 [(1)/23(R)] 88. A.P . (DIR Series) Export Data Processing and Monitoring System May 26, Circular No. 74 (EDPMS) – Additional Modules for caution listing of 2016 exporters, reporting of advance remittance for exports and migration of old XOS data 89. A.P . (DIR Series) Diamond Dollar Account (DDA) – Reporting March 23, Circular No.54 Mechanism 2016 90. A.P . (DIR Series) Export Data Processing and Monitoring System September Circular No. 04 (EDPMS) Issuance of Electronic Bank Realisation 15, 2017 Certificate (eBRC) 91. A.P . (DIR Series) Re-export of unsold rough diamonds from Special November Circular No. 10 Notified Zone of Customs without Export Declaration 22, 2019 Form (EDF) formality 92. A.P . (DIR Series) Export of Goods and Services - Realisation and April 01, Circular No.27 Repatriation of Export Proceeds - Relaxation 2020 93. A.P . (DIR Series) Export Data Processing and Monitoring System October 09, Circular No. 03 (EDPMS) Module for ‘Caution/De-caution Listing of 2020 Exporters’ - Review 94. A.P . (DIR Series) External Trade – Facilitation - Export of Goods and December Circular No. 08 Services 04, 2020 95. A.P . (DIR Series) Use of any Alternative reference rate in place of September Circular No.13 LIBOR for interest payable in respect of export / 28, 2021 import transactions 96. A.P .(DIR Series) Export Data Processing and Monitoring System October 01, Circular No. 12 (EDPMS) & Import Data Processing and Monitoring 2025 System (IDPMS) – reconciliation of export /import entries – Review of Guidelines 6B. List of the circulars superseded – Import of Goods and Services Sr. Circular No. Subject Date No. A.P. (DIR Series) Foreign Exchange Management Act, 1999 August 24, 1. Circular No. 9 2000 A.P.(DIR Import of Aircraft/Aircraft Engine/ March 1, 2. Series)Circular Helicopter on lease basis 2002 No.24 A.P. (DIR Series) Evidence of Import September 3. Circular No.15 9, 2002 A.P. (DIR Series) FEMA, 1999 – Current Account Transactions – September 4. Circular No.20 Remittances towards Consultancy Services 12, 2002 A.P.(DIR Series) Imports into India - Short term credit September 5. Circular No.25 27, 2002 A.P. (DIR Series) Foreign Exchange Management Act, 1999 – November 6. Circular No.49 Advance Remittances for Imports 16, 2002 A.P. (DIR Series) Evidence of Import November 7. Circular No.57 27, 2002 A.P. (DIR Series) Foreign Exchange Management Act, 1999 – January 6, 8. Circular No.65 Advance Remittances for Services to be Rendered 2003 A.P. (DIR Series) Import of goods and services into India. June 19, 9. Circular No.106 2003 A.P. (DIR Series) Merchanting Trade Transactions – Clarifications - July 19, 10. Circular No.4 Short term credit 2003 A.P. (DIR Series) Evidence of Import – Liberalisation August 18, 11. Circular No.9 2003 A.P. (DIR Series) Advance Remittance for Imports September 12. Circular No.15 17, 2003 A.P. (DIR Series) Import of gold against letter of authority issued by October 1, 13. Circular No. 25 Nominated Agency 2003 A.P. (DIR Series) Import of Silver/Platinum against October 24, 14. Circular No.31 Letter of Authority issued by Nominated Agency 2003 A.P. (DIR Series) Advance Remittance for Imports December 15. Circular No.49 15, 2003 A.P. (DIR Series) Imports into India – Direct Receipt of Import February 6, 16. Circular No.66 Bills/Documents 2004 A.P. (DIR Series) Foreign Exchange Management Act, 1999 - Import of February 20, 17. Circular No.72 Goods into India – Evidence of Import 2004 A.P. (DIR Series) Trade Credits for Imports into India – Review and April 17, 18. Circular No. 87 Simplification - A.P.(DIR Series) Circular No. 87 2004 A.P. (DIR Series) Import of Gold by (i) Export Oriented Units (EOUs), July 9, 2004 19. Circular No.2 (ii) Units in SEZ/EPZ, and (iii) Nominated Agencies A.P. (DIR Series) Import of Gold on Loan Basis – Tenor of Loan and February 18, 20. Circular No.34 Opening of Stand-By Letter of Credit 2005 A.P. (DIR Series) Import of Goods of Value USD 100,000 and Less - July 12, 21. Circular No.1 Clarification on Follow up for Evidence of Import 2005 A.P. (DIR Series) Import of Aircraft on Operating Lease - Security September 22. Circular No.13 Deposits 27, 2005 A.P. (DIR Series) Advance Remittance for Import of Rough Diamonds March 2, 23. Circular No.34 2007 7A.P. (DIR Series) Import of Equipments by BPO Companies in India for May 25, 24. Circular No.63 International Call Centre 2007 A.P. (DIR Series) Advance Remittance for Import of aircrafts / June 29, 25. Circular No.77 helicopters / other aviation related purchases 2007 A.P. (DIR Series) Direct Receipt of Import Bills / Documents - November 26. Circular No.18 Liberalisation 7, 2007 A.P. (DIR Series) Direct Receipt of Import Bills / Documents for Import April 16, 27. Circular No.37 of Rough Precious & Semi-Precious Stones 2008 A.P. (DIR Series) Advance Remittance for Import of Rough Diamonds August 4, 28. Circular No.03 2008 A.P. (DIR Series) Advance Remittance for Import of Rough Diamonds August 21, 29. Circular No.08 2008 A.P. (DIR Series) Foreign Exchange Management Act, 1999- Advance August 21, 30. Circular No.09 Remittance for Import of Goods - Liberalisation 2008 A.P. (DIR Series) Foreign Exchange Management Act, 1999 – Import of August 28, 31. Circular No.12 Platinum / Palladium / Rhodium / Silver 2008 A.P. (DIR Series) Direct Receipt of Import Bills / Documents - September 32. Circular No.13 Liberalisation 1, 2008 A.P. (DIR Series) Foreign Exchange Management Act, 1999 – Advance September 33. Circular No.15 Remittances for Import of Services 8, 2008 A.P. (DIR Series) Foreign Exchange Management Act, 1999 – October 5, 34. Circular No.10 Advance Remittance for import of Services 2009 A.P. (DIR Series) Advance Remittance for Import of Rough Diamonds December 35. Circular No.21 29, 2009 A.P. (DIR Series) Advance Remittance for Import of Goods – April 29, 36. Circular No.56 Liberalisation 2011 A.P. (DIR Series) Import of rough, cut and polished diamonds May 06, 37. Circular No.59 2011 A.P. (DIR Series) Release of Foreign Exchange for Imports – Further February 21, 38. Circular No.82 Liberalisation 2012 A.P. (DIR Series) Import of Gold on Loan Basis - Tenor of Loan and February 27, 39. Circular No.83 Opening of Stand - By Letter of Credit 2012 A.P. (DIR Series) Data on import of Gold – Statements – Modification April 03, 40. Circular No.103 2012 A.P. (DIR Series) Foreign Exchange Management Act, 1999-Import of September Circular No. 34 gold in any form including jewellery made of gold/ 24, 2012 41. precious metals or / and studded with diamonds / semi precious / precious stones - clarification A.P. (DIR Series) Import of precious and semi precious stones- February 20, 42. Circular No.83 Clarification 2013 A.P. (DIR Series) Import of Gold by Nominated Banks/Agencies May 13, 43. Circular No.103 2013 A.P. (DIR Series) Import of Gold by Nominated Banks/Agencies June 4, 44. Circular No.107 2013 A.P. (DIR Series) Import of Gold by Nominated Banks/Agencies June 27, 45. Circular No.122 2013 A.P. (DIR Series) Import of Gold by Nominated Banks July 22, 46. Circular No.15 /Agencies/Entities 2013 A.P. (DIR Series) Import of Gold by Nominated Banks August 14, 47. Circular No. 25 /Agencies/Entities 2013 A.P. (DIR Series) Advance Remittance for Import of Rough Diamonds November 48. Circular No.71 8, 2013 8A.P. (DIR Series) Import of Gold by Nominated Banks November 49. Circular No.73 /Agencies/Entities 11, 2013 A.P. (DIR Series) Import of Gold by Nominated Banks/Agencies/Entities December 50. Circular No.82 31, 2013 A.P. (DIR Series) Merchanting Trade Transactions January 17, 51. Circular No.95 2014 A.P. (DIR Series) Import of Gold / Gold Dore by Nominated Banks February 14, 52. Circular No.103 /Agencies /Entities - Clarifications 2014 A.P. (DIR Series) Merchanting Trade Transactions - Revised guidelines March 28, 53. Circular No.115 2014 A.P. (DIR Series) Advance Remittance for Import of Rough Diamonds April 01, 54. Circular No.116 2014 A.P. (DIR Series) Import of Gold by Nominated Banks / Agencies / May 21, 55. Circular No.133 Entities 2014 A.P. (DIR Series) Import of Rough, Cut and Polished Diamonds - credit July 07, 56. Circular No.2 relaxation 2014 A.P. (DIR Series) Data on Import of Gold Statement- September 57. Circular No.30 Submission under XBRL 15, 2014 A.P. (DIR Series) Import of Gold (under 20: 80 Scheme) by Nominated November 58. Circular No.42 Banks / Agencies / Entities 28, 2014 A.P. (DIR Series) Foreign Exchange Management Act, 1999 - Import of February 12, 59. Circular No.76 Goods into India 2015 A.P. (DIR Series) Guidelines on Import of Gold by Nominated Banks / February 18, 60. Circular No.79 Agencies 2015 A.P. (DIR Series) Import of Goods into India – Evidence of Import November 61. Circular No.29 26, 2015 A.P. (DIR Series) Advance Remittance for Import of aircrafts / November 62. Circular No.30 helicopters /other aviation related purchases 26, 2015 A.P. (DIR Series) Import of Rough, Cut and Polished Diamonds March 31, 63. Circular No.57 2016 A.P. (DIR Series) Import of goods- Import Data Processing and April 28, 64. Circular No.65 Monitoring System (IDPMS) 2016 A.P. (DIR Series) Import Data Processing and Monitoring System October 06, 65. Circular No.05 (IDPMS) 2016 A.P. (DIR Series) Evidence of Import under Import Data Processing January 12, 66. Circular No.27 and Monitoring System (IDPMS) 2017 A.P. (DIR Series) Merchanting Trade Transactions (MTT) – Revised January 23, 67. Circular No.20 Guidelines 2020 A.P.(DIR Series) Import of Goods and Services- Extension of Time May 22, 68. Circular No.33 Limits for Settlement of Import Payment 2020 A.P. (DIR Series) CIMS Project implementation - Discontinuation of December 69. Circular No.12 submission in legacy XBRL 22, 2023 (Data on Import of Gold Statement) A.P. (DIR Series) Import of Shipping Vessel - Relaxation June 13, 70. Circular No. 07 2025 A.P. (DIR Series) Merchanting Trade Transactions (MTT) – Review of October 01, 71. Circular No. 11 time period for outlay of foreign exchange 2025 9