Reserve Bank has started the process of issuing 'Master Directions' on various regulatory issues in its bid to simplify the communication process. To begin with, it issued 17 such comprehensive directions covering foreign exchange transactions. Master Directions on foreign exchange consolidate relevant circulars issued so far and cover different classes of transactions permitted under the rules and regulations under the Foreign Exchange Management Act (FEMA). All the updated master regulations will be placed online. RBI said in a statement that it will issue Master Directions on all regulatory matters. The Directions to be issued will consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts, including banking issues and foreign exchange transactions. It further said further explanations will be issued by way of frequently asked questions (FAQs) in easy-to-understand language, wherever necessary, after the issuance of the Master Directions.