Raimei is a Normal Spell Card.
Spell Cards are usually activated from the hand on your turn unless their type gives another timing window.
On the current TCG and OCG Forbidden & Limited lists tracked here, Raimei is Unlimited.
YGOPRODeck lists Raimei for these formats: GOAT, OCG GOAT, Duel Links, Edison, TCG, OCG, Master Duel.
A listed print of Raimei appears in Tournament Pack: 1st Season (TP1-009) at Rare rarity.
Among markets shown on this page, the lowest listed snapshot for Raimei is about $1.00 on Amazon (prices change frequently).
