Monday, October 12, 2015
Booking of Forward Contracts- On the basis of a simple declaration
Resident individuals, firms and companies, who have actual or anticipated foreign exchange exposures, can book foreign exchange forward and FCY-INR options contracts up to USD 1,000,000 (USD one million) without any documentation on the basis of a simple declaration. While such contracts would normally be on a deliverable basis, cancellation and rebooking are permitted.
The existing facilities for Small and Medium Enterprises (SMEs) shall remain unchanged.
Based on RBI Circular dt 08/10/15. Please visit www.rbi.org.in for any further clarification if required…..Poppy