NTF. NO. FEMA 70/2002-RB, DT. 26/08/2002*

Forward Contracts-Export Forward Contracts Allowed to be Cancelled, Rebooked or Rolled Over

Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000

G.S.R. 222(E)-In exercise of the powers conferred by clause (h) of Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its Notification No. FEMA 25/RB-2000 dated May 3, 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, namely:–

2. Short title and commencement:–

These Regulations may be called the Foreign Exchange Management (Foreign exchange derivative contracts) (Amendment) Regulations, 2003 and these shall come into force from the date of publishing in the Official Gazette.

(In above Notification the figure "2003" at title & short title & "Amendment" has been substituted vide CORRIGENDUM - G.S.R. No.554(E), DT. 31/08/2004)

3. Amendment:–

In the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, the following shall be substituted in lieu of item (h) of paragraph A. l of Schedule I.

“contracts involving the rupee as one of the currencies, once cancelled, shall not be re-booked except as otherwise permitted by the Reserve Bank from time to time although they can be rolled over at on-going rates on or before maturity. Contracts covering export transactions may be cancelled, re-booked or rolled over at on-going rates without any restrictions.”

Sd/-
K. J. Udeshi,
Executive Director

Foot-Note :

The Principal Regulations were published in the official gazette vide G.S.R.No.411(E) dated May 8, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide G.S.R.No.756(E) dated September 28, 2000, G.S.R.No.264(E) dated April 9, 2002 and G.S.R.No.579(E) dated August 19, 2002.

(Above Foot Note has been added vide CORRIGENDUM - G.S.R. No.555(E), DT. 31/08/2004)

(Pl. refer CIR. NO. 65/2003-04-RB, DT. 05/02/2004 - Foreign Exchange Management Act, 1999-Amendments to Foreign Exchange Management Regulations )

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