RESERVE
BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001.
Notification No.FEMA70/RB/2002
Dated the
August 26, 2002
Foreign
Exchange Management (Foreign exchange
derivative contracts (Amendment) Regulations, 2002
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, 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)
(Third Amendment) Regulations, 2002 and these shall come into force from the
date of publishing in the official Gazette.
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.1 of Schedule
1.
'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 ongoing rates on or before maturity. Contracts covering
export transactions may be cancelled, re-booked or rolled over at on-going rates
without any restrictions.'
(K.J. Udeshi)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 18.03.2003 - G.S.R.No.222(E)
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