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Foreign Exchange Management (Foreign Exchange Derivative Contracts)
(Amendment) Regulations, 2002
FEMA
Notification No. 70 dated 26th August 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, 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) (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 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.�
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