Limits on forward deals hiked
By Our Banking Bureau | 11 Dec 2003
New
Delhi: The Reserve Bank of India (RBI) has hiked
the limits on forward contracts that can be booked by
importers and exporters on the basis of a declaration
of exposures based on past performance. The apex bank
has also lifted the $100-million cap on such contracts.
In a circular to all authorised dealers in foreign exchange, RBI has said, henceforth, forward contracts booked can stand up to 50 per cent of the eligible limit "without any cap."
This
can be done provided any amount in excess of 25 per
cent of the eligible limit shall be only on a deliverable
basis. This limit is the average of the past three years'
import or export turnover or the past year's turnover,
whichever was higher, the RBI has said.
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