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RBI eases forward contract norms

MUMBAI APRIL 1 . Liberalising the forward contracts norms, the Reserve Bank of India has decided to allow companies to book forward contracts in excess of $100 million based on past performance for hedging purposes on deliverable basis.

This has been done to enable large corporates with proven track record to effectively and actively manage their risks arising out of genuine exposures relating to export/import transactions and in response to representations received by the apex bank, says a RBI release.

At present, resident entities were allowed to book forward contracts up to the extent of average of past three years export/import turnover without production of documents subject to the condition that outstanding contracts should not exceed 25 per cent of eligible limit and a cap of $100 million. — PTI

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