Foreign Exchange Management (Foreign exchange derivative contracts) ( Third Amendment) Regulations, 2003

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..... 001 Notification No. FEMA 104./2003-RB Dated the October 21, 2003 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 11.11.2003 - G.S.R. No. 880(E) In exercise of the powers conferred by clause (h) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (Act 42 of 1999), and in partial modification of its N .....

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..... a may subject to the terms and conditions prescribed by Reserve Bank of India. may enter into a forward contract with an authorised dealer in India to hedge an exposure to exchange risk in respect of transactions denominated in foreign currency but settled in Indian rupees' (ii) In Schedule II, a. after paragraph 2 the following shall be added namely: '2A . A non-resident Indian may, subject .....

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..... taken only after the rate has been approved by the Board, enter into forward contracts with rupee as one of the currencies to hedge the currency risk on dividend receivable by him from the Indian company.' ( Usha Thorat ) Executive Director G.S.R.No.880(E) dated October 21, 2003 Foot-note : The Principal Regulations were published in the official gazette vide G.S.R. No. 411(E) dated May 8, 20 .....

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