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Risk Management and Inter-Bank Dealings – Liberalisation of documentation requirements for the resident entities in the Indian Forex Market
Presently, resident entities who have hedged their foreign exchange risks are required to submit to their Banks a Quarterly certificate signed by their statutory auditors stating that the contracts outstanding at any point of time with all banks during the quarter did not exceed the value of the underlying exposures.
This circular provides that resident entities now have to submit an annual certificate from their statutory auditors stating that the contracts outstanding with all banks at any time during the year did not exceed the value of the underlying exposures at that time.
Resident entities will have to continue to give an undertaking to the Banks stating that the contracted exposure against which the derivative transaction is being booked has not been used for any derivative transaction with any other bank.
PRESS NOTE 3 (2013 Series) – D/o IPP F. No. 5/3/2005- FC.I Dated June 03, 2013
Review of the policy on foreign direct investment in the Multi Brand Trading Sector – amendement of paragraph 6.2.16.5(2) of ‘Circular 1 of 2013 – Consolidated FDI Policy’
This Press Note has amended the List of States / Union Territories has mentioned in paragraph 6.2.16.5(1)(viii) by adding the name of Karnataka as the State which has given its consent to implent the policy on Multi Brand Retail Trading. With this the name of States / Union Territories that have given their consent has increased to 12. The revised list is as under: –
|
S. No
|
Sector/Activity
|
% of FDI Cap/
Equity
|
Entry route
|
|
6.2.16.5
|
Multi Brand Retail
Trading
|
51%
|
Government
|
|
|
(1) FDI in….
(2) List of States/Union Territories as mentitoned in paragraph 6.2.16.5(1)(viii)
1. Andhra Pradesh
2. Assam
3. Delhi
4. Haryana
5. Himachal Pradesh
6. Jammu & Kashmir
7. Karnataka
8. Maharashtra
9. Manipur
10. Rajasthan
11. Uttarakhand
12. Daman & Diu and Dadra and Nagar Haveli Union Territories
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