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Learn MorePart C : RBI/FEMA
Given below are the highlights of certain RBI Circulars.
58 A.P. (DIR Series) Circular No. 32,
dated 28-12-2010
Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks
Annexed to this Circular are Comprehensive Guidelines on Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks. These guidelines will come into effect from February 01, 2011. In addition, the Comprehensive Guidelines on Derivatives issued vide Circular DBOD.No.BP.BC. 86/21.04.157/2006-07, dated April 20, 2007 and subsequent amendments thereto would continue to apply to foreign exchange derivatives.
The guidelines are divided into the following seven sections :
I. Section A — Overview of the guidelines
II. Section B — Guidelines for per sons resident in India (other than AD Category I banks)
III. Section C— Guidelines for persons resi dent outside India
IV. Section D— Guidelines for Authorised Dealers Category I
V. Section E— Guidelines for Commodity Derivatives
VI. Section F— Guidelines for Freight Derivatives
VII. Section G— Reports to the Reserve Bank