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Learn MorePart C: FEMA
Given below are the highlights of certain RBI circulars, press notes and notifications
38 A. P. (DIR Series) Circular No. 27, dated January 19, 2010
Guidelines on trading of Currency Futures in Recognized Stock Exchanges
Notification No. FED. 2 / ED (HRK)–2010, dated January 19, 2010
Presently, persons resident in India are permitted only to trade in US Dollar (USD) – Indian Rupee (INR) currency futures contracts in recognized stock exchanges.
This circular permits persons resident in India, with immediate effect, currency futures contracts in the currency pairs of Euro-INR, Japanese Yen (JPY)-INR and Pound Sterling (GBP)-INR, in addition to the USD-INR contracts.
The minimum contract size will be USD 1,000 for USD-INR contracts, Euro 1,000 for Euro-INR contracts, GBP 1,000 for GBP-INR contracts and JPY 100,000 for JPY-INR contracts. The settlement price for USD-INR and Euro-INR contracts shall be the Reserve Bank’s Reference Rates; and for GBP-INR and JPY-INR contracts shall be the exchange rates published by the Reserve Bank in its press release on the last trading day.