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of <h1>RBI Sets Intra-Day Position Limit for Banks at Five Times Net Overnight Limit Under FEMA 1999 for Rupee Transactions.</h1> The circular addresses risk management and inter-bank dealings for Authorized Dealer Category - I banks, referring to a previous circular from December 2011. It specifies that the intra-day open position or daylight limit for these banks should not exceed the Net Overnight Open Position Limit. Upon review, it has been decided to set this limit at five times the Net Overnight Open Position Limit or the existing intra-day limit approved by the Reserve Bank, whichever is higher, specifically for positions involving the Rupee. These directions are issued under the Foreign Exchange Management Act 1999.
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