Intraday open position limits: authorised dealers permitted expanded daylight limits for rupee-involving positions under FEMA guidance. The Reserve Bank prescribes that the intra-day open position / daylight limit of Authorised Dealer Category I banks for positions involving the Rupee shall be the greater of five times the Net Overnight Open Position Limit available to them, or the existing intra-day limit approved by the Reserve Bank; the direction replaces the earlier cap tied to the erstwhile Net Overnight Open Position Limit and is issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions.
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Provisions expressly mentioned in the judgment/order text.
Intraday open position limits: authorised dealers permitted expanded daylight limits for rupee-involving positions under FEMA guidance.
The Reserve Bank prescribes that the intra-day open position / daylight limit of Authorised Dealer Category I banks for positions involving the Rupee shall be the greater of five times the Net Overnight Open Position Limit available to them, or the existing intra-day limit approved by the Reserve Bank; the direction replaces the earlier cap tied to the erstwhile Net Overnight Open Position Limit and is issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions.
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