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of <h1>RBI: No Forward Cover for NRIs, Overseas Corporates Holding Resurgent India Bonds per FEMA 25/RB-2000 Schedule II.</h1> The Reserve Bank of India clarifies that forward cover cannot be offered to Non-Resident Indians or Overseas Corporate Bodies holding Resurgent India Bonds, as these bonds are not included in the provisions of paragraph 2 of Schedule II to Notification No. FEMA 25/RB-2000. The original terms of the Resurgent India Bonds did not anticipate forward cover for maturing bonds. Authorized dealers in foreign exchange are instructed to inform their relevant clients of this directive. This circular is issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act 1999.
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