Booking of forward contracts on past performance allowed with enhanced limits subject to CA certification and monthly reporting. Authorised Dealer banks may permit importers/exporters to book forward contracts on past performance up to the eligible turnover limit and may enhance outstanding limits to full eligibility where satisfied of genuine need. Enhanced permissions require a Chartered Accountant certificate of compliance and a certified three year turnover statement. Exporters must keep overdue bills within the prescribed small proportion of turnover and contracts beyond a specified portion of the limit must be delivered. AD banks must submit monthly reports on limits granted and utilised to the central office by the tenth of the following month.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Booking of forward contracts on past performance allowed with enhanced limits subject to CA certification and monthly reporting.
Authorised Dealer banks may permit importers/exporters to book forward contracts on past performance up to the eligible turnover limit and may enhance outstanding limits to full eligibility where satisfied of genuine need. Enhanced permissions require a Chartered Accountant certificate of compliance and a certified three year turnover statement. Exporters must keep overdue bills within the prescribed small proportion of turnover and contracts beyond a specified portion of the limit must be delivered. AD banks must submit monthly reports on limits granted and utilised to the central office by the tenth of the following month.
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