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of <h1>New Policy Allows Banks to Book Forward Contracts Up to 75% of Turnover for Importers and Exporters.</h1> The circular addresses authorized dealer banks regarding the booking of forward contracts for importers and exporters based on past performance. Previously, banks allowed contracts up to the higher of the average of the past three years or the previous year's turnover, with excess contracts over 50% being non-cancellable. The new policy increases this limit to 75%, allowing more flexibility for hedging foreign exchange exposures. The conditions and reporting requirements remain unchanged, and banks are instructed to inform their clients. The circular is issued under the Foreign Exchange Management Act 1999, without affecting other legal permissions.
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