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of <h1>RBI Eases Forward Contract Rules for SMEs and Individuals; New Flexibility in Booking Without Documents.</h1> The circular issued by the Reserve Bank of India on October 29, 2007, liberalizes the booking of forward contracts for Small and Medium Enterprises (SMEs) and resident individuals. SMEs can now book, cancel, rebook, or roll over forward contracts without underlying documents, provided they meet specific conditions, including having credit facilities with the bank. Resident individuals can book forward contracts up to USD 100,000 based on self-declaration, with restrictions on the notional value and tenor. Banks must conduct due diligence to ensure customer suitability and submit quarterly reports to the RBI. Amendments to relevant regulations will be issued separately.
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