Forward-forward swap permission for overseas foreign currency borrowings enables delivery extension until year-end with penalty for non delivery. Banks with a firm loan sanction or commitment on or before November 30, 2013 may enter into a forward-forward swap selling forward the contracted foreign currency for delivery up to December 31, 2013; failure to deliver on the contracted date requires payment of the difference between the contracted concessional swap rate and the market swap rate plus one hundred basis points, with all other notified swap terms unchanged and the relaxation available only for contracts entered into up to November 30, 2013.
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.
Forward-forward swap permission for overseas foreign currency borrowings enables delivery extension until year-end with penalty for non delivery.
Banks with a firm loan sanction or commitment on or before November 30, 2013 may enter into a forward-forward swap selling forward the contracted foreign currency for delivery up to December 31, 2013; failure to deliver on the contracted date requires payment of the difference between the contracted concessional swap rate and the market swap rate plus one hundred basis points, with all other notified swap terms unchanged and the relaxation available only for contracts entered into up to November 30, 2013.
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