Forward contract cancellation and rebooking allowed for contracted current and short term capital account exposures, with limited rebooking for portfolio investors. Permits cancellation and rebooking of forward contracts for contracted current account transactions and for contracted capital account transactions with residual maturities of one year or less; portfolio investors may rebook only a capped portion of cancelled contracts, though rollovers on or before maturity are permitted; AD Category I banks must inform constituents; directions issued under the Foreign Exchange Management Act and subject to other required approvals.
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 contract cancellation and rebooking allowed for contracted current and short term capital account exposures, with limited rebooking for portfolio investors.
Permits cancellation and rebooking of forward contracts for contracted current account transactions and for contracted capital account transactions with residual maturities of one year or less; portfolio investors may rebook only a capped portion of cancelled contracts, though rollovers on or before maturity are permitted; AD Category I banks must inform constituents; directions issued under the Foreign Exchange Management Act and subject to other required approvals.
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