Hedging flexibility for resident importers expanded under past-performance route, permitting increased forward cover subject to existing operational conditions. Importers may book forward contracts under the past performance route for a larger share of the eligible import limit, as computed by the higher of the three year average import turnover or the prior year's actual turnover; importers who previously booked up to the earlier threshold may avail the incremental entitlement, and all existing operational guidelines, terms and conditions apply while AD Category I banks must inform constituents. Directions issued under FEMA remain subject to other statutory permissions.
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Provisions expressly mentioned in the judgment/order text.
Hedging flexibility for resident importers expanded under past-performance route, permitting increased forward cover subject to existing operational conditions.
Importers may book forward contracts under the past performance route for a larger share of the eligible import limit, as computed by the higher of the three year average import turnover or the prior year's actual turnover; importers who previously booked up to the earlier threshold may avail the incremental entitlement, and all existing operational guidelines, terms and conditions apply while AD Category I banks must inform constituents. Directions issued under FEMA remain subject to other statutory permissions.
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