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of <h1>New Guidelines Allow Rebooking of FCY-INR Swaps After Tenor Expiry for Eligible Residents Under FEMA Regulations.</h1> The circular addresses Category-I Authorized Dealer banks regarding Foreign Currency (FCY) to INR swaps under the Foreign Exchange Management regulations. It highlights that eligible residents can use FCY-INR swaps to hedge exchange rate or interest rate risks from long-term foreign currency borrowings or convert INR borrowings into foreign currency liabilities, adhering to specific guidelines. Previously, cancelled swap transactions could not be rebooked. Now, clients may re-enter a fresh swap contract after the original swap's tenor expires, provided the underlying exposure persists. All other guidelines remain unchanged, and banks should inform their clients of these updates.
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