Forward contract liberalisation permits residents to book forex forwards and options without documentation, subject to declaration and S&A norms. Resident individuals, firms and companies are permitted to book foreign exchange forward and FCY INR option contracts up to USD 1,000,000 on the basis of a simple self declaration without production of underlying documents; contracts will normally be deliverable, cancellation and rebooking are allowed, and AD Category I banks may require underlying documents at rebooking based on track record. Suitability and appropriateness norms, AML/KYC certification by the bank, and reporting in prescribed Annex formats apply.
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Provisions expressly mentioned in the judgment/order text.
Forward contract liberalisation permits residents to book forex forwards and options without documentation, subject to declaration and S&A norms.
Resident individuals, firms and companies are permitted to book foreign exchange forward and FCY INR option contracts up to USD 1,000,000 on the basis of a simple self declaration without production of underlying documents; contracts will normally be deliverable, cancellation and rebooking are allowed, and AD Category I banks may require underlying documents at rebooking based on track record. Suitability and appropriateness norms, AML/KYC certification by the bank, and reporting in prescribed Annex formats apply.
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