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of <h1>Banks Can Issue Standby Letters for Commodity Derivative Payments Abroad, Subject to Conditions in Annex.</h1> The circular addresses authorized dealer banks regarding the issuance of standby letters of credit or bank guarantees for payment obligations arising from commodity derivative contracts with overseas parties. Banks may issue these financial instruments to provide flexibility to resident entities, subject to conditions outlined in the annex. These include ensuring compliance with overseas commodity hedging guidelines, having a board-approved policy on exposure, and assigning risk weights for capital adequacy. The instruments are limited to margin payments from the previous financial year and can be issued for up to one year. Amendments to existing regulations will be issued separately.
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