Foreign exchange derivative regulation amendment broadens eligibility to parties permitted by the Reserve Bank under Schedule Three of the regulations. The amendment inserts the phrase 'or as permitted by the Reserve Bank' into Schedule III, paragraph 1 of the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, thereby extending eligibility to enter foreign exchange derivative contracts beyond those engaged in export-import trade to include persons authorised by the Reserve Bank. The regulation, titled the Fourth Amendment Regulations, 2003, comes into force on publication in the Official Gazette and is made under Section 47(2)(h) of the Foreign Exchange Management Act, 1999.
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Foreign exchange derivative regulation amendment broadens eligibility to parties permitted by the Reserve Bank under Schedule Three of the regulations.
The amendment inserts the phrase "or as permitted by the Reserve Bank" into Schedule III, paragraph 1 of the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, thereby extending eligibility to enter foreign exchange derivative contracts beyond those engaged in export-import trade to include persons authorised by the Reserve Bank. The regulation, titled the Fourth Amendment Regulations, 2003, comes into force on publication in the Official Gazette and is made under Section 47(2)(h) of the Foreign Exchange Management Act, 1999.
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