Rupee involved derivative contracts: rebooking restricted but rollovers and hedging cancellations allowed at on going rates. Amendment restricts rebooking of foreign exchange derivative contracts involving the rupee as one of the currencies, permitting rollovers at on going rates on or before maturity. Exceptions allow residents' contracts hedging current account transactions (not based on undocumented past performance or rupee settled foreign currency transactions) to be cancelled and rebooked freely at on going rates; export related contracts may also be cancelled, rebooked or rolled over at on going rates without restriction. The amendment is retrospective with a non adverse effect clarification.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rupee involved derivative contracts: rebooking restricted but rollovers and hedging cancellations allowed at on going rates.
Amendment restricts rebooking of foreign exchange derivative contracts involving the rupee as one of the currencies, permitting rollovers at on going rates on or before maturity. Exceptions allow residents' contracts hedging current account transactions (not based on undocumented past performance or rupee settled foreign currency transactions) to be cancelled and rebooked freely at on going rates; export related contracts may also be cancelled, rebooked or rolled over at on going rates without restriction. The amendment is retrospective with a non adverse effect clarification.
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