Commodity Hedging by Entities in the Special Economic Zones

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.... Madam/Sirs, Commodity Hedging by Entities in the Special Economic Zones Attention of authorised dealers is invited to paragraph 6 of Notification No.FEMA25/RB-2000 dated 3^rd May, 2000 and paragraph A.6(i) Part A of the enclosure to A.P. DIR(Series) Circular No.19 dated January 24, 2002. 2. The Notification referred to above has since been partially modified vide Notification No.FEMA-66/....

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....t out in the Annexure. 4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager ANNEXURE [A.P.(DIR Series) Circular No.44 dated November 12, 2002] Guidelines/Terms & Conditions for undertaking hedging transactions • T....

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.... • A copy of the Broker's Month-end Report(s), duly confirmed/ countersigned by the corporate's Financial Controller should be verified by the bank to ensure that all off-shore positions are/were backed by physical exposures. These month-end reports may be kept on record for internal audit/inspection purpose. • The periodic statements submitted by Brokers, particularly those ....