Booking of Forward Contracts Based on Past Performance

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....d to A.P.(DIR) Series Circular No. 46 dated December 9, 2003 and paragraph A.2 of our Master Circular No. 2 dated July 1,2004 on Risk Management and Inter-Bank Dealings, in terms of which importers/exporters are permitted to book forward contracts on the basis of past performance (without production of any underlying documents) up to the average of the past three years' or the previous year's turn....

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.... following documents: i. A certificate from the Chartered Accountant of the customer that all guidelines have been adhered to while utilizing this facility. ii. A certificate of import/export turnover of the customer during the past three years duly certified by their Chartered Accountant/bank in the format given in Annex- VII of our Master Circular mentioned above. 4. In the case of an expor....

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....he notice of their constituents and customers. 7. The direction contained in this circular has been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully F. R. Joseph Chief General Manager Annex Booking of forward contracts on past performance....