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Booking Forward Contracts for the Customs Duty Component of Imports
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....toms Duty Component of Imports Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Schedule - 1 [A.1.(j)] to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 notified vide Notification No. FEMA.25/RB-2000 dated 3rd May 2000, as amended from time to time and A.P. (DIR Series) Circular No.98 dated April 29, 2003, in terms of w....
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....d cash settlement would be made on the maturity date by cancellation of the contracts. Forward contracts covering such transactions once cancelled are not eligible for rebooking. However, in case of changes in the rate of customs duties, due to Government Notifications, importers may be allowed to cancel and/or rebook the forward contracts before maturities. 3. Necessary amendments to the Forei....