Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2007 - Amendment in regulation 6, Schedules I and II; insertion of regulation 8

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....ulation 6, Schedules I and II; insertion of regulation 8 RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE NOTIFICATION No. FEMA 159 / RB-2007 Mumbai, the 17th September, 2007 G.S.R. 760(E).- In exercise of the powers conferred by clause (h) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby makes th....

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....ve been omitted with effect from 31st day of May, 2007. Insertion of new Regulation 8 3. In the principal regulations, after regulation 7, the following new regulation shall be inserted and shall be deemed to have been inserted with effect from the 23rd day of July, 2005, namely:- "8. Remittance related to a Commodity Derivative Contract.-An authorised dealer in India may remit outside India f....

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....A person resident in India may, subject to such terms and conditions as may be stipulated by the Reserve Bank from time to time, enter into a forward contract with an authorised dealer in India to hedge an economic exposure to exchange risk in respect of such transactions as may be prescribed by the Reserve Bank from time to time." (ii) in Schedule II, in paragraph 1, for clause (b), the followi....