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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..... gulation 6, Schedules I and II; insertion of regulation 8 Notification No. G.S.R. 760(E) [No. FEMA 159/RB-2007] dated 17-9-2007 issued by Foreign Exchange Department, RBI 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 the following amendments in the Foreign Exchange Manag .....

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..... tion 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 foreign exchange in respect of a transaction, undertaken in acco .....

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..... ed 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 following shall be substituted and shall be deemed to have been substituted with effect from t .....

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