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A person resident in India may enter into currency futures or currency options on a stock exchange recognized under section 4 of the Securities Contract (Regulation) Act, 1956. This person enters into contracts to hedge an exposure to risk or otherwise. The person follows terms and conditions set forth in directions issued by the Reserve Bank of India from time to time.
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Relative A.P. (DIR) circular: 5/30.07.2010
Reserve Bank of India Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA 210/RB-2010 dated July 19, 2010 Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2010
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 of India makes the following amendments in the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, (Notification No. FEMA 25/RB-2000 dated May 3, 2000) namely:-
“5A. Permission to a person resident in India to enter into currency futures or currency options A person resident in India may enter into currency futures or currency options on a stock exchange recognized under section 4 of the Securities Contract (Regulation) Act, 1956, to hedge an exposure to risk or otherwise, subject to such terms and conditions as may be set forth in the directions issued by the Reserve Bank of India from time to time.”
(Salim Gangadharan) Chief General Manager-in-Charge
Footnote:-
Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 27.07.2010- G.S.R.No.635 (E)
