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FOREX LEGAL/ILLEGAL...

Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000
Notification No.FEMA 25 /RB-2000, dated 3rd May 2000
RESERVE BANK OF INDIA
(EXCHANGE CONTROL DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001
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 makes the following regulations, to
promote orderly development and maintenance of foreign exchange market in India, namely:
1. Short title & commencement :-
(1) These Regulations may be called the Foreign Exchange Management (Foreign exchange
derivative contracts ) Regulations, 2000.
(2) They shall come in force on the 1st day of June,2000.
2. Definitions :-
In these Regulations, unless the context requires otherwise, -
(i) 'Act' means the Foreign Exchange Management Act,1999 (42 of 1999);
(ii) 'authorised dealer' means a person authorised as authorised dealer under subsection (1) of
section 10 of the Act;
(iii) 'Cash delivery ' means delivery of foreign exchange on the day of transaction ;
(iv) 'Forward contract' means a transaction involving delivery, other than Cash or Tom or Spot
delivery, of foreign exchange;
(v) 'Foreign exchange derivative contract' means a financial transaction or an arrangement in
whatever form and by whatever name called, whose value is derived from price movement in
one or more underlying assets, and includes,
(a) a transaction which involves at least one foreign currency other than currency of Nepal or
Bhutan, or
(b) a transaction which involves at least one interest rate applicable to a foreign currency
not being a currency of Nepal or Bhutan , or
(c) a forward contract,
but does not include foreign exchange transaction for Cash or Tom or Spot deliveries;
(vi) 'Registered Foreign Institutional Investor (FII) ' means a foreign institutional investor registered
with Securities and Exchange board of India;
(vii) 'Schedule' means a schedule annexed to these Regulations;
(viii) 'Spot delivery' means delivery of foreign exchange on the second working day after the day of
transaction;
(ix) 'Tom delivery' means delivery of foreign exchange on a working day next to the day of
transaction;
(x) the words and expressions used but not defined in these Regulations shall have the same
meanings respectively assigned to them in the Act.
3. Prohibition :-
Save as otherwise provided in these Regulations, no person in India shall enter into a foreign
exchange derivative contract without the prior permission of the Reserve Bank.
4. Permission to a person resident in India to enter into a Foreign Exchange Derivative contract
:-
A person resident in India may enter into a foreign exchange derivative contract in accordance with
provisions contained in Schedule I, to hedge an exposure to risk in respect of a transaction
permissible under the Act, or rules or regulations or directions or orders made or issued thereunder.
5. Permission to a person resident outside India to enter into a Foreign Exchange Derivative contract :-
A person resident outside India may enter into a foreign exchange derivative contract with a person
resident in India in accordance with provisions contained in Schedule II, to hedge an exposure to risk
in respect of a transaction permissible under the Act, or rules or regulations or directions or orders
made or issued thereunder
6. Commodity Hedge :-
Reserve Bank may, on an application made in accordance with the procedure specified in Schedule
III, permit subject to such terms and conditions as it may consider necessary, a person resident in
India to enter into a contract in a commodity exchange or market outside India to hedge price risk in
a commodity .
7. Remittance related to a Foreign Exchange Derivative contract :-
An authorised dealer in India may remit outside India foreign exchange in respect of a transaction,
undertaken in accordance with these Regulations, in the following cases, namely;
(a) option premium payable by a person resident in India to a person resident outside India ,
(b) remittance by a person resident in India of amount incidental to a foreign exchange derivative
contract entered into in accordance with Regulation 4,
(c) remittance by a person resident outside India of amount incidental to a foreign exchange
derivative contract entered into in accordance with Regulation 5,
(d) any other remittance related to a foreign exchange derivative contract approved by Reserve
Bank.
(P.R. GOPALA RAO)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 08.05.2000 - G.S.R.No.411(E)
Schedule I
(See regulation 4)
Foreign exchange derivative contract permissible for a person resident in India
A. Forward Contract
1. A person resident in India may enter into a forward contract with an authorised dealer in India to
hedge an exposure to exchange risk in respect of a transaction for which sale and/or purchase of
foreign exchange is permitted under the Act, or rules or regulations or directions or orders made or
issued thereunder, subject to following terms and conditionsa)
the authorised dealer through verification of documentary evidence is satisfied about the
genuineness of the underlying exposure,
b) the maturity of the hedge does not exceed the maturity of the underlying transaction,
c) the currency of hedge and tenor are left to the choice of the customer,
d) where the exact amount of the underlying transaction is not ascertainable, the contract is
booked on the basis of a reasonable estimate,
e) foreign currency loans/bonds will be eligible for hedge only after final approval is accorded by
the Reserve Bank where such approval is necessary,
f) in case of Global Depository Receipts (GDRs) the issue price has been finalised,
g) balances in the Exchange Earner's Foreign Currency(EEFC) accounts sold forward by the
account holders shall remain earmarked for delivery and such contracts shall not be cancelled.
They may be ,however, be rolled-over,
h) contracts involving rupee as one of the currencies, once cancelled shall not be re-booked
although they can be rolled over at ongoing rates on or before maturity. This restriction shall
not apply to contracts covering export transactions which may be cancelled, rebooked or rolled
over at on-going rates,
i) substitution of contracts for hedging trade transactions may be permitted by an authorised
dealer on being satisfied with the circumstances under which such substitution has become
necessary.
B. Contract other than Forward Contract
2. (1) A person resident in India who has borrowed foreign exchange in accordance with the
provisions of Foreign Exchange Management (Borrowing and Lending in Foreign Exchange)
Regulations, 2000 , may enter into an Interest rate swap or Currency swap or Coupon Swap or
Foreign Currency Option or Interest rate cap or collar (purchases) or Forward Rate Agreement
(FRA) contract with an authorised dealer in India or with a branch outside India of an authorised
dealer for hedging his loan exposure and unwinding from such hedges,
Provided that -
(a) the contract does not involve rupee,
(b) the Reserve Bank has accorded final approval for borrowing in foreign currency,
(c) the notional principal amount of the hedge does not exceed the outstanding amount of the
foreign currency loan, and
(d) the maturity of the hedge does not exceed the un-expired maturity of the underlying loan,
(2) A person resident in India, who owes a foreign exchange or rupee liability, may enter into a
contract for foreign currency-rupee swap with an authorised dealer in India to hedge long term
exposure,
(3) The contract entered into under sub-paragraph 2, if cancelled shall not be rebooked or reentered,
by whatever name called.
3. (1) A person resident in India may enter into a foreign currency option contract with an authorised
dealer in India to hedge foreign exchange exposure of such person arising out of his trade :
Provided that in respect of cost effective risk reduction strategies like range forwards, ratio-range
forwards or any other variable by whatever name called there shall not be any net inflow of premium.
Explanation
The contingent foreign exchange exposure arising out of submission of a tender bid in foreign
exchange is also eligible for hedging under this sub-paragraph.

(2) A Transactions undertaken under sub-paragraph (1) may be freely booked and/or cancelled.
Schedule II
(See regulation 5)
Foreign exchange derivative contracts permissible for a person resident outside India
1. A Registered Foreign Institutional Investor (FII) may enter into a forward contract with rupee as one
of the currencies with an authorised dealer in India to hedge its exposure in India,
Provided that -
a) the value of the hedge does not exceed the current market value in respect of investments in
debt instruments,
b) the value of the hedge does not exceed 15% of the market value of the equity as at the close of
business on 31st March 1999, converted at the rate of US $ 1= Rs.42.43 plus the increase in
market value/inflows after 31st March 1999 provided that the forward cover once taken shall be
allowed to continue as long as it does not exceed the value of the underlying investment,
c) forward contracts once cancelled shall not be rebooked but may be rolled over on or before the
maturity,
d) the cost of hedge is met out of repatriable funds and/or inward remittance through normal
banking channel,
e) all outward remittances incidental to hedge are net of applicable Indian taxes.
2. A non-resident Indian or Overseas Corporate Body may enter into forward contract with rupee as
one of the currencies, with an authorised dealer in India to hedge;
(a) the amount of dividend due to him/it on shares held in an Indian company;
(b) the balances held in Foreign Currency Non-Resident (FCNR) account or NonResident External
Rupee (NRE) account,
(c) the amount of investment made under portfolio scheme in accordance with the provisions of
the Foreign Exchange Regulation Act, 1973 or under notifications issued thereunder or is made
in accordance with the provisions of the Foreign Exchange Management (Transfer or issue of
Security by a Person Resident outside India) Regulations, 2000 and in both cases subject to
the terms and conditions specified in the proviso to paragraph 1 of this Schedule.
3. Reserve Bank may, on application, allow a person resident outside India to purchase a forward
contract to hedge his investment made since 1st January 1993.
Schedule III
(See Regulation 6)
Procedure for application for approval for hedging of commodity price risk
1. A person resident in India , engaged in export-import trade ,who seeks to hedge price risk in respect
of any commodity including Gold, but excluding oil and petroleum products, may submit an
application to the International Banking Division of an authorised dealer giving the following details.
i) A brief description of the hedging strategy proposed ; namely :
a) description of business activity and nature of risk;
b) instruments proposed to be used for hedging ;
c) names of commodity exchange and brokers through whom the risk is proposed to be
hedged and credit lines proposed to be availed. The name and address of the regulatory
authority in the country concerned may also be given ;
d) size/average tenure of exposure and/or total turnover in a year , together with expected
peak positions thereof and the basis of calculation.
ii) copy of the Risk Management Policy approved by the Management covering:
a) risk identification,
b) risk measurements,
c) guidelines and procedures to be followed with respect to revaluation and/or monitoring
of positions,
d) names and designations of the officials authorised to undertake transactions and limits.
iii) Any other relevant information.
2. Authorised dealer after ensuring that the application is supported by documents indicated in
paragraph 1, may forward the application with its recommendations to Reserve Bank for
consideration.

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Job for Cost & Management Accountants, MBA & CA


Commercial Asst-I/ II

Date of posting:1 September

Eligibility: Any Graduate

Location: Rajasthan-other

Job Category: Govt Sector, Others

Last Date: 5 October 12

Job Type: Full Time

Hiring Process: Written-test.

Job Details

Jaipur hiring Asst

Jaipur Vidyut Vitran Nigam Limited, invite applications from qualified and willing candidates to fill up vacant posts of Commercial Asst-I/II, as per details mentioned hereunder: http://jaipurdiscom.com/index.shtml



Name of Company No. of Posts

Commercial Asst I

1.JAIPUR VVNL 30

2.AJMER VVNL (non 22
TSP area)

3.JODHPUR VVNL 23

Commercial Asst II

1. JAIPUR VVNL 69
Short fall/
Back log

2. AJMER VVNL 37
(non TSP
Area)

3. JODHPUR 42
VVNL

Qualification : Graduate in any discipline of a University established by Law in India.

Age : 18 years and should not be more than 33 years of age.

Salary : Rs. 5200 -20200/-

Bond : The selected candidate at the time of joining service will have to execute a bond on non judicial stamp paper worth Rs. 100/- (which should be issued in the name of applicant) that he/she will neither leave training/service within 2 years of Probation Training Period and within one year thereafter, nor resign and accept any other service. If he/she violates these conditions, he/she will have to refund to the Nigam all the salary/allowances, which he/she received. Besides this he/she will also require to submit a surety of any gazetted officer/official of Central/State Govt/Power Sector Company/Public Sector Undertaking of Rajasthan Government.

Application fee : Application fee as per following details will have to be deposited in concerned Nigam’s Bank Account No. as per following details in any branch of State Bank of Bikaner and Jaipur, through prescribed challan:
Category : Application Fee
(a) For Unreserved & OBC/BC/SBC(Creamy layer) : Rs.500/- category candidates
(b) For SC/ST/PH & OBC/BC/SBC(Non Creamy layer) : Rs.300/- category candidates

The candidates of SC/ST/BC/SBC (Creamy layer/Non-Creamy layer) belonging to other States than Rajasthan will be treated as Unreserved Category Candidates and accordingly such candidates will have to pay prescribed application fee of Rs. 500/- .

http://jaipurdiscom.com/index.shtml.com

1.
Opening with a leading financial services for a Tax Analyst position based
in Hyderabad.

If keen send your resume at [email protected]

or call Meeta at 9811967450

candidate will be a CA or an MBA with 2 years of working experience in U.S.
hedge fund or private equity taxation, which includes preparation of tax
work papers, K-1s, preparation of U.S. federal & state tax return for
partnership and corporations.

2.

T Nagar & Co.

Job Title

CA Articles required

Location

Gurgaon

Contact Person

CA Hitesh Khemchandani

Email: [email protected]

Contact Number

9810796619

Required Qualification

PCC/P.E.-II

Functional Area

Audit

3.

Ashwani Gupta & Associates

Job Title

CA

Location

Jalandhar

Contact Person

CA Ashwani Gupta

Email: [email protected]

Contact Number

9814065254

Required Qualification

CA

Required Skills

CA required. please bring your resume

Required Experience

1 years

Functional Area

Audit

Pay Scale

Above Rs.600,000/-

Other Details

Candidates with experience preferred

4.

Chaudhary and Company

Job Title

Audit Assistant

Location

Amravati

Contact Person

aniruddha chauhdary

Email

[email protected]

Contact Number

9922961931

Required Qualification

PCC/P.E.-II

Required Skills

Audit of companies, banks, income tax, excise, vat, service tax,
accounting

Required Experience

1 years

Functional Area

Audit

Pay Scale

Rs.50,000/- to Rs.150,000/-p.a.

5.

Opportunity to work as Company Secretary with Japanese MNC, Gurgaon

Experience required for the Job:* 3 - 6 years

Annual Salary of the Job:* 0.0 - 4.0 Lacs

Designation:- Sr. Executive / Assistant Manager (As per experience)

Job Location- Gurgaon

Job Responsibilities:-

Candidate will handle whole accounting work and CS work alone from initial

stage with getting advises from accounting firm or law firm.

If interested please revert to the mail with your updated CV and recent

photograph.

Best Regards,

Satendra Tomer

225 A & B, Vipul Agora, Near Sahara Mall, M.G. Road, Gurgaon, Haryana-122009

Cell: +91 9818000936, Direct: 0124-4748413

Email ID: [email protected]

http://www.teampasona.in/

6.

Accountant Required Urgently (New Delhi)

Pay Package : Upto 15k

Should be well versed with Tally Entries, accounts and taxation works

If interested then kindly mail me your updated CV.

[email protected]

please contact us at [email protected]

Thanks & Regards*

*Shefali Tripathi*

*S. TRIPATHI & ASSOCIATES*

*(Practising Company Secretary) *

7.

CONCINNITY CONSULTING P LTD

Job Title

AUDITOR

Location

New Delhi

Contact Person

NEHA GOYAL

Email: [email protected]

Contact Number

9871499989

Required Qualification

PCC/P.E.-II

Required Skills

Should have ample internal audit experience specially MNC audits.

Required Experience

1 years

Functional Area

Management Consultancy

Pay Scale

Rs.150,000/- to Rs.300,000/-p.a.

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