All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
FORWARD
COVER
Attention
of the Authorised Dealers is invited to the instructions
issued vide paragraph 7(ii) of F.E. Circular of May 18,
1999 regarding forward cover. It has been decided to temporarily
suspend forward sales and purchases. Authorised Dealers
are, therefore, advised not to buy from, or sell to their
customers, foreign exchange on forward basis w.e.f. today
the 15th October, 1999 Commitments
already made upto 14th October,
1999 will, however, be honoured by them by taking/making
deliveries/by closing out such contracts, in accordance
with the terms of the contracts.
2.Authorised
Dealers may, however, continue to deal in the inter-bank
market on forward basis, in order to manage their Nostros.
