All Head/Principal Offices of all
Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

CUT-OFF TIMING FOR DEALING BY BANKS’ TREASURIES

Please refer to FE Circular No. 08 dated July 08, 2008.

1. The instructions conveyed vide Para - 4 of above mentioned FE Circular are now being withdrawn and this will reinstate the instructions given through FSCD Circular No. 02 dated January 24, 2007 for cut-off time for dealing of Foreign Exchange Transactions.
2. Accordingly, the cut-off dealing time for all permitted Foreign Exchange, Derivatives and Money Market transactions will be observed as follows;
   
   = Monday through to Friday : Up to 4:30pm, and
   = For Saturdays : Up to 1:00pm.

3. The above instructions will be effective from Friday, January 02, 2009. Authorized Dealers are advised to strictly observe the above mentioned timings. It is further re-iterated that cut-off timings for settlement of interbank deals conveyed vide FSCD Circular No. 20 of October 31, 2007 will remain unchanged.
4. All other instructions given in FE Circular No. 08 dated July 08, 2008 will, however, remain unchanged.