Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 26
September 30, 1997 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,


Attention of the Authorized Dealers is invited to the provisions of paragraphs 6 to 8 of Chapter XX of the Foreign Exchange Manual (as amended from time to time) regarding investment by non-residents in rupee denominated securities including Government securities on repatriation basis. Authorized Dealers are hereby permitted to provide forward cover to the non-residents in respect of repatriation of the maturity proceeds/dis-investment proceeds of such investments made by them, in the manner provided in paragraph 2 of Chapter IV of the Foreign Exchange Manual as circulated vide F.E. Circular No.33 of 1994 and amended from time to time.

2. In order to enable the Authorized Dealers to provide this additional facility, it has been decided to increase their Nostro limits by 15 percent. The revised limits are being communicated individually to each Authorized Dealers. It has also been decided to increase the existing "open position" limits of the Authorized Dealers from 10% of their "Nostro" limits to 20%. The revised ‘Nostro’ and’ open position’ limits would become effective on 1st October, 1997

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