in Foreign Exchange,
refer to the instructions contained in paragraphs 2,
of the Foreign Exchange Manual circulated vide F.E.
Circular No. 33 dated the 28th March, 1994
as amended from time to time, (re-print circulated
vide circular letter No.Cir.49/FEG-Reg (12)-97 dated the
18th November, 1997), in terms of which Authorized
Dealers may purchase and sell foreign currencies forward
in cover of trade transactions upto six months. It has been
decided to permit Authorized Dealers to increase the term
of forward cover for trade transaction upto 12 months. The
forward buying and selling rates for periods exceeding six
months may be quoted by Authorized Dealers for fixed and/or
Authorized Dealers are advised to bring this change to the
notice of their constituents.