Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 25
October 15, 1999 

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.

 

       
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