A.P. (DIR Series) Circular No. 129
May 21, 2012
All Authorised Dealer Category – I BanksOnline GST Certification Course by TaxGuru & MSME- Click here to Join
Madam / Sir,
Risk Management and Inter Bank Dealings
Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to para 2 (v) of the A.P.(DIR Series) Circular No.58 dated December 15, 2011 and the subsequent clarifications issued by the Foreign Exchange Dealers’ Association of India(FEDAI) vide its circular SPL-58/Risk Mgmt./2011 dated 21st December 2011 on the Net Overnight Open Position Limit (NOOPL) of the Authorised Dealers.
2. In view of the recent developments in the foreign exchange market, until further review, it has been decided as under:
3. Further, the AD Category- I banks are advised that they may bring down their positions to the above limits within June 30, 2012.
4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
(Rudra Narayan Kar)
Chief General Manager