Cross-currency Derivative Products -Submission of Report
AP (DIR Series) (2002-2003) Circular No. 32, dated 21-10-2002
Attention
of authorised dealers is invited to paragraph A4(iii) of Part-A, Section-I
of AP (DIR Series) Circular No.19 dated January 24, 2002 in terms of which they
are required to forward reports containing full details of transactions
undertaken by residents in respect of cross-currency (i.e. not involving
Indian Rupee) derivative products to the respective Regional Offices of Reserve
Bank within a week of their conclusion.
2. In
modification of the above direction, ADs are advised that in place of sending a
separate report for each transaction for cross-currency derivatives, they may
consolidate the data and a half-yearly report in the format given below, may be
forwarded to the Chief General Manager, Exchange Control Department, Forex
Markets Division, Central Office, Mumbai. The first such report may be
submitted for the period ending 31st December, 2002.
Cross-currency derivative transactions statement
for the half-year ended................
|
Product |
No. of transactions |
Notional principal amount in USD |
|
Interest rate swaps |
|
|
|
Currency swaps |
|
|
|
Coupon swaps |
|
|
|
Foreign currency options |
|
|
|
Interest rate caps or collars (Purchases) |
|
|
|
Forward rate agreements |
|
|
|
Any other product as permitted by |
|
|
3. The
authorised dealers should maintain a detailed record of all such transactions
to facilitate audit/inspection thereof.
4. The
directions contained in this Circular have been issued under section 10(4) and
section 11(1) of FEMA, 1999 (42 of 1999).