The Reserve Bank of India has decided to allow all resident individuals, firms and companies, which have actual or anticipated foreign exchange exposures, to book foreign exchange forward and foreign currency-Indian rupee options contracts up to $1 million without any requirement of documentation on the basis of a simple declaration.This is with a view to further liberalising the existing hedging facilities. In a notification, the central bank said while the contracts booked under this facility would normally be on a deliverable basis, cancellation and rebooking of contracts are permitted.

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