India eases currency controls; China and NZ in convertibility talks; HK proposes payment reg changes
A summary of recent regulatory developments both in Asia and globally. India to ease forward hedging rules; China and New Zealand in currency convertibility discussions; Hong Kong proposes payment system oversight changes.
Derivatives
India’s central bank has taken the decision to relax currency hedging controls. The facility of rebooking of cancelled forward contracts is being increased from 25% percent to a 50% limit for both exporters and importers. The Reserve Bank of India also promises that the quarterly duration for declaration of forward contracts booked by the exporter and audited will be replaced with a quarterly self certified declaration an annual statutory audit. Further, the documentation for booking of forward contracts up to $200,000 will be simplified. For the full story click here (paragraph 30).
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