Exchange Control Circular No. 5/2014

Circular Reference: Exchange Control Circular No. 5/2014

Circular Date: 27 February 2014

Circular Status: Withdrawn

Amendment to the Exchange Control Rulings

Authorised Dealers are advised of the following amendment to the Exchange Control Rulings:

Section E.(B)(ii)(f)

The entire sub-section has been deleted and substituted with the following:

“foreign currency purchased in the spot market for permissible transactions in respect of a firm and ascertainable underlying commitment or the maturity proceeds of hedging contracts may only be credited to a C.F.C account if the funds are to be transferred abroad within a period of 30 days. Authorised Dealers must ensure that this dispensation is not abused;”

A replacement page of the Exchange Control Rulings incorporating the relevant amendment is attached hereto.

Head of Department

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