Total number of contracts entered and gross number of units of currency futures traded (separately for buy/sell) should be disclosed in respect of each series of currency futures.
Loss on derivative transactions can be set off against any other income during the year. In case the same cannot be set off, it can be carried forward to subsequent 8 assessment years and set off against any other income of the subsequent years.
Banks authorized by the Reserve Bank of India under section 10 of the Foreign Exchange Management Act, 1999 as 'AD Category - I bank' are permitted to become trading and clearing members of the currency futures segment of the recognized stock exchanges, on their own account and on behalf of their clients, subject to fulfilling the following minimum prudential requirements:
A recognized stock exchange having nationwide terminals or a new exchange recognized by SEBI may set up currency futures segment after obtaining SEBI's approval. The exchange shall have a balance sheet networth of at least Rs. 100 crores. The segment should have at least 50 members to start currency derivatives trading.
The currency futures segment of the Exchange should have a separate Governing Council on which the representation of Trading /Clearing Members of the currency futures segment should not exceed 25%.
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