NEW DELHI, April 1 -- The Government of India issued the following FEMA circular:
RBI/2026-27/04
A.P. (DIR Series) Circular No. 03
April 01, 2026
To,
All Authorised Dealers
Madam/Sir,
Risk Management and Inter-Bank Dealings
Attention of Authorised Dealers is invited to the A.P. (DIR Series) Circular No. 24 dated March 27, 2026 and the Master Direction - Risk Management and Inter-Bank Dealings dated July 05, 2016, as amended from time to time.
2. On a review of evolving market conditions, it has been further decided that:
a) Authorised Dealers shall not offer non-deliverable derivative contracts involving INR to resident or non-resident users. Authorised Dealers may, however, continue to offer deliverable foreign exchange derivativ...