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of <h1>RBI issues Foreign Exchange Derivative Contracts Regulations 2000 under FEMA Section 47 to regulate India's forex market</h1> The Reserve Bank of India issued regulations under the Foreign Exchange Management Act, 1999, establishing the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000. These regulations were notified on May 3, 2000, and became effective June 1, 2000. The regulations were created using powers under Section 47(2)(h) of FEMA to promote orderly development and maintenance of India's foreign exchange market through derivative contract management.
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