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of <h1>RBI Updates Reporting Rules: Dealers Must Submit Half-Yearly Reports for Cross-Currency Derivatives, Not Involving Indian Rupee, per FEMA 1999.</h1> The Reserve Bank of India (RBI) has revised reporting requirements for authorized dealers handling cross-currency derivative products not involving the Indian Rupee. Instead of submitting individual reports for each transaction, dealers are now required to consolidate data and submit a half-yearly report to the RBI's Central Office in Mumbai. The report should include details such as the number of transactions and the notional principal amount in USD for various derivative products like interest rate swaps and currency swaps. Dealers must maintain detailed records for audit purposes, as per the directives under FEMA 1999.
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