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of <h1>India Expands Onshore Non-Deliverable Derivative Market for Rupee Hedging; New Rules for Banks and Overseas Transactions.</h1> The circular addresses the development of the onshore non-deliverable derivative market in India. It permits Authorized Dealer Category-I banks operating International Financial Services Centre Banking Units to offer non-deliverable derivative contracts (NDDCs) involving the Indian Rupee to resident non-retail users for hedging purposes, with transactions settled in INR. It also allows cash settlement of NDDC transactions between two such banks or between a bank and a person outside India, in INR or foreign currency. Amendments to existing directions are provided to facilitate these changes, ensuring compliance with the Foreign Exchange Management Act, 1999.
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