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of <h1>RBI Updates Rules for Hedging Forex Risks: New Framework for Retail and Non-Retail Users Effective April 2024.</h1> The circular issued by the Reserve Bank of India (RBI) outlines revised directions for risk management and inter-bank dealings related to hedging foreign exchange risks. It consolidates various regulations and directions, including those for currency futures and options, into the Master Direction on Risk Management and Inter-Bank Dealings. The updated framework, effective April 5, 2024, classifies users into retail and non-retail for offering foreign exchange derivative contracts. It specifies permissible products, purposes, and conditions for offering these contracts, emphasizing compliance with the Foreign Exchange Management Act, 1999. The circular also details the responsibilities of authorized dealers and recognized stock exchanges in managing these transactions.
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