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of <h1>RBI Releases Guidelines for OTC Forex Derivatives, Overseas Hedging; Effective February 1, 2011, Includes New Documentation and Audit Requirements.</h1> The Reserve Bank of India (RBI) has issued new guidelines for OTC Forex Derivatives and Overseas Hedging of Commodity Price and Freight Risks, effective February 1, 2011. Key aspects include a lead time for document submission, quarterly auditor certificates for bookings, and permission for embedded cross-currency options in foreign currency-Rupee swaps. Cost reduction structures are allowed under certain conditions like minimum net worth and risk management capabilities. These guidelines were developed after reviewing stakeholder feedback, particularly from Indian multinational corporations, to enhance forex risk management and competitiveness.
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