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of <h1>RBI amends Foreign Exchange Derivative Contracts Regulations expanding QFI eligibility and easing banking restrictions</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, effective February 18, 2013. Key changes include defining 'Qualified Foreign Investor' and extending derivative contract eligibility to QFIs alongside Foreign Institutional Investors. The amendments removed certain authorization requirements for banks and restrictions on contract cancellation and rebooking for current account transactions. New provisions allow non-residents to enter forward contracts to hedge currency risk for Indian Rupee-denominated External Commercial Borrowings, with various effective dates ranging from December 2011 to July 2012.
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