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of <h1>RBI Amends Forex Regulations: Defines 'Derivative' and Updates Permissible Transactions in Schedules I and II.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000, effective from its publication date in the Official Gazette. This amendment, titled the Foreign Exchange Management (Permissible Capital Account Transactions) (Amendment) Regulations, 2019, introduces a definition for 'Derivative' as a financial contract with future settlement based on financial or non-financial variables. It also updates Schedules I and II to include 'Undertake derivative contracts' as permissible capital account transactions for residents in India and outside India, respectively.
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