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of <h1>Indian Residents Permitted to Hedge Freight Risks with Offshore Derivative Contracts under Regulation 6A, RBI Guidelines Apply</h1> The Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2009, issued by the Reserve Bank of India, amends the 2000 regulations to include a new provision, Regulation 6A, allowing Indian residents to enter freight derivative contracts outside India to hedge freight risks. This is subject to terms set by the Reserve Bank. Authorized dealers in India can permit oil refining or shipping companies to engage in such contracts, adhering to Reserve Bank guidelines. The amendment is effective from February 4, 2009, and ensures no adverse effects from its retrospective application.
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