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of <h1>RBI Amends Foreign Exchange Derivative Regulations to Strengthen Verification of Underlying Exposure under FEMA 1999.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000, under the Foreign Exchange Management Act, 1999. Effective from its publication date in the Official Gazette, the amendment modifies item (a) of Paragraph A.1 of Schedule 1. The change requires that an authorized dealer must verify documentary evidence to ensure the genuineness of the underlying exposure, or as otherwise permitted by the Reserve Bank. This regulation aims to enhance the authenticity checks on foreign exchange derivative contracts.
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