Participation of Non Resident Indians (NRIs) in the Exchange Traded Currency Derivatives (ETCD) segment

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....ans (NRIs) in the Exchange Traded Currency Derivatives (ETCD) segment Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular no. 30 dated February 02, 2017 has permitted Non Resident Indians (NRIs) to participate in the exchange traded currency derivatives market to hedge the currency risk arising out of their investments in India under FEMA, 1999. 2. NRIs are now permitted to trade in ....

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....due and balances held in NRE accounts. (iii) The onus of complying with the relevant provisions of the RBI A.P. (DIR Series) Circular no. 30 dated February 02, 2017 shall rest with the NRI and in case of any contravention, the NRI shall render itself liable to any action that may be warranted by RBI as per the provisions of Foreign Exchange Management Act, 1999. 4. The exchange/ cleari....

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....n interest or GBP 5 million, whichever is higher. JPY-INR Gross open position across all contracts shall not exceed 6% of the total open interest or JPY 200 million, whichever is higher. 6. Accordingly, Para I.1.d. of the SEBI Circular SEBI/DNPD/Cir-38/2008 dated August 06, 2008 regarding Exchange Traded Currency Derivatives is modified as under: Appropriate mechanisms are implem....