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I. FEMA
1. RBI withdraws earlier relaxation and restricts ADs from undertaking INR Forex derivative contracts with related parties
RBI has withdrawn the relaxation provided on 1st April 2026 for authorised dealers regarding undertaking INR Forex derivative contracts with related parties. Now Authorised Dealers shall not undertake any foreign exchange derivative contract involving INR with their related parties except for the following:
i. cancellation and rollover of existing contracts; and
ii. transactions undertaken with non-related non-resident users on a back-to-back basis in terms of the Master Direction - Risk Management and Inter-Bank Dealings, dated July 05, 2016, as amended from time to time.
[A.P. (DIR Series ) Circular No. 7, dated 20th April 2026]
2. RBI issues final reporting directions for AD Category-I banks on forex derivatives involving INR by related parties
The Reserve Bank of India had issued the draft directions on ‘Reporting Instructions for Authorised Dealer Category-I Banks’ on February 16, 2026, seeking feedback from market participants, stakeholders and other interested parties. The feedback re
