MANU/RMIC/0010/2020

Ministry : Reserve Bank of India

Department/Board : Department of Regulation

Circular No. : DOR.IBD.BC.No.28/23.13.004/2019-2020
                   RBI/2019-2020/147

Date : 21.01.2020

Notification/ Circulars Referred : Circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015 MANU/RMIC/0131/2015;A.P (DIR Series) Circular No. 17 on "Introduction of Rupee derivatives at International Financial Services Centres (IFSCs)" dated January 20, 2020 MANU/APDR/0004/2020 Circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015 MANU/RMIC/0131/2015;A.P (DIR Series) Circular No. 17 on "Introduction of Rupee derivatives at International Financial Services Centres (IFSCs)" dated January 20, 2020 MANU/APDR/0004/2020

Citing Reference:
Circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015 MANU/RMIC/0131/2015  Referred

A.P (DIR Series) Circular No. 17 on "Introduction of Rupee derivatives at International Financial Services Centres (IFSCs)" dated January 20, 2020 MANU/APDR/0004/2020  Referred

All Scheduled Commercial Banks
(excluding Regional Rural Banks)

Dear Sir/Madam

Setting up of IFSC Banking Units (IBUs) - Permissible activities

Please refer to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs).

2. The Task Force (TF) on Offshore Rupee Markets chaired by Smt. Usha Thorat had recommended introduction of non-deliverable Rupee Derivatives in IFSCs in a phased manner, starting with ex........