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JC - Legal Updates - Overhaul of FX Directions

Legal Updates

08 Dec 2023

Overhaul of FX Directions

Brief Overview:
 
A single Master Directions to be issued to provide for:
 
1)  operational efficiency for the participants,
 
2)  ease of access to FX derivatives;
 
3)  catering to users with minor exposures;
 
4)  cover both OTC & exchange traded derivatives.
 
Technical Details:
 
The foreign exchange laws have undergone changes in recent times wherein the approach was based on a principle model. Based on market feedback Reserve Bank of India (“RBI”) is relooking at the laws with the aim to make it framework more efficient and also broaden the scope of the transactions.
 
We are following the developments on this and will keep you posted.
 
JC Takeaways:
 
1)  The framework is expected to introduce a flexibility for users to use FX transactions and manage the exposures efficiently.
 
2)  One consolidated master direction for all the FX transactions will overcome the hassle of referring to different set of laws for every different product.
 
For further details, please see:
 
 
For any queries / clarifications, please feel free to ping us and we will be happy to chat:

● 
Ms. Smrithi Nair (smrithi.nair@jclex.com)
●  Ms. Aashka Shah (aashka.shah@jclex.com)
●  Ms. Mahak Saboo (mahak.saboo@jclex.com)