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Remittance scheme rules need review for GIFT exchanges

RBI will have to tweak existing norms, allowing resident Indians to use some portion of the LRS limit for derivatives trading

Ashley Coutinho  |  Mumbai 

Individual traders wanting to transact through the international exchanges at the upcoming GIFT City near Ahmedabad might not be able to do so under existing Liberalised Remittance Scheme (LRS) rules. These do not allow the LRS route to be used for speculation activity, including trading in derivatives or any other financial instrument, as well as for funding margin calls. This can be a problem, as the majority of products to be traded on the international exchanges, be it currency, commodity or equity, will be derivatives-based. Under LRS, all resident individuals may remit ...

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