 "RBI Governor Shaktikanta Das with deputy governor BP Kanungo in Mumbai")
The Reserve Bank of India (RBI) on Friday allowed banks to freely offer foreign exchange prices to non-resident Indians at all times, and said trading on rupee derivatives will be allowed and settled in foreign currencies in International Financial Services Centres (IFSCs).
The Gujarat International Finance Tec-City (GIFT) is one such IFSC planned for India. These were two major recommendations by the Usha Thorat committee on offshore rupee markets, which was aimed at bringing the offshore markets to India.
The other recommendations are getting examined by the RBI, the policy statement said.
The issue here is that the non-deliverable forwards
