Residents and non-residents will be permitted to do transactions in interest-rate derivatives (IRD) in rupees, according to master directions released on Monday by the Reserve Bank of India. The directions outline who can participate in this, how products may be introduced, and the limits applicable to foreign investors. RBI noted that non-residents can make IRD transactions through their central treasury or their group entity if its appropriately authorised by the user to deal for and on the users behalf.
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