Master Direction on Risk Management and Inter Bank Dealings: RBI has framed regulations to promote orderly development and maintenance of foreign exchange market in India through Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, and subsequent amendments thereto. Within the contours of the Regulations, it issues directions to Authorised Persons. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers / constituents with a view to implementing the regulations. The Master Directions include instructions issued in respect of Foreign Exchange Derivative Contracts, Overseas Commodity & Freight Hedging, Rupee Accounts of Non-Resident Banks and Inter- Bank Foreign Exchange Dealings etc. (RBI Master Directions 31/2017 updated on 16/04/2025)