RBI Circular 004/2026 Dated 01/04/2026 – Non Deliverable INR Derivatives barred to Curb Forex Risk 

Authorised Dealers (ADs) are now prohibited from offering non-deliverable derivative contracts involving the Indian Rupee (INR) to both residents and non-residents. However, deliverable forex derivatives may still be offered for genuine hedging purposes, provided users do not maintain offsetting non-deliverable positions. 

(Link: RBI Circular 04/2026 Dated 01/04/2026)

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