Participation in financial products linked to Indian Rupee (INR)

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International Financial Services Centres Authority CIRCULAR F. No. 191/IFSCA/EC-NDF-INR/2020-21/1 Date: August 25, 2021 To, All Financial Institutions Dear Sir/ Madam, Subject: Participation in financial products linked to Indian Rupee (INR) 1. Financial Institutions (FIs) may refer to Section A.4(b) of Reserve Bank of India’s Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad 1dated January 1,2016 (as amended). 2. The Reserve Bank of India has clarified that the definition of the term “overseas entity” in the abovementioned section shall not include branches of Indian banks and branches of other Indian financial institutions operating in IFSC. Therefore, branches of Indian banks and branches of other Indian financial institutions operating in IFSC may, subject to the directions issued by the Authority, offer financial products linked to Indian Rupee. Yours faithfully, Supriyo Bhattacharjee General Manager supriyo.b@ifsca.gov.in 1 RBI/FED/2015-16/10 FED Master Direction No. 15/2015-16 dated January 1,2016 (as amended).