RBI constitutes Task Force on Offshore Rupee Markets to recommend policy measures for ensuring the stability of the external value of the Rupee.
RBI, in the Statement on Developmental and Regulatory Policies, had announced the setting up of a Task Force on Offshore Rupee Markets.
The objective was to develop deep and liquid on-shore financial markets acting as a price setter of the Rupee globally. The focus has been to align incentives for non-residents to gradually move to the domestic market while at the same time improving market liquidity to promote hedging activity on-shore.
Accordingly, RBI has constituted the Task Force on Offshore Rupee Markets.
The Task Force shall examine the issues relating to the offshore Rupee markets in depth and recommend appropriate policy measures that also factor in the requirement of ensuring the stability of the external value of the Rupee.
The Task Force will have the following composition:
The terms of reference of the task force are:
The Task Force shall submit its report by the end of June 2019. The Task Force may, if considered necessary, invite other experts in the field to share their inputs.
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