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RBI forms task force on offshore rupee market

The panel will be chaired by former deputy governor of the RBI Usha Thorat.

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Last Updated: Feb 28, 2019, 07.08 PM IST
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Ajit Ranade, Chief Economist of the Aditya Birla Group, Sajjid Chinoy, Chief Economist, India, JPMorgan and Surendra Rosha, CEO, India, HSBC are other members of the task force.
The Reserve Bank of India has constituted a task force on offshore rupee market to find ways to move non-resident Indian to the domestic market and improve liquidity to promote on-shore hedging activity.

The task force will examine 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 panel will be chaired by former deputy governor of the RBI Usha Thorat.

Ajit Ranade, Chief Economist of the Aditya Birla Group, Sajjid Chinoy, Chief Economist of JPMorgan India and Surendra Rosha, CEO of HSBC India are other members of the task force.

The panel will also have nominees from the government, Sebi and the RBI.

The terms of reference of the task force are:
  • Assess the causes behind the development of the offshore rupee market
  • Study the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market
  • Recommend measures to address concerns, if any, arising out of offshore rupee trading
  • Propose measures to generate incentives for non-residents to access the domestic market
  • Examine the role, if any, International Financial Services Centres (IFSCs) can play in addressing these concerns
  • Any other relevant issues the task force considers relevant to the context.

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