........However, even before the slide began, RBI had issued a circular on April 25 specifying that foreign entities/structures with equity participation of Indian firms offering financial products linked to the rupee (such as non-deliverable trades involving foreign currency, rupee exchange rates, stock indices linked to the Indian market, etc) will have to take its approval. Their activities, if without the central bank’s approval, would be treated as violation of the Foreign Exchange Management Act (Fema), the circular clarified...............
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