**Summary:**
The Reserve Bank of India (RBI) issued circular RBI/2022-23/41, FMRD.DIRD.0114/03.059/2022-23 on May 2, 2022, announcing the withdrawal of several circulars, effective immediately as of the close of business on May 2, 2022. This action follows interim recommendations made by the Regulations Review Authority (RRA 2.0). The circulars withdrawn pertain to various market operations and instruments, including Ready Forward Contracts and Non-Convertible Debentures (NCDs). The specific circulars withdrawn are: (1) IDMC.No.PDRS.3346 dated March 7, 2000, regarding Ready Forward contracts; (2) IDMC.No.PDRS/4240 dated March 26, 2002, regarding Ready Forward Contracts; (3) DBOD.No.FSC.BC.84 dated March 26, 2003, regarding Ready Forward Contracts; (4) MPD.BC.244 dated November 5, 2003, concerning Primary Dealers' Access to the Call/Notice Money Market; (5) IDMD.DOD.10 dated June 23, 2010, regarding Issuance of Non-Convertible Debentures (NCDs); (6) IDMD.DOD.18 dated July 16, 2010, regarding Ready Forward Contracts in Corporate Debt Securities; (7) IDMD.PCD.No.24 dated December 6, 2010, regarding Issuance of Non-Convertible Debentures (NCDs); and (8) IDMD.PCD.25 dated December 27, 2010, regarding Issuance of Non-Convertible Debentures (NCDs). Dimple Bhandia, Chief General Manager, is listed as the contact person for this announcement.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for monetary policy and regulation of the financial system.
Regulations Review Authority 2.0: An authority established to review and streamline regulations.
Dimple Bhandia: Chief General Manager at Reserve Bank of India, signatory of the notification.
Ready Forward Contracts: A type of repurchase agreement, relevant to the circulars being withdrawn.
Non-Convertible Debentures (NCDs): A type of debt instrument. Circulars related to the issuance of NCDs are being withdrawn.
Primary Dealers: Financial institutions authorized to deal in government securities. Access to Call/Notice Money Market of Primary Dealers is mentioned.
Call/Notice Money Market: A segment of the money market dealing with very short-term lending and borrowing.
Press Release dated May 02, 2022: Official statement regarding the withdrawal of circulars.
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
RBI/2022-23/41
FMRD.DIRD.01/14.03.059/2022-23 May 02, 2022
To
All Eligible Market Participants
Madam / Sir
Regulations Review Authority (RRA 2.0) – Interim Recommendations –
Withdrawal of Circulars
Please refer to the Press Release dated May 02, 2022 issued on the captioned
subject.
2. The circulars listed in the Annex are withdrawn with effect from close of business
today.
Yours faithfully
(Dimple Bhandia)
Chief General Manager
Encl: As aboveAnnex
List of Circulars withdrawn
Sr No. Circular No. Date Subject
1. IDMC.No.PDRS.3346/ March 07, 2000 Ready Forward contracts
10.02.01/99-2000
2. IDMC.No.PDRS/4240/ March 26, 2002 Ready Forward Contracts
10.02.01/2001-02
3. DBOD.No.FSC.BC.84/ March 26, 2003 Ready Forward Contracts
24.76.002/2002-03
4. MPD.BC.244/ November 05, 2003 Primary Dealers' Access to
07.01.279/2003-04 Call/Notice Money Market
5. IDMD.DOD.10/ June 23, 2010 Issuance of Non-Convertible
11.01.01(A)/2009-10 Debentures (NCDs)
6. IDMD.DOD.18/ July 16, 2010 Ready Forward Contracts in
11.08.38/2010-11 Corporate Debt Securities
7. IDMD.PCD.No.24/ December 06, 2010 Issuance of Non-Convertible
14.03.03/2010-11 Debentures (NCDs)
8. IDMD.PCD.25/ December 27, 2010 Issuance of Non-Convertible
14.03.03/2010-11 Debentures (NCDs)