RBI revises Internal Control Guidelines for Forex Business

The Reserve Bank of India has today issued the revised Guidelines for “Internal Control over Foreign Exchange Business” (rbidocs.rbi.org.in/rdocs/Content/PDFs/ICG030211F_G.pdf) .

First framed in 1981, the Internal Control Guidelines (ICG) were revised in December, 1996. The need to revise them once again was felt in the context of rapid pace of evolution of the forex markets in India and abroad as also, developments in information technology and its progressive usage in banks. A Group comprising officials from the Reserve Bank of India, Foreign Exchange Dealers’ Association of India, Fixed Income Money Market and Derivatives Association of India, State Bank of India, ICICI Bank and Standard Chartered Bank looked into the updation of the Internal Control Guidelines to make them contemporary and benchmark document.

The document is designed to provide a scale of standards for the banks in the conduct of their foreign exchange business and is available on our website (www.rbi.org.in (www.rbi.org.in) ).

R. R. Sinha
Deputy General Manager

Press Release : 2010-2011/1116