RBI has issued Directions shall be called the Reserve Bank of India (Margin for Derivative Contracts) Directions, 2024.
Authorised Dealers may:
(i) Post and collect margin, in India and outside India, for a permitted derivative contract entered into with a person resident outside India and receive and pay interest on such margin; and
(ii) Post and collect margin, in India and outside India, for derivative transactions of their overseas branches and IFSC Banking Units and receive and pay interest on such margin.
Authorised Dealer Category-I banks may post and collect margin, in India and outside India, on behalf of their customers for a permitted derivative contract entered into with a person resident outside India and receive and pay interest on such margin.
Margin posted and collected in India shall be in the form of:
(i) Indian currency;
(ii) Freely convertible foreign currency;
(iii) Debt securities issued by Indian Central Government and State Governments;
(iv) Rupee bonds issued by persons resident in India which are:
(a) Listed on a recognized stock exchange in India; and
(b) Assigned a credit rating of AAA issued by a rating agency registered with the Securities and Exchange Board of India. If different ratings are accorded by two or more credit rating agencies, then the lowest rating shall be reckoned.
(v) Certificate of Deposits; and
(vi) Commercial Papers which are assigned a minimum credit rating of A1 issued by a rating agency registered with the Securities and Exchange Board of India. If different ratings are accorded by two or more credit rating agencies, then the lowest rating shall be reckoned.
Link- https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12683&Mode=0
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