“We continue to see banking channels being used by certain persons or entities to fund activities on unauthorised FX trading platforms. This warrants enhanced vigilance by the banks,” Das said at the FIMMDA-PDAI Annual Conference in Barcelona on Monday.

Participants with valid underlying contracted exposures can continue to engage in ETCDs involving the INR, up to a limit of USD 100 million, without requiring documentary evidence of the underlying exposure, as before.