The Reserve Bank of India (RBI) will introduce a phased reporting framework for over-the-counter (OTC) foreign exchange derivative contracts involving the Indian rupee, starting on July 1, 2027. This decision follows feedback from market participants who requested additional time to meet the reporting requirements. Under the new framework, Authorised Dealer Category-I (AD Cat-I) banks will be mandated to report transactions that account for 70%, 80%, and 90% of the notional value of such contracts over a staggered timeline. The reporting will include both deliverable and non-deliverable contracts and will require banks to report transactions to the Trade Repository of Clearing Corporation of India Ltd (CCIL). The RBI emphasized that the aim of these norms is to enhance transparency and facilitate price discovery in the foreign exchange market, despite some operational challenges noted by banks regarding data access for offshore related parties. The RBI has also clarified that offshore related parties can independently report such transactions to CCIL. Additionally, the framework will include exemptions for trades below a specified threshold, ensuring a more manageable implementation for banks.