Economics · Foreign Exchange Regulations

Consider the following statements regarding the revised RBI guidelines on risk management and inter-bank dealings in the foreign exchange market: 1. For the purpose of regulatory compliance in inter-bank forex dealings, the definition of 'related parties' is explicitly aligned with the Indian Accounting Standard (Ind AS 24) and the International Accounting Standard (IAS 24). 2. These revised guidelines governing risk management and related-party derivative contracts have been issued under the provisions of the Payment and Settlement Systems Act, 2007. 3. Any permitted exceptions for Authorised Dealers undertaking INR-based foreign exchange derivative contracts must strictly comply with the Master Direction – Risk Management and Inter-Bank Dealings dated July 05, 2016. Which of the statements given above is/are correct?