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Template ப்ராஸஸிங் செய்யும்போது பிழை ஏற்பட்டது. 
Failed to "?eval" string with this error:

---begin-message---
Syntax error in ?eval-ed string in line 1, column 27024:
Encountered "SecondLevelLink", but was expecting one of:
    "."
    ".."
    <DOT_DOT_LESS>
    "..*"
    "?"
    "??"
    "!"
    ","
    "["
    "("
    "}"
    <TERMINATING_EXCLAM>
---end-message---

The failing expression:
==> completeJson?eval  [in template "20099#20125#25189027" at line 18, column 56]

----
FTL stack trace ("~" means nesting-related):
	- Failed at: #list completeJson?eval as jsonKey, j...  [in template "20099#20125#25189027" at line 18, column 49]
----
1<#assign completeJson = content.getData()?remove_beginning("<p>")?remove_ending("</p>") , 
2				 isVariableString = completeJson?is_string 
3/> 
4 
5 
6<#assign theme_display = themeDisplay /> 
7<#assign images_folder = theme_display.getPathThemeImages() /> 
8<#assign tabindexNum ="" /> 
9 
10<!-- <div class="desktop-primary-navigation-wrapper full-width">--> 
11	<nav class="container pl-0 pr-0" tabindex="0"  aria-label="Primary Navigation Use tab keys to access menu items and Press enter key to activate."> 
12    <div class="rbi-header-wrap full-width"> 
13        <div class="container-fluid rbi-header"> 
14            <div data-title="Primary Navigation" id="primary-navigation" data-intro="Smart navigation with clear segregations" class="rbi-primary-navigation"> 
15                <ul class="nav navbar-site" role="menu"> 
16                    <!--Menu Level 1 start--> 
17                    <#if (content.getData())??> 
18						<#list completeJson?eval as jsonKey, jsonValue> 
19						<#list jsonValue as singleJsonValue> 
20						<li class="nav top-level-menu ${singleJsonValue.ListInfo}" role="menuitem" aria-label="${singleJsonValue.FirstLevelText} menu item"> 
21 
22                            <#if singleJsonValue.IsSecondLevelExists=="true"> 
23                                            <#assign topLevelMenuRole="role='menuitem'"> 
24                                                <#else> 
25                                                    <#assign topLevelMenuRole="role='menuitem'"> 
26                                        </#if> 
27                                                     
28						<#if singleJsonValue.FirstLevelText??> 
29						<span role="menu" class="page-level-one-text"> 
30							<a class="nav-link page-level-1" aria-label="${singleJsonValue.FirstLevelText} menu item"  ${topLevelMenuRole} href="${singleJsonValue.FirstLevelLink}"  tabindex="0" > 
31								<span class="text-truncate">${singleJsonValue.FirstLevelText}</span> 
32							</a> 
33					</span> 
34						</#if>      
35            <#if singleJsonValue.IsSecondLevelExists=="true"> 
36                    <div class="top-mega-menu-wrap" role="menu"   tabindex="0" aria-label="${singleJsonValue.FirstLevelText} Sub Menu Open"> 
37                        <div class="repateable-img d-none"></div> 
38                            <div class="mega-menu-first-block equalColumns"> 
39                                <div class="mega-menu-first-block-row"> 
40                                    <h3 tabindex="0">${singleJsonValue.FirstLevelText}</h3> 
41									<#if singleJsonValue.FirstLevelDescription?? && singleJsonValue.FirstLevelDescription!=""> 
42                                    <p tabindex="0" class="desc">${singleJsonValue.FirstLevelDescription}</p> 
43									</#if> 
44																		 
45                                       
46                                </div> 
47                            </div> 
48                        <div class="mega-menu-second-blocks equalColumns"> 
49												<span class="top-level-page-name">${singleJsonValue.FirstLevelText}</span> 
50                                                <!--Menu Level 2 start--> 
51                                                <#if singleJsonValue.IsSecondLevelExists == "true" > 
52                                                <ul class="second-level-menu test"> 
53                                <#list singleJsonValue.SecondLevelData as secondLevelData> 
54                                
55                                 
56                                <li class="second-level-page test" role="menuitem"> 
57                                    <!--${secondLevelData.SecondLevelLink}--> 
58                                         
59                                        <a class="second-level-menu-URL" target="_self"  
60                                        href="${secondLevelData.SecondLevelLink}" tabindex="0"> 
61                                            ${secondLevelData.SecondLevelText} 
62 
63                                        </a> 
64                                        <!--${secondLevelData.SecondLevelLink}--> 
65                                        <#if secondLevelData.IsThirdLevelExists == "true" > 
66                                        <div class="primary-nav-arrow-wrapper">  
67                                             
68                                           <span  class="primary-nav-arrow" role="menu" tabindex="0" title="Open Submenu for ${secondLevelData.SecondLevelText}">  
69                                             
70                                            <img src="${images_folder}/rbi-main/nav-arrow.svg" alt="${secondLevelData.SecondLevelText}"> 
71                                         
72                                            </span> 
73                                         
74										</div> 
75                                        </#if> 
76                                     
77											 
78                                         
79                                            <!--Menu Level 3 start--> 
80                                            <div class="mega-menu-third-blocks equalColumns"> 
81                                                <span class="third-level-page-name">${secondLevelData.SecondLevelText}</span> 
82            <#if secondLevelData.IsThirdLevelExists == "true" > 
83                                                            <ul class="third-level-menu"> 
84 
85            <#list secondLevelData.ThirdLevelData as thirdLevelData> 
86             
87            <#if thirdLevelData.IsFourthLevelExists == "true" > 
88                <#assign third_lavel_aria ="open sub menu for ${thirdLevelData.ThirdLevelText}" /> 
89                <#assign rolemenu = "role=menu" /> 
90                <#else> 
91              <#assign third_lavel_aria ="${thirdLevelData.ThirdLevelText}" /> 
92              <#assign rolemenu = "" /> 
93 
94            </#if> 
95 
96                <li class="third-level-page"> 
97                    <span class="hide-text"></span> 
98                    <a href="${thirdLevelData.ThirdLevelLink}" ${rolemenu}  aria-label="${third_lavel_aria}"  target="_self">${thirdLevelData.ThirdLevelText}</a> 
99                        <!--Menu Level 4 start--> 
100                     
101                                                                                        <#if thirdLevelData.IsFourthLevelExists == "true" > 
102         <ul class="fourth-level-menu"> 
103 
104                                                                                            <#list thirdLevelData.FourthLevelData as fourthLevelData> 
105                                                                                                <li class="fourth-level-page"  role="menuitem" >  
106                                                                                                    <a href="${fourthLevelData.FourthLevelLink}" target="_self">${fourthLevelData.FourthLevelText}</a> 
107                                                                                                </li> 
108                                                                                            </#list> 
109                                                                                                                                                                                                                            </ul> 
110                                                                                        </#if> 
111 
112 
113                </li> 
114               
115</#list> 
116</#if> 
117 
118            <!--json area--> 
119             
120                                                                <#if secondLevelData.IsThirdLevelExists == "true" > 
121                                                                    <#if secondLevelData.CommonSecondLevelData?? && secondLevelData.CommonSecondLevelData.Main.ImageLink != ""> 
122                                                                    <div class="pn-dynamic-data-wrapper"> 
123                                                                        <!--josn image--> 
124                                                                        <#if secondLevelData.CommonSecondLevelData.Main.ImageLink != ""> 
125                                                                        <div class="pn-dynamic-data--img d-none"> 
126                                                                            <img src="${secondLevelData.CommonSecondLevelData.Main.ImageLink}" alt="RBI" title="RBI" tabindex="0"> 
127                                                                        </div> 
128                                                                        </#if> 
129                                                                        <!--josn image--> 
130 
131                                                                        <!--json dynamic content--> 
132                                                                        <div class="pn-content-dynamic-wrapper"> 
133																																				       <h2>${languageUtil.get(locale, "quick-links")}</h2> 
134                                                                        <#if secondLevelData.CommonSecondLevelData.Others??> 
135                                                                            <#list secondLevelData.CommonSecondLevelData.Others as others> 
136                                                                            <#if others.Title != "" > 
137                                                                            <div class="pn-content-contents-row"> 
138                                                                                <div class="pn-content-contents-row--inner"> 
139                                                                                    <div class="pn-dynamic-content-title"> 
140                                                                                        <a href="${others.Link}" class="content-title--link"> 
141                                                                                            ${others.Title} 
142                                                                                        </a> 
143                                                                                    </div> 
144                                                                                    <#if others.Description != "" >  
145                                                                                    <div class="pn-dynamic-content-desc"> 
146                                                                                        ${others.Description} 
147                                                                                    </div> 
148                                                                                    </#if> 
149                                                                                </div> 
150                                                                            </div> 
151                                                                            </#if> 
152                                                                            </#list> 
153                                                                        </#if> 
154                                                                        </div> 
155                                                                        <!--json dynamic content--> 
156                                                                    </div> 
157                                                                    </#if> 
158                                                                        </ul> 
159                                                                </#if> 
160                                                                 
161            <!--json area--> 
162 
163     
164 
165    </div> 
166 
167</li> 
168 
169</#list> 
170</ul> 
171</#if> 
172<!--Menu Level 2 start-->      
173</div> 
174</div> 
175</#if> 
176 
177<!--top-mega-menu-wrap ends--> 
178 
179</li> 
180<!--Menu Level 1 ends--> 
181</#list> 
182</#list> 
183</#if>  
184 
185</ul> 
186</div> 
187</div> 
188</div> 
189</nav> 
190<!--</div>--> 
191 
192 
193<script> 
194    var clickedTab = false; 
195 
196    function tabPressEqualCol() { 
197       // console.log('tabPressEqualCol function called'); 
198        if ($(window).width() < 1024) { 
199                return false; 
200            } 
201 
202            $('.top-level-menu').each(function() { 
203                var getSecondLevelTabMenuLength = $(this).children(".top-mega-menu-wrap").find($(".second-level-menu li")).length; 
204                if (getSecondLevelTabMenuLength > 0) { 
205 
206                    // var isLevelOneisHidden = $(this).children(".top-mega-menu-wrap").is(":hidden"); 
207                    //     if (isLevelOneisHidden) { 
208                    //         $(this).children(".top-mega-menu-wrap").show(); 
209                    //         const elms = document.querySelector('.top-level-menu'); 
210                    //         const getLeftPos = elms.getBoundingClientRect(); 
211                    //         const shiftLeftPos = getLeftPos.left; 
212                    //     } 
213 
214                    var maxHeight = 0; 
215                    var sameBlocks = ($(this).children(".top-mega-menu-wrap")).children( 
216                    '.equalColumns'); 
217                    var thirdLevelBlockMenu = $(this).find('.mega-menu-third-blocks .third-level-menu'); 
218 
219                    sameBlocks.each(function (ev) { 
220                        $(this).css('height', 'fit-content'); 
221                        if ($(this).height() > maxHeight) { 
222                            maxHeight = $(this).height(); 
223                        } 
224						 
225                    }); 
226 
227                    sameBlocks.each(function (ev) { 
228                        if (maxHeight > 400) { 
229                            $(this).css('height', Math.round(maxHeight).toString() + 'px'); 
230                            $(thirdLevelBlockMenu).css('height', Math.round(maxHeight).toString() + 'px'); 
231                        } else { 
232                            $(this).css('height', '400px'); 
233                            $(thirdLevelBlockMenu).css('height', '400px'); 
234                        } 
235                    }); 
236                } 
237            }); 
238             
239 
240 
241 
242 
243    } 
244 
245    //tab key invoke// 
246$(document).on('keyup', '.primary-nav-arrow', function (e) { 
247    if ((e.keyCode === 9) || (e.keyCode === 13))  { 
248        console.log('tab press'); 
249        tabPressEqualCol(); 
250    } 
251}); 
252 
253	 
254    $(document).ready(function () { 
255 
256        tabPressEqualCol(); 
257			 
258			//third level content title character length 
259			$(".pn-dynamic-content-title a.content-title--link").each(function() { 
260				var getFeedbackText=$(this).text().trim(); 
261				if (getFeedbackText.length > 43) { 
262					 var setFeedbackText = getFeedbackText.substring(0,43); 
263					$(this).text(setFeedbackText); 
264				} 
265				//console.log("getFeedbacktext --- " + getFeedbackText); 
266			}); 
267 
268			//third level content Desc character length 
269			$(".pn-dynamic-content-desc").each(function() { 
270				var getFeedbackText=$(this).text().trim(); 
271				if (getFeedbackText.length > 43) { 
272					 var setFeedbackText = getFeedbackText.substring(0, 43); 
273					$(this).text(setFeedbackText); 
274				} 
275				//console.log("getFeedbacktext --- " + getFeedbackText); 
276			}); 
277			 
278        // Check if 3rd level nav items exist 
279        if($(".second-level-page").length){ 
280            $(".second-level-page").each(function() { 
281                let thirdLevelNavItems = $(this).find('.third-level-page'); 
282                if(thirdLevelNavItems.length){ 
283                    $(this).addClass('has-level-3'); 
284                } 
285            }); 
286        }   
287 
288        // Check if 4th level nav items exist 
289        if($(".third-level-page").length){ 
290            $(".third-level-page").each(function() { 
291                let fourthLevelNavItems = $(this).find('.fourth-level-page'); 
292                if(fourthLevelNavItems.length){ 
293                    $(this).addClass('is-level-4-accordion'); 
294                    $(this).parents('.mega-menu-third-blocks').addClass('is-level-4-accordion-parent'); 
295                } 
296            }); 
297        }         
298 
299        // Close Nav 1st level anchor text 
300        $(".top-level-page-name").on('click', function () { 
301            $(this).closest(".top-mega-menu-wrap").hide(); 
302        }); 
303 
304        // Close Nav 2nd level anchor text 
305        $(".third-level-page-name").on('click', function () { 
306            $(this).parent(".mega-menu-third-blocks").removeClass('level-3-open'); 
307            $(this).siblings($(".third-level-menu")).hide(); 
308        }); 
309 
310        // Nav 1st level anchor link with lchange for accessibilty fix line 300, 306 and 309 
311        $('.top-level-menu> span a').on('click', function (e) { 
312            if ($(this).hasClass('disableURL')) { 
313                e.preventDefault(); 
314            } 
315 
316            if ($(window).width() < 1024) { 
317                var getSecondLevelMenuLength = $(this).parent().siblings(".top-mega-menu-wrap").find($( 
318                    ".second-level-menu li")).length; 
319                if (getSecondLevelMenuLength > 0) { 
320                    var menuOpen = $(this).parent().siblings(".top-mega-menu-wrap").is(":hidden"); 
321                    if (menuOpen) { 
322                        $(this).parent().siblings(".top-mega-menu-wrap").show(); 
323                    } 
324                } 
325            } 
326        }); 
327 
328        // Nav 1st level anchor link 
329		$('.second-level-page a').on('click', function (e) { 
330            if ($(this).hasClass('disableURL')) { 
331                e.preventDefault(); 
332            } 
333            if ($(window).width() < 1024) { 
334                var getThirdLevelMenuLength = $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu li")).length; 
335                if (getThirdLevelMenuLength > 0) { 
336                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").addClass('level-3-open'); 
337                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu")).show(); 
338					//console.log("clicked...."); 
339                } 
340            } 
341        }); 
342		 
343		 
344 
345		$('.second-level-page .primary-nav-arrow').on('click', function (e) { 
346            if ($(this).hasClass('disableURL')) { 
347                e.preventDefault(); 
348            } 
349            if ($(window).width() < 1024) { 
350                var getThirdLevelMenuLength = $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu li")).length; 
351                if (getThirdLevelMenuLength > 0) { 
352                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").addClass('level-3-open'); 
353                    $(this).closest('.second-level-page').children(".mega-menu-third-blocks").find($(".third-level-menu")).show(); 
354					//console.log("clicked...."); 
355                } 
356            } 
357        }); 
358 
359        // Nav 1st level mouseenter event 
360        $('.top-level-menu').mouseenter(function (e) { 
361            if ($(window).width() < 1024) { 
362                return false; 
363            } 
364             
365            var getSecondLevelMenuLength = $(this).children(".top-mega-menu-wrap").find($( 
366                ".second-level-menu li")).length; 
367                 
368              //added  
369              if (getSecondLevelMenuLength === 0) { 
370                    $(this).closest('.top-level-menu').find('.page-level-1').addClass("withoutDropdown"); 
371					//$(this).closest('.top-level-menu').find('.top-mega-menu-wrap').remove(); 
372                }    
373            if (getSecondLevelMenuLength > 0) { 
374                var isLevelOneisHidden = $(this).children(".top-mega-menu-wrap").is(":hidden"); 
375                if (isLevelOneisHidden) { 
376                    $(this).children(".top-mega-menu-wrap").show(); 
377                    const elms = document.querySelector('.top-level-menu'); 
378                    const getLeftPos = elms.getBoundingClientRect(); 
379                    const shiftLeftPos = getLeftPos.left; 
380 
381                    //$(this).children(".top-mega-menu-wrap").css("left", "-" + shiftLeftPos + "px"); 
382 
383                    // added for equal column //  
384                    var maxHeight = 0; 
385                    var sameBlocks = ($(this).children(".top-mega-menu-wrap")).children( 
386                    '.equalColumns'); 
387                    var thirdLevelBlockMenu = $(this).find('.mega-menu-third-blocks .third-level-menu'); 
388 
389                    sameBlocks.each(function (ev) { 
390                        $(this).css('height', 'fit-content'); 
391                        if ($(this).height() > maxHeight) { 
392                            maxHeight = $(this).height(); 
393                        } 
394						 
395                    }); 
396 
397                    sameBlocks.each(function (ev) { 
398                        if (maxHeight > 400) { 
399                            $(this).css('height', Math.round(maxHeight).toString() + 'px'); 
400                            $(thirdLevelBlockMenu).css('height', Math.round(maxHeight).toString() + 'px'); 
401                        } else { 
402                            $(this).css('height', '400px'); 
403                            $(thirdLevelBlockMenu).css('height', '400px'); 
404                        } 
405						 
406				}); 
407                } 
408            } 
409             
410        }); 
411 
412        // Nav 1st level mouseleave event 
413        $('.top-level-menu').mouseleave(function (e) { 
414            if ($(window).width() < 1024) { 
415                return false; 
416            } 
417            $(this).children(".top-mega-menu-wrap").hide(); 
418            $(".third-level-menu").hide(); 
419        }); 
420 
421        // Nav 2nd level mouseenter event 
422        $(".second-level-page").mouseenter(function () { 
423            if ($(window).width() < 1024) { 
424                return false; 
425            } 
426            var thirdLevelMenu = $(this).find(".third-level-menu"); 
427            var thirdLevelMenuItems = $(this).find(".third-level-menu li"); 
428 
429            if (thirdLevelMenuItems.length > 0) { 
430                thirdLevelMenu.show(); 
431            }             
432        }); 
433 
434        // Nav 2nd level mouseleave event 
435        $(".second-level-page").mouseleave(function () { 
436            if ($(window).width() < 1024) { 
437                return false; 
438            } 
439            var thirdLevelMenu = $(this).find(".third-level-menu"); 
440            thirdLevelMenu.hide(); 
441        }); 
442 
443        // retriving top level url  
444        $(document).on('keydown', '.top-level-menu', function (e) { 
445            $('.nav.navbar-site').first().children('li').each(function () { 
446               // $(this).find('a').attr('tabindex', '0'); 
447               // $(this).find('a').addClass('First-level-menu'); 
448            }); 
449           
450            $(this).each(function () { 
451                if ( $(this).children('.page-level-1').hasClass('disableURL') ) { 
452                    if (e.which == 13) { 
453                        if ($(this).find('.top-mega-menu-wrap').is(":hidden")) { 
454                            $(".top-mega-menu-wrap").hide(); 
455                            $(this).find(".top-mega-menu-wrap").show(); 
456                            clickedTab = true; 
457                            e.preventDefault(); 
458                        } else { 
459                            $(this).find(".top-mega-menu-wrap").hide(); 
460                        } 
461                    } 
462                } 
463                 
464            }); 
465        }); 
466 
467        $(".rbi-primary-navigation a").each(function () { 
468            var getPageLevelURL = $(this).attr("href"); 
469            if (((getPageLevelURL.indexOf("javascript") > -1)) || ((getPageLevelURL.indexOf( 
470                    "Javascript") > -1))) { 
471                $(this).addClass("disableURL"); 
472            } 
473 
474            // added for collaborative events menu should not open  
475            if ((getPageLevelURL.indexOf("href") > -1))  { 
476                $(this).addClass("menu-not-open-collaborative"); 
477            } 
478 
479             
480        }); 
481          
482        /*blocked temprary need to know why shift key is desier*/ 
483        // $('.mega-menu-second-blocks .second-level-menu>li:last-child>a').on('keydown', function (e) { 
484        //     if( !e.shiftKey && e.keyCode ){ 
485        //         $('.top-mega-menu-wrap').css('display', 'none');   
486        //     }                        
487        // }); 
488 
489        var navMousedown = false; 
490        $('.mega-menu-third-blocks .third-level-menu>li:last-child>a').on('mousedown', function () { 
491            navMousedown = true; 
492        }); 
493 
494        $('.mega-menu-third-blocks .third-level-menu>li:last-child>a').on('focusout', function (event) { 
495            $(this).keydown(function (e) { 
496                if(!navMousedown) { 
497                    if( !e.shiftKey && e.keyCode ){ 
498                        if( !$(this).parent('.is-level-4-accordion').hasClass('active') ){ 
499                            $(".third-level-menu").css('display', 'none'); 
500                            $(this).parent('.second-level-page').focus();  
501                        }                         
502                    }                 
503                } 
504                navMousedown = false;   
505            });                       
506        }); 
507 
508        $('.mega-menu-second-blocks .second-level-menu li.has-level-3').on('keydown', function (event) { 
509            // on click of enter  
510            if (event.which === 13) { 
511                $(this).trigger('click').find('.third-level-menu').css('display', 'block'); 
512                 
513            } 
514        }); 
515 
516        $('.mega-menu-second-blocks .second-level-menu>li>a').on('focus', function (event) { 
517            $(".third-level-menu").css('display', 'none'); 
518        }); 
519 
520        $('.rbi-header .site-logo .custom-logo').on('focusout', function (event) { 
521            $('.rbi-primary-navigation>ul>li:nth-child(2)>a').attr('tabindex', '0'); 
522        }); 
523 
524        // On load get number of languages 
525        let rbiLanguages = []; 
526 
527        if ($(".multipleLanguae-wrapper #languageSelector option").length) { 
528            $(".multipleLanguae-wrapper #languageSelector option").each(function () { 
529                let currentItem = { 
530                    languageText: $(this).text(), 
531                    languageURL: $(this).attr('value') 
532                }; 
533                rbiLanguages.push(currentItem); 
534            }); 
535        }  
536		 
537 
538        // Add languages to mobile list items 
539        let langListItem = ''; 
540        let langListItemContainer = $(".pwa-primary-navigation-wrapper .nav>li:first-child").find( 
541            '.second-level-menu'); 
542        langListItemContainer.empty(); 
543				 
544				     if (rbiLanguages.length) { 
545            $.each(rbiLanguages, function (key, value) { 
546							 
547                if (value.languageURL == value.languageText) { 
548                    langListItem = 
549                        "<li class='second-level-page selected test' ><a href='javascript:void(0)' target='_self'>" + 
550                        value.languageText + "</a></li>"; 
551                } else { 
552                    langListItem = 
553                        "<li class='second-level-page test'><a href='" + 
554                        value.languageURL + "' target='_self'>" + value.languageText + "</a></li>"; 
555                } 
556 
557                langListItemContainer.append(langListItem); 
558            }); 
559        } 
560         
561 
562    }); 
563window.addEventListener("load", () => { 
564    setTimeout(() => { 
565        if(window.location.href.includes('lost-in-transmission-financial-markets-and-monetary-policy-duplicate-0') 
566        ){ 
567                $(".multipleLanguae-wrapper .list ul li").each(function () { 
568                        $(this).removeClass('d-none') 
569                }); 
570        } 
571    }, 2000); 
572 }); 
573 
574</script> 
575 
576 
577<script> 
578$(document).ready(function(){ 
579		setTimeout(function() {  
580        $('.rbi_home_hero_wrapper .owl-dots button').attr('aria-label', 'Slide Navigation'); 
581        $('.rbi_home_hero_wrapper .owl-dots button').attr('title', 'Slide Navigation'); 
582    }, 50); 
583}); 
584</script> 
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சொத்து வெளியீட்டாளர்

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வெளியிடப்பட்ட தேதி மே 08, 2024
listen

Margin for Derivative Contracts

RBI/2024-25/34
A. P. (DIR Series) Circular No.05

May 08, 2024

To,

The Authorised Dealers

Madam/Sir,

Margin for Derivative Contracts

Attention of Authorised Dealers is invited to the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 notified in the Gazette of India vide notification no. FEMA.399/RB-2020 dated October 23, 2020, the amendment to the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 notified in the Gazette of India vide notification no. FEMA.399(1)/2024-RB dated April 30, 2024 and the A. P. (DIR Series) Circular No. 10 dated February 15, 2021 on Margin for Derivative Contracts.

2. The A. P. (DIR Series) Circular No.10 dated February 15, 2021 on Margin for Derivative Contracts were issued to allow posting and collection of margin for permitted derivative contracts between a person resident in India and a person resident outside India. The instructions have been reviewed based on market feedback and the Reserve Bank of India (Margin for Derivative Contracts) Directions, 2024 are being issued herewith.

3. These Directions shall come into force with immediate effect and shall supersede the A. P. (DIR Series) Circular No. 10 dated February 15, 2021.

4. For the purpose of these Directions, Authorised Dealers shall mean Authorised Dealer Category-I (AD Cat-I) banks and Authorised Dealer Category – III Standalone Primary Dealers (AD Cat-III SPDs).

5. The Directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Yours faithfully,

(Dimple Bhandia)
Chief General Manager

FINANCIAL MARKETS REGULATION DEPARTMENT

A. P. (DIR Series) Circular No.06 dated May 08, 2024

Reserve Bank of India (Margin for Derivative Contracts) Directions, 2024

The Reserve Bank of India, in exercise of the powers conferred under Sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) hereby issues the following Directions.

1. Short title, Commencement and applicability of the Directions

(i) These Directions shall be called the Reserve Bank of India (Margin for Derivative Contracts) Directions, 2024.

(ii) These Directions shall come into force with immediate effect.

(iii) These Directions shall apply to Authorised Dealer Category-I (AD Cat-I) banks and Authorised Dealer Category – III Standalone Primary Dealers (AD Cat-III SPDs).

2. Definitions

2.1 In these Directions, unless the context otherwise requires:

(i) “Permitted derivative contract” shall have the same meaning as assigned to it in the Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020 (Notification no. FEMA.399/RB-2020 dated October 23, 2020), as amended from time to time.

(ii) “Certificate of Deposit” shall have the meaning assigned in paragraph 2(a)(iii) of the Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021 dated June 04, 2021, as amended from time to time.

(iii) “Commercial Paper” shall have the meaning assigned in paragraph 2(a)(iv) of the Master Direction - Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 dated January 03, 2024, as amended from time to time.

2.2 Words and expressions used, but not defined in these Directions, shall have the same meaning as assigned to them in the Act and Rules / Regulations issued thereunder.

3. 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.

4. 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.

5. 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:

  1. Listed on a recognized stock exchange in India; and
  2. 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.

6. Margin posted and collected outside India shall be in the form of:

(i) Freely convertible foreign currency; and

(ii) Debt securities issued by foreign sovereigns with a credit rating of AA- and above issued by S&P Global Ratings / Fitch Ratings or Aa3 and above issued by Moody’s Investors Service. If different ratings are accorded by two or more credit rating agencies, then the lowest rating shall be reckoned.

7. In case of Authorised Dealers choosing to comply with the margin requirements of a foreign jurisdiction for Non-Centrally Cleared Derivative (NCCD) transactions with a person resident outside India or for NCCD transactions between two Authorised Dealers, at least one of which is a branch of a foreign bank, in terms of Para 11 of the Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024:

(i) Authorised Dealer may post and collect margin outside India, and receive and pay interest on such margin in the form and manner permitted by the laws and regulations of the foreign jurisdiction; and

(ii) Posting and collection of margin and receipt and payment of interest on such margin may be undertaken by the Authorised Dealer or by its overseas branches or head office (including its overseas branches) as part of a global margin arrangement.

8. Authorised Dealer Category-I banks shall maintain a separate account in the name of persons resident outside India for the purpose of posting and collecting cash margin in India, and transactions incidental thereto.

Yours faithfully,

(Dimple Bhandia)
Chief General Manager

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