The task force on offshore rupee markets, set up by the Reserve Bank of India (RBI, has suggested that Indian banks be allowed to freely offer prices to global clients around the clock.

The panel, headed by Former RBI Deputy Governor Usha Thorat, submitted the report to Governor Shaktikanta Das on Thursday.

The task force was set up to examine the issues relating to the offshore rupee markets and recommend appropriate policy measures.

The panel has recommended allowing users to undertake foreign exchange transactions up to $ 100 million in OTC currency derivative market without the need to establish underlying exposure.

It has recommended extending onshore market hours to improve access of overseas users and enabling rupee derivatives (settled in foreign currency), to be traded in the International Financial Services Centres (IFSC) in India.

To facilitate non-residents to hedge their foreign exchange exposure onshore, the task force recommended establishing a central clearing and settlement mechanism for non-resident transactions in the onshore market.