India has 4th largest foreign exchange reserves in world: MoS Finance

India currently has the fourth largest foreign exchange reserves in the world, Minister of State for Finance Pankaj Chaudhary told Lok Sabha on Monday. As on November 19, 2021, he said the forex reserve stood at USD 640.4 billion.

Replying to another question, he said the details of the holders of P-Notes/ offshore derivative instruments (ODIs) as well as beneficial owners of holders of ODIs, identified in terms of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, are reported to Sebi on a monthly basis by ODI issuing foreign portfolio investors (FPIs).

Further, ODIs issuing FPIs are required to maintain with them at all times the KYC documents regarding ODI subscribers and make them available to Sebi on demand, he said.