Besides offering better price discovery and lower transaction costs, the futures market is a major financial hub which provides an outlet for intense competition among buyers and sellers and, more importantly, a center to manage price risks. It is also a very liquid market.
In this context, I wish to allude to the failure of the selected bidders in meeting the technical specifications of the plastic banknotes in 10 denomination that we are proposing to introduce on a trial basis in India, necessitating undertaking the exercise afresh, thereby delaying the process.