The Reserve Bank of India (RBI) on Friday declared that the dollar swap window would be closed on November 30; however, banks which will get firm commitment from international financial institutions will be able to continue availing the special incentive till December 31, 2013.

The dollar swap window was introduced provide a boost to the country's forex (foreign exchange) buffer and strengthen the rupee.

Giving some breathing space to banks, the RBI said that to be able to get the benefit after November 30 if they get solid commitment from global financial institutions on or before that date.

Announcing its decision, the central bank said in a statement, "It has been decided that if any bank . is receiving a firm commitment in this regard on or before November 30, it will be allowed to enter into a forward-forward swap ."

The central bank also declared that if a bank would not be able to deliver the contracted forex amount on the fixed date, it would have to pay the difference between concessional swap rate and the market swap rate plus 100 basis points.

The central bank also announced its decision to sell Rs 1,000 crore worth of inflation-indexed bonds through price-based auction route on November 26.