Small and medium exporters alleged that some leading banks are implicating them to sell their forex derivatives.

Forex derivative are concerned with a financial contract bought by firms or individual to cover the risks due to the appreciation in rupee.

The leading banks like ICICI Bank, HDFC Bank, State bank of India, ABN Amro and others banks are accused for such tapering.

The small and medium exporters are bearing a loss of around Rs 2,000 crore due to the misleading guidelines of the banks. They demanded the intervention of the reserve bank Of India to save their interests. Some exporters are also planning to file cases against such banks. The exporters said that banks are selling them products instead of covering their losses ddue to rupee appreciations.

The derivatives cannot be sold to small and medium exporters without underlying genuine requirements as per the circular of the Reserve Bank Of India. The derivative should be sold in the form in traded currency. The representatives of export groups also met Finance minister P. Chidambaram on Tuesday to sort out the matter.