Currency hedging for individuals in India

About 10 days back, I wrote a blog about Dubai's DGCX launching futures contracts on Indian rupees and questioned whether RBI will take note of it. It seems that indeed RBI is serious about the move by DGCX.
In today's Economic Times, the headline news read that "Individuals may hedge dollar spends"

The article says that Reserve Bank of India (RBI) has set up an internal working group to examine the issues of allowing currency futures in India. This is indeed a welcome step given the strengthening of Indian rupee against dollar in recent months.

Indian rupee vis-a-vis US Dollar


RBI has asked foreign banks operating in India to make presentations, highlighting the feasibility of currency futures and how it can help corporates and mutual funds in the country.

RBI is thinking to allow individuals, corporates and Mutual Funds to trade in currency futures. RBI argues that Banks may not handle the requirements of all the customers so let individuals trade for themselves but question raises how?? Individuals and small exporters are not savvy enough to deal in complex derivatives and trades; and they may not get full benefit of this move.

Indeed this is a very positive step however there are two questions to be answered-
1. What if, banks are allowed to trade for individuals (may be for notional value in excess of say 50 million Indian rupees)
2. What if, RBI allows speculative trade in currency futures?