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of <h1>RBI Updates Guidelines for Authorized Dealers on Investing Undeployed FCNR(B) Funds in Long-Term Overseas Securities.</h1> The Reserve Bank of India (RBI) has updated its guidelines for authorized dealers regarding the investment of undeployed FCNR(B) funds in overseas markets. Authorized dealers are now permitted to invest these funds in long-term fixed income securities, provided they are rated at least AA by Standard and Poor's, Aa3 by Moody's, or AA by Fitch IBCA. This update modifies the previous instructions outlined in Circular No.40 dated April 29, 2002. All other instructions from that circular remain unchanged. These directions are issued under the Foreign Exchange Management Act, 1999.
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