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of <h1>Amendment to Regulation 6(2) Allows Non-Residents to Invest in Tax-Free Bonds for Infrastructure or Fixed Deposits in India.</h1> The circular addresses the borrowing and lending in Rupees by residents outside India, specifically regarding investments in tax-free, secured, redeemable, non-convertible bonds. It highlights Regulation No. 6 (2) of the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000, which restricts the use of borrowed funds by residents in India. The amendment allows resident entities authorized by the Indian government to issue such bonds to non-residents for on-lending to the infrastructure sector or for fixed deposits in Indian banks. The Reserve Bank has updated the regulations accordingly, and banks are advised to inform their clients.
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