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of <h1>Non-residents can invest surplus rupee balances in Government Securities under FEM (Debt Instruments) Regs 2019</h1> Persons resident outside India maintaining Special Rupee Vostro Accounts for international trade settlement may invest surplus rupee balances in Central Government Securities, including Treasury Bills. This investment provision is governed by the Foreign Exchange Management (Debt Instruments) Regulations, 2019, the Foreign Exchange Management (Deposit) Regulations, 2016, and the Master Direction on Non-resident Investment in Debt Instruments, 2025. Operational instructions have been incorporated into the updated Master Direction, which takes immediate effect. Authorized Dealer Category-I banks are required to inform their relevant constituents and customers. These directions are issued under the Foreign Exchange Management Act, 1999, and do not override any other legal permissions or approvals that may be necessary.
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