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<h1>Banks Informed on Issuing Irrevocable Payment Commitments for FIIs Under PIS, per Foreign Exchange Management Act 1999.</h1> The circular addresses Authorised Dealer Category-I banks, informing them about the issuance of Irrevocable Payment Commitments (IPCs) by custodian banks to stock exchanges on behalf of Foreign Institutional Investors (FIIs) for purchasing shares under the Portfolio Investment Scheme (PIS). This is in accordance with Reserve Bank regulations concerning banks' exposure to the capital market. Amendments to the Foreign Exchange Management (Guarantee) Regulations, 2000 will be issued separately. Banks are instructed to inform their constituents and customers about these changes, which are issued under the Foreign Exchange Management Act, 1999.