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of <h1>RBI Amends 2017 Regulations: Municipal Bonds Now Accessible to Foreign Investors Under Schedule 5. Effective April 18, 2019.</h1> The Reserve Bank of India issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2019, effective from April 18, 2019. This amendment modifies the 2017 regulations by introducing the definition of 'Municipal Bonds' as debt instruments issued by municipalities under Article 243Q of the Indian Constitution. Additionally, municipal bonds are added to the list of securities that can be purchased and sold by persons residing outside India, as specified in Schedule 5 of the 2017 regulations.
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