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of <h1>RBI Amends Foreign Exchange Regulations: Non-Convertible Preference Shares and Debentures Now Classified as Debt Under Regulation 6.</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000. Effective from the specified date, the amendment introduces a new sub-regulation stating that borrowing through preference shares or convertible debentures issued on or after specified dates, which are not fully and mandatorily convertible into equity within a certain timeframe, will be treated as debt. These borrowings must comply with Regulation 6 of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, including adherence to borrowing limits.
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