TaxTMI 
TaxTMI 
‘Fully Accessible Route’ for Investment by Non-residents in Government Securities
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.... to the following regulations / directions, as amended from time to time, and the relevant directions issued thereunder: (i) Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide Notification No. FEMA. 396/2019-RB dated October 17, 2019 (hereinafter, Debt Regulations); (ii) The A.P. (DIR Series) Circular No. 31 dated June 15, 2018 read with A.P. (DIR Series) Circular....
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....ctions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law. Yours faithfully, (Dimple Bhandia) General Manager-in-Charge Annex 'Fully Accessible Route' (FAR) for investment by non-residents in Government Securities The....
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....e Bank for investment under the FAR route. In this regard, a reference is invited to FAR Directions, issued today by the Reserve Bank. 3. The words and expressions used but not defined in these directions shall have the same meaning respectively assigned to them in the FEMA, 1999 or rules and regulations made thereunder. 4. Features a. Investment limits: There shall be no quantitative limit....
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....s under the Debt Regulations can invest under this route as hitherto under existing arrangements. ii. Eligible investors other than those referred to in 4(c)(i) above, may invest through International Central Securities Depositories. The process for such investments will be notified in due course. 5. Transition for FPIs: FPIs who currently hold investments in the specified securities shall, w....