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Date: 24-05-2019
Notification No: A.P. (DIR Series) Circular No.34
Issuing Authority: RBI  
Type: A.P.D.(Series) Circulars
File No: RBI/2018-19/187
Subject: Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt

RBI/2018-19/187
A.P. (DIR Series) Circular No.34

May 24, 2019

To

All Authorized Persons

Madam / Sir

‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the following regulations, as amended from time to time, and the relevant directions issued under these regulations.

Foreign Exchange Management (Permissible Capital Accounts Transactions) Regulations, 2000 notified vide Notification No. FEMA 1/2000-RB dated May 03, 2000;

Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 notified vide Notification No. FEMA 3(R)/2018-RB dated December 17, 2018;

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 notified vide Notification No. FEMA.20(R)/2017-RB dated November 07, 2017; and

Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 notified vide Notification No. FEMA 25/RB – 2000 dated May 03, 2000.

2. AD Category – I banks may refer to A.P.(DIR Series) Circular No. 21 dated March 01, 2019 on ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt. Based on the feedback received the directions have been revised as given in the Annex. These changes include, inter alia, the following:-

Introduction of a separate category, viz., VRR-Combined (see para 2.x, Annex).

The requirement to invest at least 25% of the Committed Portfolio Size within one month of allotment has been removed (see para 6.a, Annex).

FPI are provided with an additional option at the end of the retention period, viz., continue to hold their investment until the date of maturity or the date of sale, whichever is earlier (see para 6.c, Annex).

3. FPIs that were allotted investment limits under the ‘tap’ open during March 11, 2019 - April 30, 2019 may, at their discretion, convert their full allotment to VRR-Combined.

4. These directions shall be applicable with immediate effect.

5. The directions 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

(T. Rabi Sankar)
Chief General Manager

       

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