This regulatory update has been prepared by Shardul Amarchand Mangaldas & Co to bring to your attention the “Voluntary Retention Route” (the “VRR Scheme”), as revised by the Reserve Bank of India (“RBI”) on May 24, 2019 (the “May Circular”), for debt investments by Foreign Portfolio Investors (“FPIs”) – free of macro-prudential and general investment limits – provided that participating FPIs voluntarily commit to retain a certain percentage of such investments in India for a period, in the manner discussed below. The original VRR Scheme, which had been notified by the RBI on March 1, 2019 stands superseded by the May Circular.
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