FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans
As a measure to broaden access of non-resident investors to debt instruments in India, the Reserve Bank of India (RBI) has permitted Foreign Portfolio Investors (FPI) to invest in municipal bonds.FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans (SDLs). All other existing conditions for investment by FPIs in the debt market remain unchanged.
Necessary amendments to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 have been notified by the Government on 18 April 2019.
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