Monday , October 26, 2026 |   14:00:10 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
TP - Mere attribution of percentages to functions, assets and risks, without reliable basis for quantifying respective economic contributions, cannot, by itself, establish ALP of licence fees: ITAT (See Breaking News) TP - If assessee has filed financials of AEs to establish that payment received from assessee were subjected to taxation in their respective jurisdiction, benefit test has no relevance in determining ALP: ITAT (See Breaking News) TP - Notional interest adjustment on debt-free company is not sustainable: ITAT (See Breaking News) TP - Working capital adjustment, foreign exchange fluctuation adjustment, and capacity utilization adjustment, shall be applied to international transactions: ITAT (See Breaking News) TP - Royalty payment made by assessee to its AE cannot be subjected to TP adjustment when royalty is not embedded in import price: ITAT (See Breaking News) TP - Penalty u/s 271BA cannot be sustained where foundational provision, namely section 92BA(i), is already omitted when penalty proceedings were initiated & the penalty order was passed: ITAT (See Breaking News) I-T - Services rendered by individual based on his personal expertise, market knowledge & industry experience cannot automatically be characterised as FTS just because they have consultancy attributes: ITAT (See Breaking News) DTAA - Borrowed services fees does not satisfy 'make available' requirement under Article 13(4) of India-UK DTAA: ITAT (See Breaking News) I-T - Profits attributable to non-UK resident partners of UK partnership firm providing legal services in India cannot be taxed as Fees for Technical Services u/s 9(1)(vii): ITAT (See Breaking News)
 
TII SEARCH
 
 
   
Home >>
 

'Voluntary Retention Route' (VRR) for Foreign Portfolio Investors (FPIs) investment in debt
By TII News Service
Jan 23, 2020 , Mumbai

    

A.P. (DIR Series)

CIRCULAR NO

19/Dated: January 23, 2020

To

All Authorised persons

'Voluntary Retention Route' (VRR) for Foreign Portfolio Investors (FPIs) investment in debt - relaxations

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide Notification No. FEMA. 396/2019-RB dated October 17, 2019, as amended from time to time, and relevant directions issued thereunder. Attention is also invited to A.P. (DIR Series) Circular No. 34 dated May 24, 2019 (hereinafter Directions).

2. On a review, the following changes are made to the Directions governing investment through the Voluntary Retention Route (VRR).

a) The investment cap is increased to Rs. 1,50,000 crores from Rs. 75,000 crores.

b) FPIs that have been allotted investment limits under VRR may, at their discretion, transfer their investments made under the General Investment Limit to VRR.

c) FPIs are also allowed to invest in Exchange Traded Funds that invest only in debt instruments.

3. The updated Directions are attached.

4. These directions are 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.

[RBI/2019-20/151]

(Saswat Mahapatra)
Deputy General Manager (O-i-C)

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model Taxation
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2025 | Privacy Policy | Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.