Proposed RBI Amendments

The Reserve Bank of India (“RBI”) issued a statement on 7 February 2019 containing certain proposed regulatory policy measures for the deepening of the financial markets in India. The RBI has indicated that it proposes to amend the current regulations governing external commercial borrowings (“ECB”) by Indian companies (“ECB Regulations”) and investments by foreign portfolio investors (“FPIs”) in corporate debt. The key highlights for international debt funds are set out below.