Scheme for Trading and Settlement of Sovereign Green Bonds
Scheme for Trading and Settlement of Sovereign Green Bonds in the International Financial Services Centre in India
Please refer to Paragraph 1 of the Statement on Developmental and Regulatory Policies announced as a part of the Bi-monthly Monetary Policy Statement for 2024-25 dated April 05, 2024, on the issuance of a scheme for investment and trading in Sovereign Green Bonds (SGrBs) by eligible foreign investors in the International Financial Services Centre (IFSC) in India.
2. The Scheme for trading and settlement of SGrBs in the IFSC in India (the “Scheme”) is enclosed at Annex. Necessary amendments to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 (Notification No. FEMA 396/2019-RB dated October 17, 2019) have been notified vide Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024 (Notification No. FEMA.396(3)/2024-RB dated August 02, 2024) published in the Gazette of India on August 07, 2024.
3. The Scheme shall come into force with immediate effect. The operational guidelines for participation in the Scheme by entities in IFSC shall be issued by the IFSC Authority.
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