Page 58 - Banking Finance June 2025
P. 58
RBI CIRCULAR
RBI
CIRCULAR
Reporting on FIRMS portal Issuance of Partly change Management (Mode of Payment and Report-
Paid Units by Investment Vehicles ing of Non-Debt Instruments) Regulations, 2019.
3. These directions will become operative with immedi-
May 23, 2025
ate effect. AD Category-I banks may bring the con-
1. Attention of Authorised Dealer (AD) Category - I banks tents of this circular to the notice of their customers
is invited to the Foreign Exchange Management (Non- / constituents concerned.
debt Instruments) Rules, 2019 (hereinafter referred as 4. The directions contained in this circular have been is-
Rules), notified by the Central Government on Octo- sued under sections 10(4) and 11(1) of the Foreign Ex-
ber 17, 2019, which have been amended through the change Management Act, 1999 (42 of 1999) and are
Foreign Exchange Management (Non-debt Instru- without prejudice to permissions / approvals, if any,
ments) (Second Amendment) Rules, 2024 vide S.O. required under any other law.
1361(E), dated March 14, 2024, enabling issuance of
partly paid units to persons resident outside India by Exim Banks GOI-supported Line of Credit (LOC)
investment vehicles. Reference is also invited to For- for USD 700 million to the Govt. of Mongolia
eign Exchange Management (Mode of Payment and
Reporting of Non-Debt Instruments) Regulations, 2019 (GO-MNG), for financing construction of Crude
and A.P. (DIR Series) Circular No. 7 dated May 21, Oil Refinery Plant in Mongolia
2024, issued by the Reserve Bank.
May 16, 2025
2. In terms of Regulation 4(10) of the Foreign Exchange
Management (Mode of Payment and Reporting of 1. Export-Import Bank of India (Exim Bank) has entered
Non-Debt Instruments) Regulations, 2019, an invest- into an agreement dated January 16, 2025, with the
ment vehicle which has issued its units to a person resi- Government of Mongolia (GO-MNG), for making avail-
dent outside India shall file Form InVI within 30 days able to the latter, Government of India supported Line
from the date of issue of units. In this connection, it of Credit (LoC) of USD 700 Mn(USD Seven Hundred
is advised that investment vehicles may report issu- Million only) for financing construction of Crude Oil
ances of partly paid units made prior to the date of Refinery Plant in Mongolia.
this circular in Form InVI within 180 days from the
date of this circular. No late submission fees shall be 2. The export of eligible goods and services from India,
applicable for such reporting made within this period. as defined under the agreement, would be allowed,
However, issuances of partly paid units by investment subject to their eligibility under the Foreign Trade
vehicles on or after the date of this circular shall con- Policy of the Government of India and whose purchase
tinue to be reported within 30 days, in accordance may be agreed to be financed by the Exim Bank un-
with the timelines specified under the Foreign Ex- der this agreement.
BANKING FINANCE | JUNE | 2025 | 53
