The Reserve Bank of India (RBI) on Monday announced a fully accessible route (FAR) for investments by non-residents in government securities inclusion of sovereign green bonds. The FAR includes securities that do not have any capping on holdings by foreign investors.
'It has now been decided to also designate all Sovereign Green Bonds issued by the Government in the fiscal year 2022-23 as ‘specified securities’ under the FAR', the RBI said in a notification on Monday.
Also, this has come into force with immediate effect.
Earlier this month, the RBI announced an auction of 160 billion rupees ($1.93 billion) of sovereign green bonds in two tranches, half of is set to be issued on Wednesday.
The proceeds will be used to fund solar, wind and small hydro power projects, including other 'public sector projects which help in reducing the carbon intensity of the economy,' the RBI said.
The FARs include securities which do not have any restrictions on holdings by foreign investors.
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