**Summary:**
This document outlines the Foreign Exchange Management (Debt Instruments) First Amendment Regulations, 2021, issued by the Reserve Bank of India (RBI) via Notification No. FEMA.396/2021-RB on October 13, 2021. These regulations amend the Foreign Exchange Management (Debt Instruments) Regulations, 2019, Notification No. FEMA.396/2019-RB dated October 17, 2019.
The key changes include:
* **Short Title and Commencement:** The regulations are titled "Foreign Exchange Management Debt Instruments First Amendment Regulations, 2021" and took effect from the date of their publication in the Official Gazette on October 21, 2021.
* **Amendment to Regulation 2:** Regulation 2 of the Principal Regulation is amended to include definitions for:
* Infrastructure Investment Trust (InvIT): Defined as a business trust as defined in subclause (i) of clause (13A) of section 2 of the Income-tax Act, 1961.
* Real Estate Investment Trust (REIT): Defined as a business trust as defined in subclause (ii) of clause (13A) of section 2 of the Income-tax Act, 1961.
* **Amendment to Schedule 1:** Subparagraph A of paragraph 1 of Schedule 1 to the Principal Regulation is amended to include:
* debt securities issued by (i) InvITs and (ii) REITs.
The regulations are issued in exercise of the powers conferred by clause (a) of subsection (2) of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999).
The notification is issued by Dimple Bhandia, Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India.
Key Entities Referenced
Foreign Exchange Management Act, 1999: A law that grants the Reserve Bank of India the power to make regulations regarding foreign exchange management.
Reserve Bank of India: The central bank of India, responsible for regulating the financial markets and foreign exchange.
Foreign Exchange Management Debt Instruments Regulations, 2019: Regulations pertaining to debt instruments under the Foreign Exchange Management Act.
Foreign Exchange Management Debt Instruments First Amendment Regulations, 2021: Amendments to the Foreign Exchange Management Debt Instruments Regulations, 2019.
Mumbai, Maharashtra: The location of the Central Office of the Financial Markets Regulation Department of the Reserve Bank of India where the notification was issued.
Infrastructure Investment Trust (InvIT): A business trust as defined in the Incometax Act, 1961.
Real Estate Investment Trust (REIT): A business trust as defined in the Incometax Act, 1961.
Incometax Act, 1961: An Indian law related to income tax.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxxचxG.-IअDE.-x2x1x1 02021-230591
CG-MH-E-21102021-230591
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 483] नई ददलली, बैृ स्ट्प जतर्ार, अक्त बू र 21, 2021/आजर् न 29, 1943
No. 483] NEW DELHI, THURSDAY, OCTOBER 21, 2021/ASVINA 29, 1943
भारतीय ररज़र् वबकैं
(जर्त्तीय बाजार जर्जनयमन जर्भाग)
(केन्दर ीय कायालव य)
अजधसचू ना
मुम् बई, 13 अक् तूबर, 2021
जर्देिी मरु ा प्रबधं न (ऋण जलखत) (प्रथम सिं ोधन) जर्जनयमार्ली, 2021
स.ं फेमा.396(1)/2021-आरबी.—जर्देिी मुरा जर्जनयमन प्रबंधन अजधजनयम, 1999 (सन 1999 का 42) की
धारा 6 की उप-धारा (2) के खंड (ए) और धारा 47 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, भारतीय ररज़र्व बैंक
एतदद्वारा जर्देिी मुरा प्रबंधन (ऋण जलखत) जर्जनयमार्ली, 2019 (अजधसूचना सं. फेमा. 396/2019–आरबी ददनांक 17
अक् तूबर 2019) (इसके बाद ‘प्रधान जर्जनयमार्ली’ के रूप म ेंउजललजखत) में जनम्न जलजखत सिं ोधन करता ै, यथा –
1. लघ ुिीर्कव और प्रर्तनव
(i) इन जर्जनयमों को जर्देिी मरु ा प्रबंधन (ऋण जलखत) (प्रथम संिोधन) जर्जनयमार्ली, 2021 कैा जाएगा।
(ii) ये जर्जनयम िासकीय गजट में प्रकािन की तारीख से प्रभार्ी ैोंगे।
2. जर्जनयम 2 म ेंसिं ोधन
(i) प्रधान जर्जनयमार्ली के जर्जनयम 2 म ेंखंड (i) के बाद जनम्न जलजखत नया खडं संजनजर््ट दकया जाएगा :
“(आईए) “अर्संरचना जनर्ेि रस्ट् ट” अथर्ा “आईएनर्ीआईटी” का आिय ै ऐसा कारोबारी रस्ट्ट जजसकी पररभार्ा
आयकर अजधजनयम, 1961 के खंड 13ए की धारा 2 में दी गई ै। ”
6050 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(ii) प्रधान जर्जनयमार्ली के जर्जनयम 2, में खंड (क्य)ू के बाद, जनम्न जलजखत नए खंड को संजनजर््ट दकया जाएगा :-
“(क्यूए) “भू सम् पदा जनर्ेि रस्ट् ट” अथर्ा “आरईआईटी” का आिय ै ऐसा कारोबारी रस्ट्ट जजसकी पररभार्ा
आयकर अजधजनयम, 1961 के खंड 13ए की धारा 2 में दी गई ै। ”
3. अनसु चू ी 1 म ेंसिं ोधन
(i) प्रधान जर्जनयम की अनुसूची 1 के अनच्ु छेद 1 के उप-अनुच्छ ेद ए म,ें खंड (के) के बाद, जनम्न जलजखत नए खंड को
संजनजर््ट दकया जाएगा : -
“(l) ऋण प्रजतभूजतयां जो (i) आईएनर्ीआईटी और (ii) आरईआईटी द्वारा जारी की गई ै।ैं ”
जडम्पल भांजडया, मुख्य मैाप्रबंधक
[जर्ज्ञापन-III/4/असा./347/2021-22]
फुट-नोट : प्रधान जर्जनयमार्ली को 17 अक् तूबर 2019 के जी.एस.आर. सं.796(ई) के माध् यम स े िासकीय राजप्र के
जद्वतीय भाग, खंड 3, उप-खंड (i) में प्रकाजित दकया गया था।
RESERVE BANK OF INDIA
(Financial Markets Regulation Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 13th October, 2021
Foreign Exchange Management (Debt Instruments) (First Amendment) Regulations, 2021
No. FEMA.396(1)/2021-RB.—In exercise of the powers conferred by clause (a) of sub-section (2) of section
6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby
makes the following amendments to the Foreign Exchange Management (Debt Instruments) Regulations, 2019
(Notification No. FEMA.396/2019-RB dated October 17, 2019) (hereinafter referred to as 'the Principal Regulation'),
namely:-
1. Short title and commencement
(i) These Regulations shall be called the Foreign Exchange Management (Debt Instruments) (First Amendment)
Regulations, 2021.
(ii) They shall come into force with effect from the date of their publication in the Official Gazette.
2. Amendment to Regulation 2:
(i) In Regulation 2 of the Principal Regulation, after clause (i), the following new clause shall be inserted: -
“(ia) “Infrastructure Investment Trust” or “InvIT” means a business trust as defined in sub-clause (i) of
clause 13A of section 2 of the Income-tax Act, 1961.”
(ii) In Regulation 2 of the Principal Regulation, after clause (q), the following new clause shall be inserted: -
“(qa) “Real Estate Investment Trust” or “REIT” means a business trust as defined in sub-clause (ii) of
clause 13A of section 2 of the Income-tax Act, 1961.”
3. Amendment to Schedule 1
(i) In sub-paragraph A of paragraph 1 of Schedule 1 to the Principal Regulation, after clause (k), the following
new clause shall be inserted: -
“(l) debt securities issued by (i) InvITs and (ii) REITs.”
DIMPLE BHANDIA, Chief General Manager
[ADVT.-III/4/Exty./347/2021-22]
Foot Note: The Principal Regulation was published in the Official Gazette vide G.S.R.No.796(E) dated October
17, 2019 in Part II, Section 3, sub-Section (i).
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.