Question
What is the Fully Accessible Route (FAR) introduced by
the Reserve Bank of India? DIrection (15-17) :- Read the following information to answer the questions below: As announced in the Union Budget 2022-23, Government of India, as part of its overall market borrowings, will be issuing Sovereign Green Bonds (SGrBs), for mobilising resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy. Accordingly, it was notified in the Half-yearly issuance calendar for marketable dated securities for the second half of the fiscal year 2022-23 on September 29, 2022 that SGrBs for an aggregate amount of ₹16,000 crore would be issued. Government of India has since issued the Sovereign Green Bond Framework on November 09, 2022.Solution
The Fully Accessible Route (FAR) introduced by the Reserve Bank of India allows non-residents to invest in specified Government of India dated securities without any investment limits. This scheme was introduced in February 2019 to encourage foreign investment in the Indian debt market and make it more attractive to investors. By removing these limits, the FAR aims to increase the accessibility of the Indian debt market to foreign investors and boost foreign investments in India.
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