The Reserve Bank of India (‘RBI’) had introduced a separate channel, called the Voluntary Retention Route (‘VRR’), for investments by foreign portfolio investors (‘FPIs’) on March 1, 2019, to enable FPIs to invest in Indian debt markets. An amount upto ₹ 1,500,000 million (approx. US$ 19,590 million) was available for investment through VRR. Given the positive response to the VRR evident from the near exhaustion of the current limit, the RBI has, by way of its Circular dated February 10, 2022, increased the investment limits available under the VRR from ₹ 1,500,000 million (approx. US$ 19,590 million) to ₹ 2,500,000 million (approx. US$ 32,650 million). The renewed investment limit is applicable with effect from April 1, 2022.