U/s 6(7) of FEMA 1999, Central Government determines the instruments as debt instruments

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..... powers conferred by sub-section (7) of section 6 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Central Government hereby determines the following instruments as debt instruments, namely:- (i) Government bonds; (ii) corporate bonds; (iii) all tranches of securitisation structure which are not equity tranche; (iv) borrowings by Indian firms th .....

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..... layer (i.e. equity tranche) of securitisation structure; (vii) acquisition, sale or dealing directly in immovable property; (viii) contribution to trusts; (ix) depository receipts issued against equity instruments. 3. All other instruments which are not specified in paragraphs (1) and (2) above, shall be deemed as debt instruments. [F.No. l/14/EM/2015 .....

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