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

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..... oreign 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 through loans; (v) depository receipts whose underlying securities are debt securities. .....

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