Investment limit in govt, corporate bonds to be raised

MUMBAI Fri Nov 30, 2012 7:59pm IST

An employee sorts Indian currency notes at a cash counter inside a bank in Agartala February 18, 2010. shares. REUTERS/Jayanta Dey/Files

An employee sorts Indian currency notes at a cash counter inside a bank in Agartala February 18, 2010. shares.

Credit: Reuters/Jayanta Dey/Files

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MUMBAI (Reuters) - The government will raise the limit on foreign investments in government and corporate bonds by $5 billion each, said a finance ministry official who declined to be named, in a move intended to attract more funds into the country.

India currently caps the total amount that foreign institutional investors can buy in domestic debt at $65 billion, which is distributed through categories of government, corporate and infrastructure bonds, some of which include tenor or lock-in restrictions.

The increase in limits will be effective in the next seven to ten days, the official said on Friday.

(Reporting by Arup Roychoudhury; Editing by Tony Munroe)

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