Home › Circulars › RBI/2022-23/86

RBI Adds 7-Year and 14-Year G-Secs to Fully Accessible Route for NRIs

Current · Source: Reserve Bank of India · RBI/2022-23/86 · issued 07 Jul 2022 · ~1 min read
Quick answerRBI has designated two specific government securities (7.10% GS 2029 and 7.54% GS 2036) and all new 7-year and 14-year tenor issuances as 'specified securities' under the Fully Accessible Route, allowing unrestricted non-resident investment from July 7, 2022.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore notices that a non-resident Indian (NRI) customer wants to invest in government bonds. Thanks to this rule, the officer can now confidently tell the customer that the 7-year and 14-year bonds are fully open for them, with no extra restrictions, making the investment simple and quick.

What changed

Two existing securities (ISINs IN0020220011 and IN0020220029) are now eligible under FAR. Additionally, all future issuances of 7-year and 14-year government securities will automatically qualify as specified securities under this route.

What it means for you

Non-resident investors can now invest in these securities without any restrictions, alongside domestic investors. This expands the pool of eligible G-secs under FAR, potentially increasing foreign portfolio inflows and deepening the government securities market. Banks and primary dealers should expect higher demand for these tenors from foreign investors.

What you must do

Who it affects

All participants in the Government securities market, Primary dealers, Banks with treasury operations, Non-resident investors and their custodians, Portfolio managers handling NRI investments

❓ Common questions

What is the Fully Accessible Route (FAR)?

FAR was introduced by RBI following the Union Budget 2020-21 to allow non-resident investors to invest in specified central government securities without any restrictions, while also being available to domestic investors.

Which securities are newly added under FAR?

Two specific securities: 7.10% GS 2029 (ISIN IN0020220011) and 7.54% GS 2036 (ISIN IN0020220029), plus all new issuances of 7-year and 14-year government securities.

When does this circular take effect?

The directions are applicable with immediate effect from July 7, 2022.

📜 Read the original circular — full text as issued by RBI
Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications ( 236 kb ) ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Additional specified securities RBI/2022-23/86 FMRD.FMID.No.04/14.01.006/2022-23 July 07, 2022 To All participants in Government Securities market Madam/Sir, ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Additional specified securities Please refer to paragraph 3 of the press release on “Liberalisation of Forex Flows” dated July 06, 2022 regarding inclusion of additional ‘specified securities’ under the Fully Accessible Route (FAR) for investments in Government securities by non-residents. 2. The Reserve Bank introduced the FAR in pursuance of the announcement made in the Union Budget 2020-21 that certain specified categories of Central Government securities would be opened fully for non-resident investors without any restrictions, apart from being available to domestic investors as well, vide A.P. (DIR Series) Circular No. 25 dated March 30, 2020 . The Government Securities that were eligible for investment under the FAR (‘specified securities’) were notified by the Bank, vide circular no. FMRD.FMSD.No.25/14.01.006/2019-20 dated March 30, 2020 . 3. In addition, it has been decided to designate the two securities listed in the following Table as well as all new issuances of Government securities of 7-year and 14-year tenors as ‘specified securities’ under the FAR. Accordingly, these securities will, henceforth, be eligible for investment under the FAR. Table: Additional ‘specified securities’ under the Fully Accessible Route Sr. No. ISIN Security 1 IN0020220011 7.10% GS 2029 2 IN0020220029 7.54% GS 2036 4. The Directions contained in this circular have been issued under Section 45W of Chapter IIID of the Reserve Bank of India Act, 1934 and are without prejudice to permissions/ approvals, if any, required under any other law. 5. These Directions shall be applicable with immediate effect. Yours faithfully, (Dimple Bhandia) Chief General Manager 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page More Links Bank Holidays Banking Glossary Citizen's Charter Complaints Contact Us COVID-19 Measures E-LMS Events FAQs Financial Education Forms IFSC/MICR Codes Important Websites Opportunities @ RBI RBI Clarifications RBI Kehta Hai RBI’s Vision and Values (1257 kb)--> Right to Information Act Tenders Follow RBI RSS Twitter YouTube Instagram Facebook LinkedIn © Reserve Bank of India. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/86 · issued 07 Jul 2022. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update your internal systems and reporting frameworks to include the new specified securities under FAR.
📜 Compliance
  • Inform your treasury and NRI client-facing teams about the expanded eligibility for 7-year and 14-year G-secs.
  • Monitor foreign investment limits and compliance with FAR guidelines for these securities.
  • Review your investment portfolio to assess potential opportunities from increased non-resident participation.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All participants in the Government securities market, Primary dealers, Banks with treasury operations, Non-resident investors and their custodians, Portfolio managers handling NRI investments), your first concrete step on “RBI Adds 7-Year and 14-Year G-Secs to Fully Accessible Route for NRIs” is: “Update your internal systems and reporting frameworks to include the new specified securities under FAR.” (RBI issued this 07 Jul 2022).

  1. Circular: RBI/2022-23/86 -- RBI Adds 7-Year and 14-Year G-Secs to Fully Accessible Route for NRIs
  2. Issued: 07 Jul 2022
  3. Action required: Update your internal systems and reporting frameworks to include the new specified securities under FAR.
  4. Action required: Inform your treasury and NRI client-facing teams about the expanded eligibility for 7-year and 14-year G-secs.
  5. Action required: Monitor foreign investment limits and compliance with FAR guidelines for these securities.
  6. Action required: Review your investment portfolio to assess potential opportunities from increased non-resident participation.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12354&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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