non - residents in government securities – inclusion of sovereign green bonds dated january 23, 2023 and november 08, 2023 transactions in government securities by foreign portfolio investors : reporting dated june 7, 2021 payment of margins for transactions in government securities by foreign portfolio investors dated june 4, 2021 dealers has been put in place. the national automated clearing house ( nach ) facility has been introduced allowing investors to create a one - time mandate and use it multiple times for making payments ( december 2023 ). as announced in the recent monetary policy statement on april 5, 2024, a mobile app for accessing the retail direct portal will be launched shortly. corporate bond market 13. the reserve bank, with co - operation from other stakeholders, has been making efforts to develop a vibrant corporate bond market which is an important enabler of longer - term funding. to attract greater non - resident participation in corporate bonds, the fpi investment limit in corporate debt under the medium - term framework was increased from 9 % to 15 % of outstanding corporate bonds ( 2020 ) 17. the voluntary retention route ( vrr ) was introduced in 201918. the regulatory framework for repo in corporate bonds was rationalised in 201819. legal recognition was provided for bilateral netting of repo in corporate bonds and credit derivative contracts through requisite notifications under the act for bilateral netting of qualified financial contracts, 2020. the regulatory framework for credit derivatives was revised in 202220. the amc repo clearing limited was authorised to offer tri - party repos in corporate bonds in 2023. the measures taken by the reserve bank during the covid - 19 pandemic, especially the liquidity measures like investment by foreign portfolio investors ( fpi ) : investment limits dated march 30, 2020 ‘ voluntary retention route ’ ( vrr ) for foreign portfolio investors ( fpis ) investment in debt dated may 24, 2019 repurchase transactions ( repo ) ( reserve bank ) directions, 2018 dated june 24, 2018 reserve bank of india ( credit derivatives ) directions, 2022 dated february 10, 2022 the long term repo operations ( ltros ), the targeted long term repo operations ( tltros ) and the tltro 2. 0 were also critical in ensuring that the market continued to function smoothly. money markets 14. the regulatory framework for the markets for call, notice and term money ; certificates of deposits ( cds ) ; commercial paper ( cp ) and non - convertible debentures ( ncds ) with

##ation and liberalised gold policy. the evolution of the gold control policy since independence was centered around some major objectives, viz., weaning away people from gold, regulating the supply of gold, reducing the domestic demand and prices and curbing smuggling. in the wake of the chinese war, it was felt in some circles that it would be feasible to make a frontal attack on demand for gold in india. accordingly, the gold control order 1962 was issued, banning the making and selling of jewellery above 14 carats, making it compulsory for gold smiths to be licensed and submit accounts of all gold received and utilised by them etc., the measures met with lot of resistance and criticism. this coupled with administrative complexities resulted in the failure of the gold control order. bullion imports and exports were also banned but restrictions on import of gold into the country resulted in the flourishing of smuggling and unofficial transactions in foreign exchange. official imports to discourage smuggling was first mooted in 1977 but viewed against the forex reserves available then, it was thought as an impossible proposition. the government decided to sell confiscated gold in small quantities through the rbi. however, it did not have any major impact on smuggling. various schemes for mobilisation of idle gold holdings have been implemented by the government and rbi in the past, but with little success. the 15 - year gold bonds at 6 1 / 2 per cent ( november 1962 ) could mobilise only 16. 70 tonnes. a second attempt to garner gold was made through the 7 per cent gold bond 1980 scheme ( march 1965 ) which could mobilise only 6. 1 tonnes. the third series designated as national defence gold bonds 1980 ( 1965 ) garnered 13. 7 tonnes and the gold bond scheme 1993 garnered 41 tonnes of gold. even after two years of launching the scheme under the recent gold deposit scheme ( 1997 ) the mobilization is around seven tonnes only. thus, attempts to mobilise gold under various schemes have not evoked the desired response. currently, gold import is permitted through three official channels viz., special import licences, nonresident indians and authorized banks and institutions. import of gold through special import licence ( sil ) has been negligible after gold import through banks was permitted. it is but natural that nri route had become less attractive after the banks have been permitted to import gold. the liberalized gold policy has certainly brought to the official sector what originally was an unofficial sector. without doubt, it has eliminated