Securities and Exchange Board of India (SEBI) vide its circular CIR/IMD/FIIC/4/2014 dated February 14, 2014 has modified its earlier circular CIR/IMD/FIIC/6/2013 dated April 01, 2013 whereby SEBI had permitted Foreign Institutional Investors (FIIs) and Qualified Foreign Investors (QFIs) to invest upto US$ 3.5 billion in Commercial Papers within the Corporate Debt limit of US$ 51 billion. The Reserve Bank of India has reduced the existing sub-limit for FII/QFI investment in Commercial Papers from USD 3.5 billion to USD 2 billion. Accordingly, the eligible investors shall now be permitted to invest upto US$ 2 billion in Commercial Papers within the Corporate Debt limit of US$ 51 billion.