In December 2017, the Securities and Exchange Board of India (SEBI) raised the investment limit for Foreign Portfolio Investors (FPIs) in central government securities to over which of the following amounts from January 2018?

Introduction / Context:
This question comes from the domain of financial markets and current affairs. The Securities and Exchange Board of India (SEBI) periodically revises limits on how much Foreign Portfolio Investors (FPIs) can invest in government securities. These limits affect foreign capital flows, bond yields, and overall financial stability. Examinations often ask about important numerical thresholds that were announced in a particular year, especially when they mark significant changes in policy.

Given Data / Assumptions:
The question specifically mentions that in December 2017, SEBI raised the investment limit for FPIs in central government securities, effective from January 2018, and asks what the new limit was set at. The options provided are:
- Rs 1.91 lakh crore
- Rs 3.91 lakh crore
- Rs 5.91 lakh crore
- Rs 0.91 lakh crore
It is assumed that the learner knows that one lakh crore is equal to one trillion rupees and that these options represent alternative possible ceilings for FPI investment in government bonds.

Concept / Approach:
The conceptual approach is to recall the specific figure highlighted in current affairs reports about this decision. SEBI announced that the aggregate limit for FPIs in central government securities would be raised to a little over one point nine lakh crore rupees from January 2018. This measure formed part of a broader medium term framework aimed at gradually increasing foreign participation in government debt while maintaining macroeconomic stability. Among the options given, Rs 1.91 lakh crore is the figure that matches this policy announcement.

Step-by-Step Solution:
Step 1: Recall reading about SEBI and the Reserve Bank of India jointly managing limits for foreign investment in government securities. Step 2: Remember that in late 2017, the limit for FPIs in central government securities was increased to just over 1.9 lakh crore rupees. Step 3: Focus on the exact numerical figure, which is commonly quoted as Rs 1.91 lakh crore. Step 4: Compare this remembered figure with the four options listed in the question. Step 5: Select Rs 1.91 lakh crore as the correct answer because it matches the announced limit from January 2018.

Verification / Alternative check:
Alternative verification comes from recalling that the incremental increases in FPI limits are typically modest, not jumps to very high figures like Rs 3.91 or 5.91 lakh crore. At that time, the Indian government and regulators were cautious about sudden large increases in foreign exposure to sovereign debt. Therefore, the limit being around 1.9 lakh crore rupees fits the pattern of gradual liberalisation. Since most exam specific current affairs compilations specifically mention Rs 1.91 lakh crore as the new ceiling, this reinforces that option as the accurate choice.

Why Other Options Are Wrong:
Rs 3.91 lakh crore: This is far higher than the incremental increase that was implemented and does not match the official announcement for early 2018.
Rs 5.91 lakh crore: This amount would represent a dramatic increase in foreign exposure to government securities, which does not reflect the policy stance of that period.
Rs 0.91 lakh crore: This figure is too low and would represent a reduction rather than an increase in investment limits.

Common Pitfalls:
Some learners confuse the figure 1.91 with 0.91 because they focus only on the digits without recalling that the limit was meant to be significantly above one lakh crore, not below it. Others may mistakenly select the larger figures 3.91 or 5.91 thinking that more liberalisation must always mean very big numbers. To avoid such errors, it is important to link the remembered number with the broader policy context and to recognise that regulators usually increase these limits in smaller, carefully calibrated steps.

Final Answer:
From January 2018, SEBI raised the FPI investment limit in central government securities to over Rs 1.91 lakh crore.