PNB Gilts Ltd. announced that the RBI vide its letter dated July 12, 2023 (received on July 19, 2023), in pursuance of powers conferred by Section 10(1) of the FEMA, 1999 has authorised the Company as an `Authorised Dealer - Category III", subject to conditions as listed therein the letter. Under this authorization, the Company may offer all foreign exchange market-making facilities to users, as currently permitted to Category-I Authorized Dealers, subject to adherence to the prudential regulations and other guidelines. Validity of this authorisation is co-terminus with the RBI's existing authorisation given to the Company for acting as Standalone Primary Dealer.