The government has no plan to raise the limit on foreign institutional investment in

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debt, a finance ministry official said on Monday.

"There is no proposal to increase FII (foreign institutional investor) debt limit as the limit is not being used up anyway for a long time," the official, who did not wish to be identified, told reporters, on the sidelines of a business conference.

"If the limit gets used up to 80 percent, there is a norm that it (limit) will go up automatically," he said, adding that the utilisation of foreign investment limit in corporate debt was much lower than government bonds.

The limit on foreign investment is $15 billion in corporate debt and $5 billion in government bonds.