A.P. (DIR Series) Circular No: 47 (07-Jun-17) Issuance of Rupee denominated bonds overseas
RBI/2016-17/316
To
All Authorised Dealer Category -- I Banks
Madam/Sir
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to Sr. No. 3, 4 and 5 of Annex to A.P.(DIR Series) Circular No.17 dated September 29, 2015, paragraph No. 2, 3, 4 and 5 of A.P. (DIR Series) Circular No. 60 dated April 13, 2016, paragraph No. 2 of A.P. (DIR Series) Circular No. 31 dated February 16, 2017 and paragraph No. 3.2, 3.3.1, 3.3.3 and 3.3.4 of Master Direction No.5 dated January 1, 2016 on ''External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers'' (Master Direction), as amended from time to time, on the provisions of available routes of borrowing, recognized lender and all-in-cost, etc. under the framework for issuance of Rupee denominated bonds overseas.
2. On a review of the laid down framework for issuance of Rupee denominated bonds overseas (Masala Bonds) and with a view to harmonize the various elements of the ECB framework, it has been decided that any proposal of borrowing by eligible Indian entities by issuance of these bonds will be examined at the Foreign Exchange Department, Central Office, Mumbai. Further, it has also been decided to revise the provisions in respect of maturity period, all-in-cost ceiling and recognized lenders (investors) of Masala Bonds as under:
i. Maturity period: Minimum original maturity period for Masala Bonds raised upto USD 50 million equivalent in INR per financial year should be 3 years and for bonds raised above USD 50 million equivalent in INR per financial year should be 5 years.
ii. All-in-cost ceiling: The all-in-cost ceiling for such bonds will be 300 basis points over the prevailing yield of the Government of India securities of corresponding maturity.
iii. Recognised investors: Entities permitted as...
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