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ARTICLE · 21 JUNE 2016

Regulatory Updates: Capital Markets - April 2016

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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The RB, by a circular issued on April 13, 2016, has notified certain key changes in relation to overseas issuance of Indian Rupee denominated bonds (popularly known as ‘Masala bonds'), by eligible Indian entities.

IndiaFinance and Banking
Prashant Gupta
Prashant Gupta
Shilpa Mankar Ahluwalia
Shilpa Mankar Ahluwalia
Monal Mukherjee
Monal Mukherjee
Sayantan Dutta
Sayantan Dutta
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Background

The Reserve Bank of India (the "RBI"), by a circular issued on April 13, 2016 (A.P. (DIR Series) Circular No. 60), has notified certain key changes in relation to overseas issuance of Indian Rupee ("INR") denominated bonds (popularly known as 'Masala bonds'), by eligible Indian entities.

This circular has been issued further to RBI circular dated September 29, 2015 on 'Issuance of Rupee denominated bonds overseas' and RBI 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', read with the RBI's Fourth Bi-Monthly Monetary Policy Statement, 2015-16, issued on September 29, 2015.

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