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Issuance of Rupee denominated bonds overseas

FEMA - 60 - Dated:- 13-4-2016 - RBI/2015-16/372 A.P. (DIR Series) Circular No. 60 April 13, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the provisions contained in A.P. (DIR Series) circular No. 17 dated September 29, 2015 on and paragraph no. 3.2, 3.3.1, 3.3.3 and 3.3.9 of Master Direction No.5 dated January 1, 2016 on External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign C .....

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debt as notified from time to time. 2. According to the Monetary Policy Statement, the current limit of USD 51 billion for foreign investment in corporate debt, as was given in A.P. (DIR Series) circular No. 94 dated April 01, 2013, has been fixed in Rupee terms at ₹ 2443.23 billion. will be within this aggregate limit of foreign investment in corporate debt. 3. With fixing of aggregate limit of foreign investment in corporate debt in Rupee terms, the provision at Sr. No. 7 of the table in .....

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Further, in order to have consistency regarding eligibility of foreign investors in corporate debt, the criteria for investors and location for issuance of these bonds has been modified. The Rupee denominated bonds can only be issued in a country and can only be subscribed by a resident of a country: that is a member of Financial Action Task Force (FATF) or a member of a FATF- Style Regional Body; and whose securities market regulator is a signatory to the International Organization of Securitie .....

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not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies. 5. It has been decided to reduce the minimum maturity period for Rupee denominated bonds issued overseas to three years in order to align with the maturity prescription regarding foreign investment in corporate bonds through the Foreign Portfolio Investment (FPI) route. 6. Accordingly, the criteria mentioned at Sr. No. 3 a .....

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erred / offered as security overseas subject to compliance with aforesaid IOSCO / FATF jurisdictional requirements. 8. In order to capture inflows/ outflows (principal only) on account of the borrowing by issuance of these bonds, AD Category - I banks should report to the Foreign Exchange Department, External Commercial Borrowings Division, Central Office, Shahid Bhagat Singh Road, Fort, Mumbai - 400 001, the figures of actual drawdown(s) / repayment(s) by their constituent borrowers quoting the .....

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