Issuance of Rupee denominated bonds overseas

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..... .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 Fore .....

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..... f 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 .....

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..... anges. 6. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully (J K Pandey) Chief General Manager - Circular - Trade Notice - Public Notice - Instructions - Office orders T .....

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