MANU/APDR/0076/2015
Ministry : Reserve Bank of India
Department/Board : RBI A.P. DIR (Series)
Circular No. : A. P. (DIR Series) Circular No. 17
RBI/2015-2016/193
Date : 29.09.2015
Notification/ Circulars Referred : A.P. (DIR Series) Circular No. 5 dated August 01, 2005 MANU/APDR/0011/2005
Citing Reference:
A.P. (DIR Series) Circular No. 5 dated August 01, 2005 MANU/APDR/0011/2005 Referred
To,
All Authorised Dealer Category - I Banks
Madam/ Sir
External Commercial Borrowings Policy - Issuance of Rupee denominated bonds overseas
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the provisions contained in A.P. (DIR Series) Circular No. 5 dated August 01, 2005 as amended from time to time on External Commercial Borrowings (ECB).
2. In order to facilitate Rupee denominated borrowing from overseas, it has been decided to put in place a framework for issuance of Rupee denominated bonds overseas within the overarching ECB policy. The broad contours of the framework are as follows:
i.
Eligible borrowers: Any corporate or body corporate as well as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
ii.
Recognised investors: Any investor from a Financial Action Task Force (FATF) compliant jurisdiction.
iii.
Maturity: Minimum maturity period of 5 years.
iv.
All-in-cost: All in cost should be commensurate with prevailing market conditions.