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.