RBI issues relaxed policy on rupee bonds overseas

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On 29 September the Reserve Bank of India (RBI) issued its revised external commercial borrowings (ECB) policy, which removes certain restrictions on borrowing for Indian bodies corporate. The revised policy, which pertains specifically to the issuance of rupee denominated bonds overseas, has been introduced within the overarching ECB policy. It allows Indian corporates to use overseas rupee denominated debt (rupee bonds) with minimal restrictions, in addition to other conventional means of raising overseas debt such as the listing of non-convertible debentures (NCDs) and borrowing as per the existing policy.

Other key changes introduced by the revised policy are highlighted below:

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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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