External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds overseas

Rupee denominated bonds overseas: corporates may issue under ECB rules subject to eligibility, maturity, end use and reporting conditions.

Issuance of Rupee denominated bonds overseas is authorised under the ECB framework for corporates and specified investment trusts with investors from FATF compliant jurisdictions. Bonds must be plain vanilla instruments placed privately or listed abroad; Indian banks may arrange or underwrite but not subscribe. A minimum maturity requirement and market based all in cost standard apply. Proceeds are usable broadly except for a specified negative list of end uses. Transactions must comply with existing ECB reporting, registration and prudential requirements, and larger issues need prior central bank approval.