Masala bond issuance rules centralized with revised maturity, pricing ceiling, and investor eligibility for overseas rupee bonds. Proposals for issuance of Rupee denominated bonds overseas will be examined at the Foreign Exchange Department, Central Office, Mumbai. Revised issuance parameters include differentiated minimum original maturity by issuance size, an all in cost ceiling set as a margin over the Government securities yield of corresponding maturity, and recognised investors limited to those permitted under the Master Direction who are not related parties within the meaning of Ind AS 24.