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of <h1>RBI Revises Masala Bonds Framework: New Maturity Periods, Cost Ceilings, and Investor Restrictions Under Ind-AS 24 Effective Now.</h1> The circular addresses the issuance of Rupee denominated bonds overseas, known as Masala Bonds, by Indian entities. It revises the framework to harmonize elements of the External Commercial Borrowings structure. Key changes include a minimum maturity period of three years for bonds up to USD 50 million and five years for those above, an all-in-cost ceiling of 300 basis points over the yield of corresponding Indian government securities, and restrictions on recognized investors to exclude related parties as defined in Ind-AS 24. These changes are effective immediately, with updates to relevant RBI Master Directions.
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