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Rupee denominated bonds with minimum five years maturity can be issued by any corporate or corporate body overseas to raise up to $750 million per annum under the automatic route, according to the RBI.
“Under the automatic route the amount will be equivalent of $750 million per annum. Cases beyond this limit will require prior approval of the Reserve Bank,” RBI said in a statement. The proceeds from the bonds have no end restrictions. However, they cannot be invested in real estate activities (other than for development of integrated township / affordable housing projects), capital market and its proceeds for equity investment domestically and to purchase land, the RBI said.
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