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The RBI on Tuesday released a draft framework for issuance of rupee-linked bonds overseas by international financial institutions and Indian corporates. International financial institutions of which India is a shareholding member intending to deploy the entire proceeds of the issuance in India will not require prior permission for the issuance of rupee bonds overseas irrespective of the amount of issuance. Companies eligible to raise ECB (external commercial borrowing) are permitted to issue rupee-linked bonds overseas. They can do it at a coupon rate that is not more than 500 basis points above the sovereign yield of the Government of India security of corresponding maturity.
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