On April 27, 2018, the Reserve Bank of India (RBI) published two circulars purporting to rationalise and liberalise the regulatory framework governing foreign borrowings by Indian residents. Briefly summarised, these circulars make four important changes.
First, they re-allow foreign investors to invest in Indian debt with a maturity period of less than three years. Second, they impose a uniform all-in-cost ceiling (cap) on the return that Indian entities may promise to foreign lenders. Third, they expand the list of ‘eligible’ borrowers permitted to raise foreign currency ...
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