{"id":16118,"date":"2026-09-10T14:46:06","date_gmt":"2026-09-10T09:16:06","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16118"},"modified":"2026-09-09T14:46:28","modified_gmt":"2026-09-09T09:16:28","slug":"masala-bonds-how-indian-corporates-shift-currency-risk-overseas","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/","title":{"rendered":"Masala Bonds Explained: How Indian Corporates Shift Currency Risk Overseas\u00a0"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"From_the_London_Stock_Exchange_to_GIFT_City_masala_bonds_have_quietly_become_one_of_Indias_smartest_ways_to_raise_foreign_capital_without_betting_on_the_rupee_This_article_explains_the_mechanics_the_regulatory_framework_the_tax_angle_including_a_recent_change_worth_knowing_and_a_live_controversy_involving_KIIFB_that_shows_what_happens_when_end-use_rules_arent_followed\"><\/span><strong>From the London Stock Exchange to GIFT City, masala bonds have quietly become one of India&#8217;s smartest ways to raise foreign capital without betting on the rupee. This article explains the mechanics, the regulatory framework, the tax angle (including a recent change worth knowing), and a live controversy involving KIIFB that shows what happens when end-use rules aren&#8217;t followed.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>When Indian companies borrow in dollars, they are essentially taking a gamble on the rupee. If the rupee devalues before they are able to repay the loan, the cost of that debt goes up, sometimes considerably. Masala bonds were designed to eliminate this issue, and in the last 10 years, they have established themselves as a reliable option for Indian companies, as well as NBFCs and public sector entities, to gain access to global capital without worrying about currency exchange.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#From_the_London_Stock_Exchange_to_GIFT_City_masala_bonds_have_quietly_become_one_of_Indias_smartest_ways_to_raise_foreign_capital_without_betting_on_the_rupee_This_article_explains_the_mechanics_the_regulatory_framework_the_tax_angle_including_a_recent_change_worth_knowing_and_a_live_controversy_involving_KIIFB_that_shows_what_happens_when_end-use_rules_arent_followed\" >From the London Stock Exchange to GIFT City, masala bonds have quietly become one of India&#8217;s smartest ways to raise foreign capital without betting on the rupee. This article explains the mechanics, the regulatory framework, the tax angle (including a recent change worth knowing), and a live controversy involving KIIFB that shows what happens when end-use rules aren&#8217;t followed.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#What_Are_Masala_Bonds\" >What Are Masala Bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Why_Indian_Corporates_Actually_Use_Them\" >Why Indian Corporates Actually Use Them<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#RBI_Guidelines_on_Masala_Bonds_Explained\" >RBI Guidelines on Masala Bonds Explained<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Masala_Bonds_Taxation_What_Changed_in_2023\" >Masala Bonds Taxation: What Changed in 2023&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Lessons_from_the_KIIFB_Masala_Bond_FEMA_Case\" >Lessons from the KIIFB Masala Bond FEMA Case<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Where_the_Market_Stands_Right_Now\" >Where the Market Stands Right Now<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Masala_Bonds_Frequently_Asked_Questions\" >Masala Bonds Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>If you have a basic knowledge of Indian corporate finance, you have probably seen the term &#8220;masala bond&#8221; in relation to HDFC, NTPC, or the recent politically charged Enforcement Directorate case involving Kerala\u2019s KIIFB. This article will explain what masala bonds are, how the risk-shifting mechanism works, the regulatory framework set by the RBI, where the market is, and how it is taxed today.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Masala_Bonds\"><\/span><strong>What Are Masala Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Masala bonds are rupee-denominated bonds issued by Indians in the international capital markets, mainly on the London Stock Exchange, Singapore Exchange, and the NSE IFSC in GIFT City. The name \u201cmasala bond\u201d draws on the Indian association of \u201cmasala,\u201d or spices. The first such bond was issued by the International Finance Corporation (IFC) on November 10, 2014, when it raised \u20b91,000 crore <sup>[1]<\/sup> for investment in Indian infrastructure projects.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s how it works: the face value of the bond, the coupon, and the repayment are all fixed in rupees. However, when a foreign investor purchases the bond, they do so with foreign currency, and at maturity, they receive repayment in foreign-currency-equivalent payouts converted from rupee cash flows. So if the rupee depreciates against the dollar or euro before maturity, the investor gets less value in their own currency, not the Indian issuer. The currency risk is priced into the bond, but it sits with the buyer, not the borrower.<\/p>\n\n\n\n<p>A quick example: Let\u2019s say an NBFC in India raises \u20b91,000 crore through a masala bond issued to European pension funds. If the rupee is at 83 or 90 to the dollar when the bond matures, the NBFC still owes \u20b91,000 crore, plus the coupon, at bond maturity. But the variation in the exchange rate determines the dollar return for the investor.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Indian_Corporates_Actually_Use_Them\"><\/span><strong>Why Indian Corporates Actually Use Them<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No currency mismatch on the balance sheet: repayment obligations are in rupees and aligned with rupee-denominated revenues<\/li>\n\n\n\n<li>A larger and more active investor base: European and Asian institutional investors and insurers who wish to have rupee exposure without having to set up onshore accounts<\/li>\n\n\n\n<li>Diversification away from bank loans and the domestic <a href=\"https:\/\/goldenpi.com\/corporate-bonds\">corporate bond market<\/a>, which can get crowded or expensive<\/li>\n\n\n\n<li>A track record of strong demand: HDFC&#8217;s debut masala bond in July 2016 (\u20b93,000 crore, the first ever by an Indian corporate) was oversubscribed 4.3 times, signalling a healthy global appetite for Indian credit<\/li>\n\n\n\n<li>Useful for green and infrastructure financing: NTPC and IREDA have both used masala bonds specifically to fund renewable energy projects, appealing to ESG-focused global investors<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Guidelines_on_Masala_Bonds_Explained\"><\/span><strong>RBI Guidelines on Masala Bonds Explained<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Masala bonds fall under RBI&#8217;s External Commercial Borrowings (ECB) framework, and the rules have tightened since the market&#8217;s early years.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td><strong>Current position<\/strong><\/td><\/tr><tr><td><strong>Minimum maturity<\/strong><\/td><td>Generally 3 years for INR-denominated ECBs<\/td><\/tr><tr><td><strong>All-in-cost ceiling<\/strong><\/td><td>Benchmark + applicable spread; the benchmark is the corresponding-maturity G-Sec yield.<\/td><\/tr><tr><td><strong>Automatic route limit<\/strong><\/td><td>US$750 million equivalent per financial year<\/td><\/tr><tr><td><strong>Eligible issuers<\/strong><\/td><td>Entities eligible to raise ECBs, subject to RBI conditions<\/td><\/tr><tr><td><strong>Eligible investors\/lenders<\/strong><\/td><td>Residents of FATF\/IOSCO-compliant jurisdictions, subject to applicable conditions<\/td><\/tr><tr><td><strong>Restricted end-use<\/strong><\/td><td>RBI&#8217;s negative end-use list applies, including restrictions on certain real estate and capital-market uses.<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Source: RBI<\/em><\/p>\n\n\n\n<p>The conditions were tightened in June 2017, partly because lower-rated issuers had started tapping the route aggressively. Between September 2016 and April 2017 alone, Indian firms raised roughly \u20b933,165 crore <sup>[2]<\/sup> this way, prompting the central bank to step in.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/\" aria-label=\"Masala Bonds Explained: How Indian Corporates Shift Currency Risk Overseas\u00a0\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Masala Bonds Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09143835\/Masala-Bonds-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/masala-bonds-how-indian-corporates-shift-currency-risk-overseas\/\">Masala Bonds Explained: How Indian Corporates Shift Currency Risk Overseas\u00a0<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/\" aria-label=\"NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"NRI Guide to NCD IPOs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09132602\/NRI-Guide-to-NCD-IPOs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/nri-guide-to-ncd-ipos-eligibility-nre-vs-nro-fema-rules\/\">NRI Guide to NCD IPOs: Eligibility, NRE vs. NRO &amp; FEMA Rules<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cumulative-vs-monthly-interest-ncds-which-option-is-better-for-investors\/\" aria-label=\"Cumulative vs. Monthly Interest NCDs: Which Option Is Better for Investors?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Cumulative vs Monthly Interest NCDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/09125753\/Cumulative-vs-Monthly-Interest-NCDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/cumulative-vs-monthly-interest-ncds-which-option-is-better-for-investors\/\">Cumulative vs. Monthly Interest NCDs: Which Option Is Better for Investors?<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Masala_Bonds_Taxation_What_Changed_in_2023\"><\/span><strong>Masala Bonds Taxation: What Changed in 2023&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Previously, Masala bonds benefited from a concessional withholding tax regime. Interest on qualifying rupee-denominated bonds could attract TDS at 5% under Sections 194LC and 194LD of the Income Tax Act, compared with the higher rates otherwise applicable to certain non-resident interest income. This 5% concession for bonds issued outside India was not extended beyond June 30, 2023 <sup>[3]<\/sup>. Concessional provisions continue to apply to certain qualifying bonds issued through an IFSC, including GIFT City, subject to the applicable conditions.<\/p>\n\n\n\n<p>This provision makes GIFT City listings more favorable than London and Singapore listings and is worth factoring into any masala bond cost comparison done today.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lessons_from_the_KIIFB_Masala_Bond_FEMA_Case\"><\/span><strong>Lessons from the KIIFB Masala Bond FEMA Case<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In 2019, the Kerala Infrastructure Investment Fund Board (KIIFB) raised \u20b92,150 crore ($312 million) through its debut Masala bond <sup>[4]<\/sup>, becoming the first Indian sub-sovereign entity to tap the offshore rupee bond market. The five-year bond was listed on the London Stock Exchange.<\/p>\n\n\n\n<p>The issue later became the subject of an Enforcement Directorate (ED) investigation. In November 2025 <sup>[5]<\/sup>, the ED alleged that \u20b9466.91 crore out of \u20b92,672.80 crore raised through KIIFB&#8217;s Masala-bond borrowings was used for land acquisition, which it argued violated RBI restrictions on land purchase and real estate activities. KIIFB disputed the allegation, saying the land was acquired for infrastructure projects.<\/p>\n\n\n\n<p>The Kerala High Court initially stayed further proceedings in December 2025, although the ED subsequently challenged the order. The case remains ongoing. But regardless of the outcome, this case demonstrates that there are strict, monitored end-use conditions for masala bonds.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_the_Market_Stands_Right_Now\"><\/span><strong>Where the Market Stands Right Now<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The market has evolved since HDFC&#8217;s 2016 listing. The London Stock Exchange (LSE) remains a leading global venue for Masala bonds, with 48 bonds listed and $7.16 billion (\u20b9443 billion) raised historically, according to its latest figures <sup>[6]<\/sup>. That number has been built up in phases rather than a steady climb: heavy issuance occurred in 2016 and 2017 with the listings of HDFC, NTPC, and IREDA bonds, slowed down with the 2017 RBI tightening and the 2020 pandemic, and has recently picked up as global rate cycles make rupee-denominated paper look relatively attractive to yield-hungry foreign investors.<\/p>\n\n\n\n<p>A few trends worth flagging for anyone tracking this space in 2026:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>GIFT City is the new center of gravity. After 2023, the Indian withholding tax changes have favored bonds listed on an Indian IFSC exchange. At the moment, NSE IFSC has a cost advantage over both London and Singapore that didn\u2019t exist a few years ago. In the coming years, additional issuers might dual-list, if not move to listing, their bonds primarily in GIFT City.<\/li>\n\n\n\n<li>Quasi-sovereign and infrastructure-linked issuers remain the core user base. NTPC and IREDA, along with other state-linked issuers such as KIIFB, have been the most consistent issuers, more than private sector corporates, partly because infrastructure financing timelines suit the 3\u20135 year masala bond maturity profile well.<\/li>\n\n\n\n<li>Green and ESG-labelled masala bonds are a growing sub-segment. Global ESG mandates continue to drive capital toward climate-certified paper, and Indian renewable energy financiers are well-positioned to keep tapping this demand.<\/li>\n\n\n\n<li>Regulatory scrutiny has increased, not decreased. The KIIFB case signals that RBI and enforcement agencies are actively monitoring end-use compliance rather than treating masala bond proceeds as a formality\u2014issuers (and their finance teams) should expect more diligence around fund utilization going forward, not less.<\/li>\n<\/ul>\n\n\n\n<p>Although masala bonds have not gained the mainstream financing tool status like domestic corporate bonds or ECBs, they have created a reliable niche market for infrastructure and green bond financing as well as for issuers who might be seeking rupee-denominated investments to avoid US dollar exposure.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Masala_Bonds_Frequently_Asked_Questions\"><\/span><strong>Masala Bonds Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1788943778969\"><strong class=\"schema-faq-question\">Q1. <strong>What are Masala Bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Masala Bonds are rupee-denominated bonds issued outside India by eligible Indian entities. The issuer raises funds overseas, but the bond&#8217;s principal and interest are denominated in Indian rupees.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788943788955\"><strong class=\"schema-faq-question\">Q2. <strong>Who bears the currency risk in a Masala Bond?<\/strong><\/strong> <p class=\"schema-faq-answer\">Broadly, the overseas investor bears the INR exchange-rate risk. This is different from a conventional foreign-currency borrowing, where an Indian borrower may have to repay a fixed amount in dollars, euros, or another foreign currency.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788943798891\"><strong class=\"schema-faq-question\">Q3. <strong>Why would an Indian company issue Masala Bonds instead of dollar bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Masala Bonds can help an Indian issuer access international investors while avoiding a direct foreign-currency repayment obligation. This can reduce the mismatch between an issuer&#8217;s rupee-based revenues and its debt-service obligations.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788943809158\"><strong class=\"schema-faq-question\">Q4. <strong>Are Masala Bonds the same as foreign-currency bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. This is the central distinction. A foreign-currency bond has its principal and interest denominated in a foreign currency, whereas a Masala Bond is denominated in INR even though it is issued overseas.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788943823162\"><strong class=\"schema-faq-question\">Q5. <strong>Are Masala Bonds regulated by the RBI?<\/strong><\/strong> <p class=\"schema-faq-answer\">The overseas rupee-bond framework falls within India&#8217;s foreign-exchange regulatory framework administered by the RBI, alongside the applicable rules for the relevant borrowing and issuer. RBI has issued specific measures and guidance relating to rupee-denominated bonds overseas.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1788943838550\"><strong class=\"schema-faq-question\">Q6. <strong>Can Indian retail investors buy Masala Bonds?<\/strong><\/strong> <p class=\"schema-faq-answer\">Not automatically. Masala Bonds are designed as overseas rupee-denominated debt instruments, and the applicable investor eligibility and issue structure determine who can subscribe. Indian residents should not assume that an overseas Masala Bond is available to them simply because it is denominated in rupees.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/ies.gov.in\/arthapedia\/concept\/masala-bonds\">Government of India Arthapedia \u2014 Masala Bonds<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/rbi-puts-restrictions-on-masala-bond-issuance-117060701380_1.html\">Business Standard \u2014 RBI puts restrictions on Masala bond issuance<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/fidcindia.org.in\/wp-content\/uploads\/2024\/05\/FIDC-DFS-NBFC-CHALLENGES-24-05-24.pdf\">Finance Industry Development Council \u2014 Submission on 194LC\/194LD<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.londonstockexchange.com\/discover\/news-and-insights\/kiifb-lists-debut-masala-bond-london-stock-exchange\">London Stock Exchange \u2014 KIIFB lists debut Masala bond<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/legal.economictimes.indiatimes.com\/news\/litigation\/kerala-cm-moves-hc-against-ed-show-cause-notice-in-masala-bonds-case\/126042681\">Economic Times \u2014 Kerala CM moves HC against ED show-cause notice<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.londonstockexchange.com\/raise-finance\/debt\/our-products\/masala-bonds\">London Stock Exchange \u2014 Masala Bonds<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: From the London Stock Exchange to GIFT City, masala bonds have quietly become one of India&#8217;s smartest ways to&hellip;<\/p>\n","protected":false},"author":15,"featured_media":16119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Masala Bonds Explained: How Indian Companies Manage Currency Risk<\/title>\n<meta name=\"description\" content=\"What are Masala Bonds? 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