{"id":9013,"date":"2024-12-17T08:07:00","date_gmt":"2024-12-17T08:07:00","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=9013"},"modified":"2026-04-14T10:43:35","modified_gmt":"2026-04-14T10:43:35","slug":"what-are-masala-bonds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-masala-bonds\/","title":{"rendered":"What Are Masala Bonds?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Referred to as rupee-denominated bonds, the Masala bonds are named to represent Indian culture. The term \u2018masala\u2019 comes from Indian spices, and these bonds are issued abroad, i.e. outside India. The Masala bonds were first issued by the <a href=\"https:\/\/en.wikipedia.org\/wiki\/International_Finance_Corporation\" target=\"_blank\" rel=\"noopener noreferrer\">International Finance Corporation<\/a> (IFC) in 2014 and play a significant role in funding infrastructure projects and enhancing domestic growth. Know its influence on the financial scenario of our country and associated details here.\u00a0<\/span><\/p>\n<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 ' ><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\/essentials\/bond-market\/what-are-masala-bonds\/#Understanding_Masala_Bonds\" >Understanding Masala Bonds\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\/essentials\/bond-market\/what-are-masala-bonds\/#Regulations_Regarding_Masala_Bonds\" >Regulations Regarding Masala Bonds\u00a0<\/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\/essentials\/bond-market\/what-are-masala-bonds\/#Pros_of_Masala_Bonds\" >Pros of Masala Bonds\u00a0<\/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\/essentials\/bond-market\/what-are-masala-bonds\/#Cons_of_Masala_Bonds\" >Cons of Masala Bonds<\/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\/essentials\/bond-market\/what-are-masala-bonds\/#Wrapping_Up\" >Wrapping Up!<\/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\/essentials\/bond-market\/what-are-masala-bonds\/#FAQs_About_What_Are_Masala_Bonds\" >FAQs About What Are Masala Bonds?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-masala-bonds\/#1_How_is_India_eligible_for_Masala_bonds\" >1. How is India eligible for Masala bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-masala-bonds\/#2_State_the_financial_institutions_that_have_already_raised_funds_through_Masala_bonds\" >2. State the financial institutions that have already raised funds through Masala bonds.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-are-masala-bonds\/#3_State_the_specifications_of_the_first_Masala_bond\" >3. State the specifications of the first Masala bond.\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_Masala_Bonds\"><\/span><strong>Understanding Masala Bonds\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Masala <a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/corporate-bonds\/6-risk-factors-to-evaluate-in-corporate-bond-investments\/\">bonds<\/a> are only issued outside India but in Indian currency. These are open to be taken by the countries that are part of the Financial Action Task Force and Multilateral and Regional Financial Institutions. Further, the investors\u2019 securities market regulator must be a member of the International Organization of Securities Commission. These bonds serve the purpose of raising funds, encouraging domestic growth and internationalisation of the Indian rupee. The Masala bonds ensure no loss to the borrower but to the investor if the value of the rupee falls.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the RBI, the minimum maturity of the bonds is three years if they intend to raise the rupee to $50 million in the fiscal year. However, for the higher values, the maturity is a minimum of 5 years. The bond conversion depends on the market rate set at the date of transaction settlement. The Masala bonds are regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Masala bonds are similar to Dim Sum bonds from China and Samurai bonds from Japan.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Regulations_Regarding_Masala_Bonds\"><\/span><strong>Regulations Regarding Masala Bonds\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The RBI has set up the following regulations concerning these bonds. They are:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The money generated through Masala bonds is not eligible for capital market and real estate investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The exception to the first regulation lies with permission for investment in affordable housing projects and the development of integrated townships.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Masala <a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/corporate-bonds\/6-risk-factors-to-evaluate-in-corporate-bond-investments\/\">bonds<\/a> can be issued by any of the Indian and corporate banks.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, where can the generated income be used? Here is what you can do with them:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Incorporate working capital into <a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/corporate-bonds\/corporate-bonds-vs-sdis-how-do-they-differ\/\">corporate<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To refinance the non-convertible debentures and rupee loan\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A specific part of real estate, only limited to as stated in the above points\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Pros_of_Masala_Bonds\"><\/span><strong>Pros of Masala Bonds\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are multiple benefits to owning and lending Masala bonds. A general benefit is the involvement of less paperwork. Further, the benefits specific to investors and borrowers are enlisted as follows:\u00a0<\/span><\/p>\n<p><b>For Investors\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is a good source of income owing to the higher interest rates associated with these bonds.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhances foreigners\u2019 trust in the Indian economy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They get tax exemption on the capital raised from these bonds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The market volatility leading to a rise in the value of the rupee offers profit.<\/span><\/li>\n<\/ul>\n<p><b>For Borrowers<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regardless of the change in currency value, the borrowers remain shielded from the associated risks\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paves pathway for capital mobilisation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Saves the expenditure due to interest rate being below 7%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aids in <a href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/diversifying-investment-portfolio-managing-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\">portfolio diversification<\/a><\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Cons_of_Masala_Bonds\"><\/span><strong>Cons of Masala Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Some of the limitations associated with Masala bonds are:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The risk of downfall due to currency deters foreign investors from taking risks\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Periodic reduction in interest rates has lowered foreigner\u2019s interest in investment in these bonds\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limitations in earned capital usage deter borrowers<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Wrapping_Up\"><\/span><strong>Wrapping Up!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Bonds are debt instruments aimed at generating funds from investors. The Masala bonds are rupee-denominated bonds issued by Indian corporations, financial institutions or government entities. Offering protection to borrowers at the cost of investors&#8217; profit, these bonds help in capital mobilisation, allowing the country&#8217;s infrastructure growth and much more. However, there are certain limitations associated with these bonds, such as restricted allowed usage of the gained capital.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is recommended that the decision to go ahead must be made after clearly knowing all the facts. Connect with <\/span><a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">GoldenPi <\/span><\/a><span style=\"font-weight: 400;\">for advice.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_About_What_Are_Masala_Bonds\"><\/span><strong>FAQs About What Are Masala Bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_How_is_India_eligible_for_Masala_bonds\"><\/span><strong>1. How is India eligible for Masala bonds?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">India is a member of the multilateral and regional financial institutions, which makes it eligible for Masala bonds.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_State_the_financial_institutions_that_have_already_raised_funds_through_Masala_bonds\"><\/span><strong>2. State the financial institutions that have already raised funds through Masala bonds.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Institutes like <a href=\"https:\/\/goldenpi.com\/bonds\/GPID104025\/indiabulls-housing-finance-limited-965-bond-yield?src=preview\" target=\"_blank\" rel=\"noopener noreferrer\">Indiabulls Housing Finance<\/a>, HDFC, NTPC and others are prominent examples of the case.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_State_the_specifications_of_the_first_Masala_bond\"><\/span><strong>3. State the specifications of the first Masala bond.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The Asian Development Bank enlisted the first Masala bond of INR 850 crore for ten years in February 2020.\u00a0<\/span><\/p>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"1. How is India eligible for Masala bonds?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"India is a member of the multilateral and regional financial institutions, which makes it eligible for Masala bonds.\u00a0\"}},{\"@type\":\"Question\",\"name\":\"2. State the financial institutions that have already raised funds through Masala bonds.\u00a0\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Institutes like Indiabulls Housing Finance, HDFC, NTPC and others are prominent examples of the case.\u00a0\"}},{\"@type\":\"Question\",\"name\":\"3. 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The term \u2018masala\u2019 comes from Indian spices, and&hellip;<\/p>\n","protected":false},"author":8,"featured_media":12282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[18],"class_list":["post-9013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-market","tag-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are Masala Bonds?<\/title>\n<meta name=\"description\" content=\"Masala bonds are rupee-denominated bonds to be lent overseas. These help the Indian rupee&#039;s internationalisation. 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