NEWS & ADVICE : FIXED DEPOSITS
RBI permits Indian companies to issue Tax free bonds to NRIs
By Neelima Shankar
Dec 27, 2013
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The Reserve Bank of India (RBI) is now allowing companies in India to issue impose free bonds to abroad occupants for venture in foundation area.

In a notification issued by the RBI recently it stated that in an audit, the Government of India has authorised in issuing of tax-free, redeemable, secured, non-convertible bonds in the Indian currency to Indians who are living away from the country. It also stated that the funds that would be raised thru this would be given to the infrastructure sector of the country.

The central bank stated that the funds that have been borrowed can be kept in the form of fixed deposits with various banks in the country and the pending utilisation by them for allowable finish utilizes, the national bank said.

Consistent with the present regulation, the central bank has imposed certain limitations on individual inhabitant in India who have obtained in Rupees from an individual occupant outside India such that such acquired stores can't be utilized for any venture.


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