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Multiple Choice Questions

The bonds which are issues outside India but denominated in the Indian Rupee rather than local curre...........

Economic and social issues(Phase-I/II) International Funding institutions

The Reserve Bank of India has constituted a task force on offshore rupee markets to look into issues related to the markets and recommend appropriate policy measures to ensure the stability of the external value of the rupee."Offshore" refers to a location outside of one's national boundaries, whether or not that location is land- or water-based. Hence, Offshore Rupee market is a rupee denominated market in international market.The panel will study the causes behind the development of the offshore rupee market and examine the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market.The panel will recommend measures to generate incentives for non-residents to access the domestic market and examine the role if any, International Financial Services Centres (IFSCs) can play in addressing these concerns.

The bonds which are issues outside India but denominated in the Indian Rupee rather than local currency are known as:

Raja Bonds

Masala Bonds

Mukti Bonds

Spice Bonds

Amulaya Bonds

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Explanation:

Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. Masala is an Indian word and it means spices. The term was used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India.Unlike dollar bonds, where the borrower takes the currency risk, Masala bond makes the investors bear the risk. The first Masala bond was issued by the World Bank- backed IFC in November 2014 when it raised 1,000 crore bond to fund infrastructure projects in India.

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