Finance Minister Arun Jaitley on Friday addressed the media after attending a meeting called by Prime Minister Narendra Modi to review economic situation in the country amid rupee depreciation and higher fuel prices. Speaking on the Masala Bonds, Finance Minister said there will be an exception from withholding tax for issuance done in this year, that is up to 31st March 2019. There will be the removal of restrictions on Indian banks, market making in Masala bonds including restrictions on underwriting of Masala bond, he added. 

What are Masala Bonds?

Multinational companies issue rupee-denominated bonds to Indian Investors, such issued bonds are termed as masala bonds. In other words, they are rupee-denominated bonds issued to overseas buyers. Masala Bonds have become the hot instrument for Indian companies. 

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