What to Know About NRI Accounts - India Real Time - WSJ:
"India is likely to go ahead with a plan to issue rupee-denominated bonds overseas for the first time, in an effort to bring in capital and arrest the rapid fall of its currency against the dollar, a senior government official told The Wall Street Journal last week.
Details about the bond are patchy and it’s unclear when they might be issued. But according to the official, the bonds under consideration will protect overseas investors from currency fluctuations, an attractive proposition given that the rupee has fallen around 22% against the U.S. dollar since May and reached another new low Wednesday of 68.75 rupees against the greenback.
The proposed bonds would be targeted at investors who have an interest in India, such as Indians living abroad and companies which need rupees at a future date to expand their operations in the country, according to the government official."
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