RBI chokes India’s offshore loan mart to weaken rupee
India’s central bank announced a series of capital controls on Tuesday that look set to complicate foreign currency lending in the country and have left many Asian loan bankers concerned about future Indian deal flow.
The Reserve Bank of India announced on Tuesday that any company wishing to borrow more than $20m offshore in one year would be unable to repatriate the funds back to India. Previously the RBI had set a limit of $500m a year.
Borrowings over $20m must be kept
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