Discussion
The Rupee denominated bonds can only be subscribed by a _______
Answer: B
Correct answer: resident of a country
Masala bonds may be subscribed only by a resident of a country that is a member of the Financial Action Task Force, or of a FATF-style regional body, and whose securities regulator is a signatory to the IOSCO agreement. The residence test is about the country’s standing on money laundering, which is why NRI or PIO status is not the criterion.
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