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Read this and conclude yourself : http://www.arthapedia.in/index.php?title=Masala_Bonds Particularly that "IFCs Masala Bond" section. PS: this website is maintained by deptt. Under MoF, and written by Indian Economic services guys.
I'm not so sure... I have read about IFC very well before prelims and so marked A. But the thing is not a single coaching answer key has given only A as answer. So let's see.
In the hindsight, I feel UPSC wanted to check this knowledge about function of IFC, that is it's exclusively private sector focused.
"The term Masala bonds now extends to any rupee denominated bonds issued to overseas buyers even though RBI has not resorted to the use of this name in their guidelines."
" Further, as on date, the present issue of masala bonds is a one-time issue. Hence, subsequent issuances of the off shore rupee bonds by IFC may also not be under this nomenclature."
Does it clear the confusion now which is going on that question that it was specifically talking about 'ifc masala bond' ?
Now initially they were meant for private only but now PSU can do that too. As per RBI any entity can issue them. Hence both are corewct. There is an unncecesaary confusion raised by people here. Both are correct statements.
IFC masala bond is actually masala bond only. IFC was there to confuse people
"The term Masala bonds now extends to any rupee denominated bonds issued to overseas buyers even though RBI has not resorted to the use of this name in their guidelines."
" Further, as on date, the present issue of masala bonds is a one-time issue. Hence, subsequent issuances of the off shore rupee bonds by IFC may also not be under this nomenclature."
Does it clear the confusion now which is going on that question that it was specifically talking about 'ifc masala bond' ?
Now initially they were meant for private only but now PSU can do that too. As per RBI any entity can issue them. Hence both are corewct. There is an unncecesaary confusion raised by people here. Both are correct statements.
Second statement in question says with reference to ofc masala bond, it is used to finance public and private sector. But reality is ofc masala bond are used to finance Pvt sector only. Check the snapshot attached by me
@warrior0602 please read second statement in question. It specifically talks about if masala bond. And then read highlightedv text of my first post in this thread.
arey this is all bal ki khal nikalana both are correct period it was issued for NTPC and railways which are public sector UPSC doesnt want indepth knowledge just accept and leave it to faith dont waste time and use it somewhere else
@warrior0602 please read second statement in question. It specifically talks about if masala bond. And then read highlightedv text of my first post in this thread.
i marked only A after considering that. But now i think they were talking about masala bond only. since ifc launched it first so they mentioned ifc masala bond. Writing simply masala bond wouldn't have reflected the meaning clearly. As it was given a nick name by ifc.
2ndly upsc doesn't play with words at this level.
So most probably ans will be C unless and until examiner deliberately framed it for this.
PS: i marked A in last 5 min after giving too much thought. And when i think too much generally i mark wrong ans
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Comments
http://www.arthapedia.in/index.php?title=Masala_Bonds
Particularly that "IFCs Masala Bond" section.
PS: this website is maintained by deptt. Under MoF, and written by Indian Economic services guys.
But the thing is not a single coaching answer key has given only A as answer.
So let's see.
In the hindsight, I feel UPSC wanted to check this knowledge about function of IFC, that is it's exclusively private sector focused.
IFC was there to confuse people
both are correct
period
it was issued for NTPC and railways which are public sector
UPSC doesnt want indepth knowledge
just accept and leave it to faith
dont waste time and use it somewhere else
But now i think they were talking about masala bond only. since ifc launched it first so they mentioned ifc masala bond. Writing simply masala bond wouldn't have reflected the meaning clearly. As it was given a nick name by ifc.
2ndly upsc doesn't play with words at this level.
So most probably ans will be C unless and until examiner deliberately framed it for this.
PS: i marked A in last 5 min after giving too much thought. And when i think too much generally i mark wrong ans