Kochi : RBI submitted affidavit in High Court affirming it had sanctioned the Masala Bonds issued by KIIFB. Contents in the affidavit refute ED’s claim that there was irregularity involved in KIIFB’s issuance of Masala Bonds.
The RBI also clarified that KIIFB submitted exact figures on Masala Bonds and that the monthly accounts against the funds is being filed punctually. If there be any FEMA violation, the ED may look into it, added RBI.
