The Central Board of Direct Taxes (CBDT) on Monday said no witholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee denominated bonds issued between September 17, 2018 and March 31, 2019. The move is expected to incentivise foreign exchange inflows into India through low-cost offshore rupee denominated bonds, popularly referred to as masala bonds. Legislative amendments in this regard will be done in due course, an official release said.