This document compares money market instruments in India and internationally. It defines the money market and outlines key features like its non-geographical nature and focus on short-term debt. The major Indian instruments are discussed like commercial paper, certificates of deposit, and treasury bills. International instruments include similar products plus bonds. Key differences between the Indian and international money markets are that the international market is larger, has more government interference and risk, and incorporates multiple currencies versus just the Indian rupee. Euro bonds are also contrasted with Indian bonds in that Euro bonds are free from domestic rules/regulations and tailored to multinational investors.