Reserve bank of India
A.P. (DIR Series) Circular No. 115
June 25, 2013
To,
All Authorized Dealer Category - I Banks
Madam / Sir
Buyback / prepayment of Foreign Currency Convertible Bonds (FCCBs)
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 39 dated December 08, 2008 , A.P. (DIR Series) Circular No. 75 dated June 30, 2011 and A.P. (DIR Series) Circular No. 1 dated July 05, 2012 on the captioned subject.
- Considering the developments in the global financial markets and on a review of the aforesaid scheme, it has been decided that the existing scheme of Buyback / Prepayment of FCCBs under the approval route which expired on March 31, 2013 may be continued till December 31, 2013 and shall stand discontinued thereafter.
- AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers.
- The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully
(Rudra Narayan Kar)
Chief General Manager-in-Charge
RBI/2012-13/544
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