Investment by NRIs/OCBs in Non-Convertible Debentures – Redemption thereof

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..... Madam/Sirs, Investment by NRIs/OCBs in Non-Convertible Debentures - Redemption thereof Authorised Dealers are aware that Indian companies were being permitted under FERA,1973 ( since repealed) to issue non-convertible debentures (NCDs) to NRIs/OCBs . While granting such permission to the Indian companies to issue NCDs, they were advised to seek prior permission of the Reserve Bank for repat .....

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..... ission of Reserve Bank to remit the redemption proceeds of the NCDs/PCDs issued by them, provided, they have complied with all other conditions stipulated in the relevant approval letter. 4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 5. The directions have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange .....

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