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TMI BlogExternal Commercial Borrowings Policy: LiberalisationX X X X Extracts X X X X X X X X Extracts X X X X ..... orised Dealer Category-I (AD Category-I) banks is invited to the A. P. (DIR Series) Circular No.5 dated August 1, 2005 , A. P. (DIR Series) Circular No. 60 dated May 21, 2007 , A. P. (DIR Series) Circular No. 4 dated August 7. 2007 and A. P. (DIR Series) Circular No. 43 dated May 29, 2008 , A .P.(DIR Series) Circular No. 16 dated September 22, 2008 and A.P. (DIR Series) Circular No. 20 dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CB proceeds are required to be parked overseas until actual requirement in India and such proceeds can be invested in the following liquid assets (a) deposits or certificate of deposit offered by banks rated not less than AA (-) by Standard and Poor / Fitch IBCA or Aa3 by Moody's; (b) deposits with overseas branch of an AD bank in India; and (c) Treasury bills and other monetary instruments of one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs over 6 Months LIBOR* Existing Revised Three years and up to five years 200 bps 300 bps More than five years and up to seven years 350 bps 500 bps More than seven years 450 bps * for the respective currency of borrowing or applicable benchmark. The all-in-cost ceilings will be reviewed from time to time depe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 11. 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 is without prejudice to permissions/approvals, if any, required under any other law. Yours faithfully, (Salim Gangad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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