Redemption of Foreign Currency Convertible Bonds (FCCBs).

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..... d to A. P. (DIR Series) Circular No.5 dated August 1, 2005, as amended from time to time, relating to instructions / guidelines in respect of External Commercial Borrowings (ECBs), which are also applicable, mutatis mutandis, to FCCBs. 2. Keeping in view the need to provide a window to facilitate refinancing of FCCBs by the Indian companies who may be facing difficulty in meeting the redemption o .....

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..... e time of obtaining Loan Registration Number from the Reserve Bank; v. The designated AD - Category I bank should monitor the end-use of funds; vi. All other aspects of ECB policy under the automatic route, such as, eligible borrower, recognised lender, end-use, prepayment, refinancing of existing ECB and reporting arrangements shall remain unchanged; vii. ECB / FCCB beyond USD 500 million for .....

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..... nks may bring the contents of this circular to the notice of their constituents and customers concerned. 7. 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, (Rashmi Fauzdar) Chief Gener .....

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