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TMI BlogRedemption of Foreign Currency Convertible Bonds (FCCBs).X X X X Extracts X X X X X X X X Extracts X X X X ..... ategory - I) banks is invited 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 difficu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of outstanding FCCBs in Form 83 at the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to force with immediate effect. 6. AD Category - I banks 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... restructuring of FCCBs not involving change in conversion price will, however, be considered under the approval route depending on the merits of the proposal. Detailed instructions are contained in A. P. (DIR Series) Circular No.01 dated July 04, 2011 issued by the Reserve Bank of India. Ajit Prasad Assistant General Manager - Circular - Trade Notice - Public Notice - Instructions - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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