Date: |
22-09-2017
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Notification No: |
A.P. (DIR Series) Circular No. 06
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Issuing Authority: |
RBI
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Type: |
A.P.D.(Series) Circulars
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File No: |
RBI/2017-18/65 A.P. (DIR Series) Circular No. 06 |
Subject: |
Issuance of Rupee Denominated Bonds (RDBs) Overseas
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RBI/2017-18/65 A.P. (DIR Series) Circular No. 06
September 22nd, 2017
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Issuance of Rupee Denominated Bonds (RDBs) Overseas
Attention of Authorized Dealer Category - I (AD Category - I) banks is
invited to the provisions contained in paragraphs 2 and 8 of A.P. (DIR Series)
Circular No.60 dated April 13, 2016 on issuance of Rupee denominated bonds
overseas and paragraphs 3.2 and 3.3.9 of Master Direction No.5 dated January 1st,
2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in
Foreign Currency by Authorised Dealers and Persons other than Authorised
Dealers”, as amended from time to time.
2. It has been decided, in
consultation with the Government of India, to exclude issuances of RDBs from the
limit for investments by FPIs in corporate bonds with effect from October 3,
2017 vide
A. P. (DIR Series) Circular No. 05 dated September 22nd, 2017.
3.
Consequently, reporting requirement in terms of paragraph 8 (additional email
reporting of RDB transactions for onward reporting to depositories) of A.P. (DIR
Series) Circular No. 60 dated April 13, 2016 has been dispensed with. However,
it should be noted that the reporting of RDBs will continue as per the extant
ECB norms.
4. All other aspects of the ECB policy remain unchanged. AD
Category - I banks may bring the contents of this circular to the notice of
their constituents and customers.
5. The aforesaid Master Direction No. 5
dated January 01st, 2016 will be updated to reflect the changes.
6. The
directions contained in this circular have been issued under section 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 (Shekhar Bhatnagar) Chief General Manager-in- Charge
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