CIR. NO. 06/2003-04-RB, DT. 23/07/2003
- Document type
- Circular
- Reference no.
- D
- Dated
- Category
- A.P. (DIR Series) Circulars
Resurgent India Bonds - Forward Contracts - Clarification
Resurgent India Bonds - Forward Contracts - Clarification
2. As investments in Resurgent India Bonds are not covered by the above provisions and since original terms and conditions of the Resurgent India Bonds issue as prescribed in offer document, had not envisaged the availability of forward cover for the maturing bonds, banks are advised that no forward cover should be offered to Non-Resident Indians/Overseas Corporate Bodies holding Resurgent India Bonds.
3. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.
4. The directions contained in this circular have been issued under section 10(4)and section 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999).
Yours faithfully,
Grace Koshie
Chief General Manager