CIR. NO.38/2002-03-RB, DT. 02/11/2002
- Document type
- Circular
- Reference no.
- C
- Dated
- Category
- A.P. (DIR Series) Circulars
Investment in Overseas Markets
Investment in Overseas Markets
2. It has now been decided that authorised dealers may henceforth invest undeployed FCNR (B) funds in overseas markets in long-term fixed income securities rated at least AA(-) by Standard and Poor/FITCH IBCA [OLD - AA by Standard and Poor, or Aa3 by Moodys or AA by Fitch IBCA ].
(In above paragraph 2 bold words has been amended vide A.P.(DIR Series) Cir. No. 42/2002-03-RB, Dt. 12/11/2002)
3. All other instructions contained in A.P. (DIR Series) Circular No.40 dated April 29, 2002 remain unchanged.
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