Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Latest Circulars »
 Formation of seven new districts in the State of Manipur - Assignment of Lead Bank Responsibility
 Availability of LAF and MSF windows on March 28, 2017 (RTGS Working Mumbai Holiday)
  Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Availability of LAF and MSF windows on March 25 and 26, 2017 (Saturday & Sunday)
 RBI Working Paper Series No. 5/2017: Comparison of Consumer and Wholesale Prices Indices in India: An Analysis of Properties and Sources of Divergence
 All Agency Banks and select offices of RBI to remain open on all days from March 25, 2017 to April 1, 2017
 RBI-Sources of Variation in Foreign Exchange Reserves in India during April-December 2016
 Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2016-17
 RBI signs Memorandum of Understanding(MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Bank of Thailand
 RBI-Meeting Schedule of the Monetary Policy Committee for 2017-18
 RBI to conduct Overnight, 7 day and 14 day Variable rate Reverse Repo auctions under LAF on March 22, 2017

RBI-Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds
November, 27th 2015

RBI/2015-16/253
A.P. (DIR Series) Circular No.31

November 26, 2015

To

All Authorised Persons

Madam/ Sir,

Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000- RB dated May 3, 2000, as amended from time to time and toA.P. (DIR Series) Circular No. 71 dated February 3, 2015 and A. P. (DIR Series) Circular No.73 dated February 6, 2015 in terms of which all future investments by Foreign Portfolio Investors (FPI) in NCDs/bonds shall be required to be made in securities with a minimum residual maturity of three years.

2. On a review, it has been decided to permit FPI to acquire NCDs/bonds, which are under default, either fully or partly, in the repayment of principal on maturity or principal installment in the case of amortising bond. The revised maturity period of such NCDs/bonds, restructured based on negotiations with the issuing Indian company, should be three years or more.

3. The FPI which propose to acquire such NCDs/bonds under default should disclose to the Debenture Trustees the terms of their offer to the existing debenture holders / beneficial owners from whom they are acquiring. Such investment should be within the overall limit prescribed for corporate debt from time to time (currently Rs. 2443.23 billion). All other existing conditions for investment by FPIs in the debt market remain unchanged.

4. 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. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

Yours faithfully,

(R.Subramanian)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions