« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Durable makers for lower indirect taxes... UP Vidhan Sabha passes VAT Bill... » FinMin notifies rules for foreign currency exchangeable bonds February, 19th 2008 Finance Ministry on Friday allowed companies to issue Foreign Currency Exchangeable Bonds (FCEB), with a maturity period of five years, to raise funds from the overseas market by unlocking part of the holding in group companies. "The investment under the scheme shall comply with the foreign direct investment policy as well as the External Commercial Borrowing (ECB) Policy requirements," said a Finance Ministry statement adding these bonds will have lock-in period of five years but could be exchanged into equity shares of another company before the redemption. The rate of interest on these bonds and issue expenses would be within ceiling prescribed by Reserve Bank under the ECB policy, it added. The FCEB Scheme has been announced by the government in pursuance of Finance Minister's budgetary announcement last year. FCEB would be denoted in foreign currency, and the principal and interest will also have to be paid in foreign currency. These bonds to be issued by an Indian company, will be subscribed by non-residents in foreign currency and can be exchanged into equity shares of another company- either wholly or partly. Finance Ministry said the company, which issues these bonds and the firm whose shares are exchanged against such bonds, must be part of same promoter group. The proceeds of these bonds can be invested in the group companies subject to the end use norms prescribed by the ECB policy.