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Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars
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September 2012

A. P. (DIR Series) Circular No. 1 dated 5th July, 2012

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Buyback/Prepayment of Foreign Currency Convertible Bonds (FCCBs). This circular states that RBI will permit buyback of FCCB under the approval route upto 31st March, 2013, subject to: –

a) The buyback value of the FCCB must be at a minimum discount of 5% on the accreted value.

b) In case the buyback is to be financed by foreign currency borrowing, all FEMA rules/regulations relating to foreign currency borrowing shall be complied with.

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September 2012

A. P. (DIR Series) Circular No. 1 dated 5th July, 2012

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September 2012

A. P. (DIR Series) Circular No. 1 dated 5th July, 2012

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A. P. (DIR Series) Circular No. 137 dated 28th June, 2012

A. P. (DIR Series) Circular No. 5 dated 12th July, 2012