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of <h1>RBI Circular Permits FCCB Buyback with Conditions; Minimum 5% Discount Required, Compliance with FEMA Essential.</h1> The circular issued by the Reserve Bank of India addresses the buyback or prepayment of Foreign Currency Convertible Bonds (FCCBs) by Indian companies. It allows companies to buy back FCCBs under the approval route with specific conditions, including a minimum discount of five percent on the accreted value. Companies planning to raise foreign currency borrowing for buyback must comply with FEMA regulations. The buyback process must be completed by March 31, 2013. Additionally, companies must submit a detailed report post-buyback. The circular is issued under the Foreign Exchange Management Act, 1999, and AD Category-I banks should inform their clients accordingly.
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