FCNR(B) fund investment allowed in overseas long term fixed income securities subject to specified high credit ratings. Authorised dealers may invest undeployed FCNR(B) funds in overseas long term fixed income securities provided those instruments carry at least AA by Standard & Poor's, Aa3 by Moody's or AA by Fitch IBCA; all other instructions of A.P. (DIR Series) Circular No.40 dated April 29, 2002 remain unchanged. The direction is issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 and conditions such overseas deployment on compliance with the prescribed rating requirements and existing RBI procedures.
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Provisions expressly mentioned in the judgment/order text.
FCNR(B) fund investment allowed in overseas long term fixed income securities subject to specified high credit ratings.
Authorised dealers may invest undeployed FCNR(B) funds in overseas long term fixed income securities provided those instruments carry at least AA by Standard & Poor's, Aa3 by Moody's or AA by Fitch IBCA; all other instructions of A.P. (DIR Series) Circular No.40 dated April 29, 2002 remain unchanged. The direction is issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 and conditions such overseas deployment on compliance with the prescribed rating requirements and existing RBI procedures.
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