Credit rating threshold: undeployed FCNR(B) investments now acceptable with AA rating by S&P/FITCH for authorised dealers. Authorised dealers must treat securities rated AA(-) by Standard and Poor or FITCH IBCA as meeting the credit rating requirement for investment of undeployed FCNR(B) funds, replacing the prior reference to AA; the directions are issued under statutory exchange control powers and apply to all authorised dealers in foreign exchange.
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Credit rating threshold: undeployed FCNR(B) investments now acceptable with AA rating by S&P/FITCH for authorised dealers.
Authorised dealers must treat securities rated AA(-) by Standard and Poor or FITCH IBCA as meeting the credit rating requirement for investment of undeployed FCNR(B) funds, replacing the prior reference to AA; the directions are issued under statutory exchange control powers and apply to all authorised dealers in foreign exchange.
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