Buyback of FCCBs under approval route extended temporarily; banks must notify constituents and ensure compliance with FEMA directions. Continuation of the buyback and prepayment scheme for Foreign Currency Convertible Bonds (FCCBs) under the approval route is authorized temporarily, with the existing approval-route mechanism extended and a firm discontinuation stipulated after the extension period; Authorized Dealer Category I banks must notify their constituents and customers. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and do not affect other statutory permissions or approvals.
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Buyback of FCCBs under approval route extended temporarily; banks must notify constituents and ensure compliance with FEMA directions.
Continuation of the buyback and prepayment scheme for Foreign Currency Convertible Bonds (FCCBs) under the approval route is authorized temporarily, with the existing approval-route mechanism extended and a firm discontinuation stipulated after the extension period; Authorized Dealer Category I banks must notify their constituents and customers. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and do not affect other statutory permissions or approvals.
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