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of <h1>RBI Issues Guidelines for Indian Companies on FCCB Buyback with Discounts and Compliance Conditions.</h1> The circular outlines the Reserve Bank of India's guidelines for the buyback or prepayment of Foreign Currency Convertible Bonds (FCCBs) by Indian companies. Under the automatic route, companies can buy back FCCBs at a minimum 15% discount using existing foreign currency funds or new external commercial borrowings (ECBs). The approval route requires a 25% discount and limits buyback to USD 50 million, using internal accruals. General conditions include compliance with existing guidelines, registration with the Reserve Bank, and no pending contraventions of FEMA. The buyback process must be completed by March 31, 2009, and banks must inform relevant parties.
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