https://www.taxtmi.com/circulars?id=2693 Preference shares that are fully and mandatorily convertible into equity within a specified time are treated as part of share capital and included in foreign equity calculations for sectoral caps. Non convertible, optionally convertible or partially convertible preference shares are treated as debt and must conform to External Commercial Borrowing guidelines and caps, encompassing eligible borrowers and lenders, amount and maturity limits, end use stipulations, and rupee interest rate norms for ECBs. Preference instruments issued on or before the cutoff date may continue until current maturity, subject to RBI/SEBI and statutory requirements. en-us Fri, 08 Jun 2007 00:00:00 +0530 Mon, 06 Oct 2008 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2693 Preference shares that are fully and mandatorily convertible into equity within a specified time are treated as part of share capital and included in foreign equity calculations for sectoral caps. Non convertible, optionally convertible or partially convertible preference shares are treated as debt and must conform to External Commercial Borrowing guidelines and caps, encompassing eligible borrowers and lenders, amount and maturity limits, end use stipulations, and rupee interest rate norms for ECBs. Preference instruments issued on or before the cutoff date may continue until current maturity, subject to RBI/SEBI and statutory requirements. Circulars FEMA Fri, 08 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2693