Investment in Overseas Markets

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....Central office Mumbai-400 001 November 2, 2002 A.P.(DIR Series) Circular No.38 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Investment in Overseas Markets Attention of....

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....ecided that authorised dealers may henceforth invest undeployed FCNR (B) funds in overseas markets in long-term fixed income securities rated at least AA by Standard and Poor, or Aa3 by Moody's or AA ....