All
Banks/NBFI’s
Dear
Sirs,
Amendment
in Special US Dollar Bonds Rules 1998
Please
refer to our EDMD Circular No. 16 dated 7th October 2002
enclosing therewith Government Notification dated 16th September
2002 in terms of which the following sub rule 3 of Rule
10 of the Special US Dollar Bonds was omitted:
Rule 10(3) Face value of bonds
of three years’ maturity may be reinvested for further
a period of three years or seven years starting from the
date of redemption at a profit of six months LIBOR on the
day preceding the date of payment plus two percent
The Government vide their Notification No. S.R.O. (I)/2003
dated 4th August 2003 has directed that the above sub rule
shall deem to have been omitted with effect from 7th October
2002. It means that those Special US Dollar Bonds reinvested
till 7th October 2002 shall deem to have been reinvested.
Encls: (01)