Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 38
May 18, 1993 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

MOBILISATION OF FOREIGN CURRENCY
DEPOSITS BY THE INVESTMENT BANKS

Attention of the Authorized Dealers is invited to F.E. Circular No.36 of 1992 in terms of which the Investment Banks were allowed to raise foreign currency funds from abroad through issue of Certificates of Investment of at least 3 months maturity. The certificates so issued were not encashable before maturity.

2. It has now been decided to permit premature encashment of Certificates of Investment subject to the condition that no interest will be paid on the certificates so encashed. Accordingly, the following amendments may please be made in F.E. Circular No.36 of 1992:-

  1. Condition (I) may be substituted as under:-

    "(I) The certificates will be registered."

  1. A new condition (vii) may be added as under:-
  2. "(vii) In the case of premature encashment, no interest shall be paid."

 

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