Please refer to the Para 5(i)(c) of the Guidelines on Commercial Paper (CP) communicated vide BPD Circular No. 28 dated August 23, 2003 whereby Banks/DFIs shall invest in only those CPs where the current and debt-equity ratios of the issuer do not fall below 1:1 and 60:40 respectively.

2. It has been decided to withdraw the conditions contained in Para 5(i)(c) with immediate effect.

3. All other instructions on the subject shall remain unchanged.

4. Please acknowledge receipt.