Of God, Godmen and Good Men: Sid Harth

RESERVE BANK OF INDIA
Foreign Exchange Department
Central Office
Mumbai - 400 001
RBI/2011-12/ 105 July 04, 2011
A.P. (DIR Series) Circular No.01
(Last Circular of 2010-11 is 75)
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Redemption of Foreign Currency Convertible Bonds (FCCBs)
Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No.5 dated August 1, 2005, as amended from time to time, relating to instructions / guidelines in respect of External Commercial Borrowings (ECBs), which are also applicable, mutatis mutandis, to FCCBs.
2. Keeping in view the need to provide a window to facilitate refinancing of FCCBs by the Indian companies who may be facing difficulty in meeting the redemption obligations, it has been decided to consider applications for refinancing of FCCBs by Indian companies under the automatic route. Accordingly, designated AD Category - I banks may allow Indian companies to refinance the outstanding FCCBs subject to compliance with the terms and conditions set out hereunder: -
i) Fresh ECBs/ FCCBs shall be raised with the stipulated average maturity period and applicable all-in-cost being as per the extant ECB guidelines;
ii) The amount of fresh ECB/FCCB shall not exceed the outstanding redemption value at maturity of the outstanding FCCBs;
iii) The fresh ECB/FCCB shall not be raised six months prior to the maturity date of the outstanding FCCBs ;
iv) The purpose of ECB/FCCB shall be clearly mentioned as ‘Redemption of outstanding FCCBs’ in Form 83 at the time of obtaining Loan Registration Number from the Reserve Bank;
v) The designated AD - Category I bank should monitor the end-use of funds;
2
vi) All other aspects of ECB policy under the automatic route, such as, eligible borrower, recognised lender, end-use, prepayment, refinancing of existing ECB and reporting arrangements shall remain unchanged;
vii) ECB / FCCB beyond USD 500 million for the purpose of redemption of the existing FCCB will be considered under the approval route; and
viii) ECB / FCCB availed of for the purpose of refinancing the existing outstanding FCCB will be reckoned as part of the limit of USD 500 million available under the automatic route as per the extant norms.
3. Restructuring of FCCBs involving change in the existing conversion price is not permissible. Proposals for restructuring of FCCBs not involving change in conversion price will, however, be considered under the approval route depending on the merits of the proposal.
4. The policy will be subject to review at an appropriate time depending upon evolving macroeconomic conditions and other relevant factors.
5. This facility shall come into force with immediate effect.
6. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
7. The directions contained in this circular have been issued under sections 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(Rashmi Fauzdar)
Chief General Manager
Related Release
July 04, 2011
Redemption of Foreign Currency Convertible Bonds (FCCBs

Posted on July 4, 2011 by admin

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4 July 2011 Last updated at 11:58 ET

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India temple treasure search team suspends their search

By Ashraf Padanna Kochi

Security outside the Sree Padmanabhaswamy temple

Security has been tightened outside the Sree Padmanabhaswamy temple

Inspectors unearthing priceless treasures from a South Indian temple have had to halt their search because the final vault cannot be opened.
Five vaults replete with precious stones, gold and silver have already been opened in Kerala state’s Sree Padmanabhaswamy temple.
The haul’s value is now thought to have risen from 25 billion rupees ($500m) to 900 billion rupees ($20.3bn).
Historians say assessing the treasure’s true value will be very difficult.
The goods have not been officially valued and inspectors are merely taking an inventory.
The inspectors managed to open the outer doors of the sixth vault but found an iron wall inside it. The vault was last opened 136 years ago, according to temple records.
NM Krishnan, a retired judge who heads a seven-member panel appointed by the Supreme Court to open the chambers and prepare an inventory, said the decision on when to open the sixth vault would be taken on Friday after apprising the Supreme Court of the progress made in cataloguing treasures so far.
“There are some technical problems [in opening the sixth vault],” he said. “We’ll discuss all aspects of it at the meeting… on Friday.”
Mr Krishnan said “more expertise” was needed before the vault is opened.
The riches are thought to have been languishing in the temple vaults for more than a century, interred by the Maharajahs of Travancore over time.
Concealed richesMeanwhile, security has been stepped up at the temple but police have refused to divulge exact details because they say it would make the treasure more “vulnerable”.
The Sree Padmanabhaswamy temple was built in the 16th Century by the kings who ruled over the then kingdom of Travancore. Local legends say the Travancore kings sealed immense riches within the thick stone walls and vaults of the temple.

Members of the panel appointed by the supreme to unearth the treasures

A panel has been formed to make an inventory of the treasures

Since independence from Britain, the temple has been controlled by a trust run by the descendants of the Travancore royal family. After 1947 the kingdom of Travancore merged with the princely state of Cochin, which eventually became the present-day state of Kerala.
The inspections at the temple began after India’s Supreme Court appointed the seven-member panel to enter and assess the value of the objects stored in its cellars.
The Supreme Court endorsed a ruling by the high court in Kerala, which ordered the state government to take over the temple and its assets from the royal trust. It also ordered the trust to hand over responsibility for the temple’s security to the police.
The members of the Travancore royal family consider themselves to be servants of the presiding deity at the temple, Padmanabhaswamy, which is an aspect of the Hindu God Vishnu in eternal sleep. This is why they historically entrusted their wealth to the temple.
But there was a public outcry when the Maharajah attempted to retain control of the temple by citing the special law, with many arguing that the wealth belonged to the people now.
The vaults were opened in the presence of the panel, and observers, which include high court judges, temple officials, archaeology authorities, Sundar Rajan and a representative of the current Maharajah.