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FCCB Buyback Window Extended to June 2011

Current · Source: Reserve Bank of India · RBI/2010-11/158 · issued 09 Aug 2010 · ~1 min read
Quick answerRBI extends the approval route for FCCB buybacks until June 30, 2011. Indian companies can now apply through their AD Category-I bank for buyback/prepayment, subject to conditions from earlier circulars.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore learns from this circular that her corporate client, a mining company with FCCBs due, now has until June 30, 2011 to apply for a buyback. She immediately calls the company's CFO, explains the extended window, and helps them gather the documents from the earlier circulars so she can forward the complete application to RBI's Mumbai office before the new deadline.

What changed

The earlier deadline of June 30, 2010 for FCCB buyback under approval route has been extended to June 30, 2011. This follows representations from issuers and a policy review.

What it means for you

Indian companies with outstanding FCCBs get more time to manage their foreign currency liabilities through buybacks. Banks must process applications under the same conditions as before, ensuring compliance with FEMA and earlier circulars.

What you must do

Who it affects

AD Category-I banks, Indian companies with outstanding FCCBs, Corporate clients seeking FCCB buyback

❓ Common questions

What is the new deadline for FCCB buyback applications?

The deadline has been extended to June 30, 2011, from the earlier June 30, 2010.

Which earlier circulars' conditions apply to these buybacks?

Conditions from A.P. (DIR Series) Circular No.39 dated Dec 8, 2008 and Circular No.65 dated Apr 28, 2009 must be met.

How should banks submit these applications to RBI?

Applications must be submitted through the designated AD Category-I bank to the Chief General Manager-in-Charge at RBI's ECB Division in Mumbai.

📜 Read the original circular — full text as issued by RBI
RBI/2010-11/158 A.P. (DIR Series) Circular No.07    August 09, 2010 To             All Category - I Authorised Dealer Banks Madam / Sir, Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs) Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 44 dated March 29, 2010 in terms of which Indian companies were allowed to buyback their Foreign Currency Convertible Bonds (FCCBs) under the approval route, up to June 30, 2010, subject to the issuers complying with all the terms and conditions of buyback/ prepayment of FCCBs. 2. On a review of the policy and in view of the representations received from the issuers of FCCBs, it has been decided to consider applications, under the approval route, for buyback of FCCBs until June 30, 2011, subject to the issuers complying with all the terms and conditions of buyback/ prepayment of FCCBs, as mentioned in the A.P. (DIR Series) Circular No.39 dated December 08, 2008 and A.P. (DIR Series) Circular No.65 dated April 28, 2009 . Accordingly, the applications, complying with the conditions may be submitted, together with the supporting documents, through the designated AD Category - I bank, to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, External Commercial Borrowings Division, Central Office, 11th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai-400 001. 3. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. 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 is without prejudice to permissions / approvals, if any, required under any other law.     Yours faithfully,    (Salim Gangadharan) Chief General Manager in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/158 · issued 09 Aug 2010. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Inform corporate clients about the extended deadline for FCCB buyback applications.
  • Verify that buyback applications comply with conditions from circulars dated Dec 8, 2008 and Apr 28, 2009.
  • Forward complete applications with supporting documents to RBI's ECB Division in Mumbai.
📜 Compliance
  • Ensure all transactions adhere to FEMA sections 10(4) and 11(1).
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (AD Category-I banks, Indian companies with outstanding FCCBs, Corporate clients seeking FCCB buyback), your first concrete step on “FCCB Buyback Window Extended to June 2011” is: “Inform corporate clients about the extended deadline for FCCB buyback applications.” (RBI issued this 09 Aug 2010).

  1. Circular: RBI/2010-11/158 -- FCCB Buyback Window Extended to June 2011
  2. Issued: 09 Aug 2010
  3. Action required: Inform corporate clients about the extended deadline for FCCB buyback applications.
  4. Action required: Verify that buyback applications comply with conditions from circulars dated Dec 8, 2008 and Apr 28, 2009.
  5. Action required: Forward complete applications with supporting documents to RBI's ECB Division in Mumbai.
  6. Action required: Ensure all transactions adhere to FEMA sections 10(4) and 11(1).
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5928&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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