Investment in Overseas
Markets
AP (DIR Series) (2002-2003) Circular No. 42, dated 12-11-2002
Attention
of authorised dealers is invited to Paragraph 2 of AP (DIR Series) Circular
No.38 dated November 2, 2002 on the above subject. We advise that credit
ratings of securities for investment of undeployed FCNR (B) funds may be
amended to read as AA (-) by Standard and Poor/FITCH IBCA as against AA
mentioned therein.
2. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).