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TMI BlogMaster Circular on External Commercial Borrowings and Trade CreditsX X X X Extracts X X X X X X X X Extracts X X X X ..... GS (ECB) I.(A) AUTOMATIC ROUTE i) Eligible Borrowers ii) Recognised Lenders iii) Amount and Maturity iv) All-in-cost ceilings v) End-use vi) Payment for Spectrum Allocation vii) End-uses not permitted viii) Guarantees ix) Security x) Parking of ECB proceeds xi) Prepayment xii) Refinancing of an existing ECB xiii) Debt Servicing xiv) Corporates Under Investigation xv) Procedure I.(B) APPROVAL ROUTE i) Eligible Borrowers ii) Recognised Lenders iii) Amount and Maturity iv) All-in-cost ceilings v) End-use vi) Repayment of Rupee loans and/or fresh Rupee capital expenditure for companies with consistent forex earnings vii) ECB for Low Cost Affordable Housing viii) 3G Spectrum Allocation ix) End-uses not permitted x) Guarantee xi) Security xii) Parking of ECB proceeds xiii) Prepayment xiv) Refinancing/rescheduling of an existing ECB xv) Debt Servicing xvi) Procedure xvii) Foreign Currency Exchangeable Bonds xviii) Empowered Committee II. REDEMPTION OF FCCBs III. REPORTING ARANGEMENTS AND DISSEMINATION OF INFORMATION i) Reporting Arrangements ii) Dissemination of Information IV. STRUCTURED OBLIGATIONS V. TAKE-OUT FINANCE VI. COMPLIANCE WITH ECB G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation FEMA No. 120/RB-2004 dated July 7, 2004, as amended from time to time. (iii) Preference shares (i.e. non-convertible, optionally convertible or partially convertible) for issue of which, funds have been received on or after May 1, 2007 would be considered as debt and should conform to the ECB policy. Accordingly, all the norms applicable for ECB, viz. eligible borrowers, recognised lenders, amount and maturity, end use stipulations, etc. shall apply. Since these instruments would be denominated in Rupees, the rupee interest rate will be based on the swap equivalent of LIBOR plus the spread as permissible for ECBs of corresponding maturity. (iv) Foreign Currency Exchangeable Bond (FCEB) means a bond expressed in foreign currency, the principal and interest in respect of which is payable in foreign currency, issued by an Issuing Company and subscribed to by a person who is a resident outside India, in foreign currency and exchangeable into equity share of another company, to be called the Offered Company, in any manner, either wholly, or partly or on the basis of any equity related warrants attached to debt instruments. The FCEB must comply with the "Issue of Foreign Currenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C.PD.No. 250/03.10.01/2011-12 dated December 02, 2011 and Companies registered under Section 25 of the Companies Act, 1956 and are involved in micro finance activities. (e) NGOs engaged in micro finance and MFIs registered as societies, trusts and co-operatives and engaged in micro finance (i) should have a satisfactory borrowing relationship for at least 3 years with a scheduled commercial bank authorized to deal in foreign exchange in India and (ii) would require a certificate of due diligence on `fit and proper' status of the Board/ Committee of management of the borrowing entity from the designated AD bank. (f) Small Industries Development Bank of India (SIDBI) can avail of ECB for on-lending to MSME sector, as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. ii) Recognised Lenders Borrowers can raise ECB from internationally recognized sources, such as (a) international banks, (b) international capital markets, (c) multilateral financial institutions (such as IFC, ADB, CDC, etc.) / regional financial institutions and Government owned development financial institutions, (d) export credit agencies, (e) suppliers of equipments, (f) foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of due diligence should comprise the following (i) that the lender maintains an account with the bank for at least a period of two years, (ii) that the lending entity is organised as per the local laws and held in good esteem by the business/local community and (iii) that there is no criminal action pending against it. * Individual Lender has to obtain a certificate of due diligence from an overseas bank indicating that the lender maintains an account with the bank for at least a period of two years. Other evidence /documents such as audited statement of account and income tax return which the overseas lender may furnish need to be certified and forwarded by the overseas bank. Individual lenders from countries wherein banks are not required to adhere to Know Your Customer (KYC) guidelines are not eligible to extend ECB. iii) Amount and Maturity * The maximum amount of ECB which can be raised by a corporate other than those in the hotel, hospital and software sectors is USD 750 million or its equivalent during a financial year. * Corporates in the services sector viz. hotels, hospitals and software sector are allowed to avail of ECB up to USD 200 million or its equivalent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor and specified service sectors, namely, hotel, hospital and software in India. Infrastructure sector is defined as (i) power, (ii) telecommunication, (iii) railways, (iv) roads including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mining, exploration and refining and (ix) cold storage or cold room facility, including for farm level pre-cooling, for preservation or storage of agricultural and allied produce, marine products and meat. * Overseas Direct Investment in Joint Ventures (JV)/ Wholly Owned Subsidiaries (WOS) subject to the existing guidelines on Indian Direct Investment in JV/ WOS abroad. * Utilization of ECB proceeds is permitted for first stage acquisition of shares in the disinvestment process and also in the mandatory second stage offer to the public under the Government's disinvestment programme of PSU shares. * Interest During Construction (IDC) for Indian companies which are in the infrastructure sector, where "infrastructure" is defined as per the extant ECB guidelines, subject to IDC being capitalized and forming part of the project cost. * For lending to self ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ECB can be availed of from their ultimate parent company without any maximum ECB liability-equity ratio subject to the condition that the lender holds minimum paid-up equity of 25 per cent in the borrower company, either directly or indirectly. vii) End-uses not permitted Other than the purposes specified hereinabove, the borrowings shall not be utilized for any other purpose including the following purposes, namely: (a) For on-lending or investment in capital market or acquiring a company (or a part thereof) in India by a corporate [investment in Special Purpose Vehicles (SPVs), Money Market Mutual Funds (MMMFs), etc., are also considered as investment in capital markets]. (b) for real estate sector, (c) for working capital, general corporate purpose and repayment of existing rupee loans. viii) Guarantees Issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort by banks, Financial Institutions and Non-Banking Financial Companies (NBFCs) from India relating to ECB is not permitted. ix) Security The choice of security to be provided to the lender/supplier is left to the borrower. However, creation of charge over immoveable assets and fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cure the ECB subject to the following conditions: * The period of such pledge shall be co-terminus with the maturity of the underlying ECB. * In case of invocation of pledge, transfer shall be in accordance with the extant FDI policy. * A certificate from the Statutory Auditor of the company that the ECB proceeds have been / will be utilized for the permitted end-use/s. c) The 'no objection' to the resident ECB borrower for issue of corporate or personal guarantee under FEMA, 1999 may be conveyed after obtaining: (i) Board Resolution for issue of corporate guarantee from the company issuing such guarantees, specifying names of the officials authorised to execute such guarantees on behalf of the company or in individual capacity. (ii) Specific requests from individuals to issue personal guarantee indicating details of the ECB. (iii) Ensuring that the period of such corporate or personal guarantee is co-terminus with the maturity of the underlying ECB. AD Category - I banks may invariably specify that the 'no objection' is issued from the foreign exchange angle under the provisions of FEMA, 1999 and should not be construed as an approval by any other statutory authority or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed by AD banks without prior approval of Reserve Bank subject to compliance with the stipulated minimum average maturity period as applicable to the loan. xii) Refinancing of an existing ECB The existing ECB may be refinanced by raising a fresh ECB subject to the condition that the fresh ECB is raised at a lower all-in-cost and the outstanding maturity of the original ECB is maintained. An existing ECB may, however, be refinanced by raising a fresh ECB at a higher all-in-cost under the approval route. xiii) Debt Servicing The designated AD bank has the general permission to make remittances of installments of principal, interest and other charges in conformity with the ECB guidelines issued by Government / Reserve Bank of India from time to time. xiv) Corporates Under Investigation All entities against which investigations / adjudications / appeals by the law enforcing agencies are pending may avail of ECBs as per the current norms, if they are otherwise eligible, notwithstanding the pending investigations / adjudications / appeals, without prejudice to the outcome of such investigations / adjudications / appeals. Accordingly, in case of all applications where the borrow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfying the following minimum criteria: (i) the minimum net worth of the financial intermediary during the previous three years shall not be less than Rs. 500 crore, (ii) a listing on the BSE or NSE, (iii) minimum size of FCCB is USD 100 million and (iv) the applicant should submit the purpose / plan of utilization of funds. * Special Purpose Vehicles, or any other entity notified by the Reserve Bank, set up to finance infrastructure companies / projects exclusively, will be treated as Financial Institutions and ECB by such entities will be considered under the Approval Route. * Multi-State Co-operative Societies engaged in manufacturing activity and satisfying the following criteria i) the Co-operative Society is financially solvent and ii) the Co-operative Society submits its up-to-date audited balance sheet. * SEZ developers can avail of ECBs for providing infrastructure facilities within SEZ, as defined in the extant ECB policy like (i) power, (ii) telecommunication, (iii) railways, (iv) roads including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mining, exploration and refi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they are otherwise eligible, notwithstanding the pending investigations / adjudications / appeals, without prejudice to the outcome of such investigations / adjudications / appeals. Accordingly, in case of all applications where the borrowing entity has indicated about the pending investigations / adjudications / appeals, the Reserve Bank of India while approving the proposal shall intimate the concerned agencies by endorsing the copy of the approval letter. * Import of services, technical know-how and payment of license fees: The companies in the manufacturing and infrastructure sectors may import services, technical know-how and payment of license fees as part of import of capital goods subject to certain conditions. * Cases falling outside the purview of the automatic route limits and maturity period are indicated at paragraph I A (iii). ii) Recognised Lenders (a) Borrowers can raise ECB from internationally recognised sources, such as (i) international banks, (ii) international capital markets, (iii) multilateral financial institutions (such as IFC, ADB, CDC, etc.)/ regional financial institutions and Government owned development financial institutions, (iv) export credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erage maturity period calculation is provided at Annex VI. iv) All-in-cost ceilings All-in-cost includes rate of interest, other fees and expenses in foreign currency except commitment fee, pre-payment fee and fees payable in Indian Rupees. The payment of withholding tax in Indian Rupees is excluded for calculating the all-in-cost.The existing all-in-cost ceilings for ECB are as under: Average Maturity Period All-in-cost Ceilings over 6 month LIBOR* Three years and up to five years 350 basis points More than five years 500 basis points * for the respective currency of borrowing or applicable benchmark In the case of fixed rate loans, the swap cost plus the margin should be the equivalent of the floating rate plus the applicable margin. v) End-use a. ECB can be raised only for investment [such as import of capital goods (as classified by DGFT in the Foreign Trade Policy), implementation of new projects, modernization/expansion of existing production units] in real sector - industrial sector including small and medium enterprises (SME) and infrastructure sector - in India. Infrastructure sector is defined as (i) power (ii) telecommunication (iii) railways (iv) roads incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only be utilized for repayment of the Rupee loan availed of for 'capital expenditure' of earlier completed infrastructure project(s); and (iii) the refinance shall be utilized only for the Rupee loans which are outstanding in the books of the financing bank concerned. Companies in the power sector are permitted to utilize up to 40 per cent of the fresh ECB raised by them towards refinancing of the Rupee loan/s availed by them from the domestic banking system subject to the condition that at least 60 per cent of the fresh ECB proposed to be raised should be utilized for fresh capital expenditure for infrastructure project(s). g. Bridge Finance: Indian companies which are in the infrastructure sector, as defined under the extant ECB policy are permitted to import capital goods by availing of short term credit (including buyers' / suppliers' credit) in the nature of 'bridge finance', with RBI's prior approval provided the bridge finance shall be replaced with a long term ECB as per extant ECB guidelines. h. ECB for working capital for civil aviation sector: Airline companies registered under the Companies Act, 1956 and possessing scheduled operator permit license from DGCA for pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... availed of will be limited to 50 per cent of the annual export earnings realized during the past financial year. The foreign exchange for repayment of ECB should not be accessed from Indian markets and the liability arising out of ECB should be extinguished only out of the foreign exchange earnings of the borrowing company. vii) ECB for Low Cost Affordable Housing (a) For the purpose of ECB, a low cost affordable housing project is a project in which at least 60 per cent of the permissible FSI would be for units having maximum carpet area up to 60 square meters. Slum rehabilitation projects will also be eligible under the low cost affordable housing scheme, the eligibility of which would be based on the parameters to be set by the Central Sanctioning and Monitoring Committee of the Affordable Housing in Partnership Scheme (AHP) constituted for the purpose. ECB proceeds shall be utilized only for low cost affordable housing projects and shall not be utilized for acquisition of land. (b) Developers/builders may avail of ECB for low cost affordable housing projects provided they are companies registered under the Companies Act, 1956, having minimum 3 years' experience in undertakin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll ensure that interest rate spread for HFCs for on-lending to prospective owners' of individual units under the low cost affordable housing scheme is reasonable. (f) Builders / developers meeting the eligibility criteria shall have to apply to the National Housing Bank (NHB) in the prescribed format. NHB shall act as the nodal agency for deciding a project's eligibility as a low cost affordable housing project, and on being satisfied, forward the application to the Reserve Bank for consideration under the approval route. Once NHB decides to forward an application for consideration of RBI, the prospective borrower (builder/developer) will be advised by the NHB to approach RBI for availing ECB through his Authorised Dealer in the prescribed format. (g) Developers / builders / HFCs / NHB will not be permitted to raise Foreign Currency Convertible Bonds (FCCBs) under this scheme. (h) An aggregate limit of USD 1(one) billion each for the financial year 2013-14 and 2014-15 is fixed for ECB under the low cost affordable housing scheme which includes ECBs to be raised by developers/builders and NHB/specified HFCs. . viii) 3G Spectrum Allocation The payment for 3G spectrum allocation, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ECB raised abroad meant for Rupee expenditure in India, such as, local sourcing of capital goods, on-lending to Self-Help Groups or for micro credit, payment for spectrum allocation, repayment of rupee loan availed from domestic banks, etc. should be repatriated immediately for credit to their Rupee accounts with AD Category I banks in India. In other words, ECB proceeds meant only for foreign currency expenditure can be retained abroad pending utilization. The rupee funds, however, will not be permitted to be used for investment in capital markets, real estate or for inter-corporate lending. ECB proceeds parked overseas can be invested in the following liquid assets (a) deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/ Fitch IBCA or Aa3 by Moody's; (b) Treasury bills and other monetary instruments of one year maturity having minimum rating as indicated above and (c) deposits with overseas branches / subsidiaries of Indian banks abroad. The funds should be invested in such a way that the investments can be liquidated as and when funds are required by the borrower in India. The primary responsibility to ensure t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be denominated in any freely convertible foreign currency. Eligible Issuer: The Issuing Company shall be part of the promoter group of the Offered Company and shall hold the equity share/s being offered at the time of issuance of FCEB. Offered Company: The Offered Company shall be a listed company, which is engaged in a sector eligible to receive Foreign Direct Investment and eligible to issue or avail of Foreign Currency Convertible Bond (FCCB) or External Commercial Borrowings (ECB). Entities not eligible to issue FCEB : An Indian company, which is not eligible to raise funds from the Indian securities market, including a company which has been restrained from accessing the securities market by the SEBI shall not be eligible to issue FCEB. Eligible subscriber : Entities complying with the Foreign Direct Investment policy and adhering to the sectoral caps at the time of issue of FCEB can subscribe to FCEB. Prior approval of the Foreign Investment Promotion Board, wherever required under the Foreign Direct Investment policy, should be obtained. Entities not eligible to subscribe to FCEB : Entities prohibited to buy, sell or deal in securities by the SEBI will not be eligible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ail of the end-use of the proceeds by the issuing company / promoter group companies to the Reserve Bank duly certified by the designated AD bank. Operational Procedure - Issuance of FCEB shall require prior approval of the Reserve Bank under the Approval Route for raising ECB. The Reporting arrangement for FCEB shall be as per the extant ECB policy. xviii) Empowered Committee Reserve Bank has set up an Empowered Committee to consider proposals coming under the Approval Route. II. Redemption of FCCBs A. FCCBs are governed by the 'Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depositary Receipt Mechanism) Scheme, 1993' as amended from time to time and FEMA Notification No.120/RB-2004 dated July 7, 2004. The issuance of FCCBs was brought under the ECB guidelines in August 2005 and FCCBs are also subject to all the regulations which are applicable to ECBs. Keeping in view the need to provide a window to facilitate refinancing of FCCBs by the Indian companies which may be facing difficulty in meeting the redemption obligations, Designated AD Category - I banks have been permitted to allow Indian companies to refinance the outstanding FCCBs, under the au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Payments Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, Bandra-Kurla Complex, Mumbai - 400 051. (Note: copies of loan agreement and offer documents for FCCB are not required to be submitted with Form 83). * The borrower can draw-down the loan only after obtaining the LRN from DSIM, Reserve Bank. * Borrowers are required to submit ECB-2 Return certified by the designated AD bank on monthly basis so as to reach DSIM, Reserve Bank within seven working days from the close of month to which it relates. [Note: All previous returns relating to ECB viz. ECB 3 - ECB 6 have been discontinued with effect from January 31, 2004]. ii) Dissemination of Information For providing greater transparency, information with regard to the name of the borrower, amount, purpose and maturity of ECB under both Automatic and Approval routes are put on the Reserve Bank's website, on a monthly basis, with a lag of one month to which it relates. IV. STRUCTURED OBLIGATIONS Borrowing and lending in Indian Rupees between two residents does not attract any provisions of the Foreign Exchange Management Act, 1999. In cases where a Rupee loan [fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lying debt instrument should have a minimum average maturity of three years; iii) prepayment and call / put options are not permissible for such capital market instruments up to an average maturity period of 3 years; iv) guarantee fee and other costs in connection with credit enhancement will be restricted to a maximum 2 per cent of the principal amount involved; v) on invocation of the credit enhancement, if the guarantor meets the liability and if the same is permissible to be repaid in foreign currency to the eligible non-resident entity, the all-in-cost ceilings, as applicable to the relevant maturity period of the Trade Credit / ECBs, as per the extant guidelines, is applicable to the novated loan. vi) In case of default and if the loan is serviced in Indian Rupees, the applicable rate of interest would be the coupon of the bonds or 250 bps over the prevailing secondary market yield of 5 years Government of India Security, as on the date of novation, whichever is higher; vii) IFCs proposing to avail of the credit enhancement facility should comply with the eligibility criteria and prudential norms laid down in the circular DNBS.PD.CC No.168/03.02.089/2009-10 dated Februar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in compliance with ECB guidelines at the time of certification. VII. CONVERSION OF ECB INTO EQUITY (i) Conversion of ECB into equity is permitted subject to the following conditions: * The activity of the company is covered under the Automatic Route for Foreign Direct Investment or Government (FIPB) approval for foreign equity participation has been obtained by the company, wherever applicable. * The foreign equity holding after such conversion of debt into equity is within the sectoral cap, if any, * Pricing of shares is as per the pricing guidelines issued under FEMA, 1999 in the case of listed/ unlisted companies. (ii) Conversion of ECB may be reported to the Reserve Bank as follows: * Borrowers are required to report full conversion of outstanding ECB into equity in the form FC-GPR to the Regional Office concerned of the Reserve Bank as well as in form ECB-2 submitted to the DSIM, RBI within seven working days from the close of month to which it relates. The words "ECB wholly converted to equity" should be clearly indicated on top of the ECB-2 form. Once reported, filing of ECB-2 in the subsequent months is not necessary. * In case of partial conversion of outstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I bank may also approve requests from ECB borrowers for changes/modifications in the drawdown schedule resulting in the original average maturity period undergoing change in respect of ECBs availed both under the automatic and approval routes, subject to ensuring that there are no changes/modifications in the repayment schedule of the ECB, the average maturity period of the ECB is reduced as against the original average maturity period stated in the Form 83 at the time of obtaining the LRN, such reduced average maturity period complies with the stipulated minimum average maturity period as per the extant ECB guidelines, the change in all-in-cost is only due to the change in the average maturity period and the ECB complies with the extant guidelines and the monthly ECB-2 returns in respect of the LRN have been submitted to DSIM. The changes in the drawdown/repayment schedule should be promptly reported to the DSIM, RBI in Form 83. However, any elongation/rollover in the repayment on expiry of the original maturity of the ECB would require the prior approval of the Reserve Bank. (b) Changes in the currency of borrowing Designated AD Category-I banks may allow changes in the curren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M for cancellation of LRN for ECBs availed, both under the automatic and approval routes, subject to ensuring that no draw down for the said LRN has taken place and the monthly ECB-2 returns till date in respect of the LRN have been submitted to DSIM. (g) Change in the end-use of ECB proceeds The designated AD Category-I bank may approve requests from ECB borrowers for change in end-use in respect of ECBs availed under the automatic route, subject to ensuring that the proposed end-use is permissible under the automatic route as per the extant ECB guidelines, there is no change in the other terms and conditions of the ECB, the ECB continues to comply with the extant guidelines and the monthly ECB-2 returns till date in respect of the LRN have been submitted to DSIM. The changes in the end-use should be promptly reported to the Department of Statistics and Information Management, Reserve Bank of India in Form 83. However, change in the end-use of ECBs availed under the approval route will continue to be referred to the Foreign Exchange Department, Central Office, Reserve Bank of India, as hitherto. (h) Reduction in amount of ECB The designated AD Category-I bank may approve requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e "infrastructure" is as defined under the extant guidelines on External Commercial Borrowings (ECB) have been allowed to avail of trade credit up to a maximum period of five years for import of capital goods as classified by DGFT subject to conditions that the trade credit must be abinitio contracted for a period not less than fifteen months and should not be in the nature of short-term roll overs. However, the condition of 'abinitio' buyers'credit would be for 6 (six) months only for trade credits availed of on or before December 14, 2012. AD banks shall not approve trade credit exceeding USD 20 million per import transaction. b) All-in-cost Ceilings The existing all-in-cost ceilings are as under Maturity period All-in-cost ceilings over 6 months LIBOR* Up to one year 350 basis points More than one year and upto three years More than three years and upto five years * for the respective currency of credit or applicable benchmark The all-in-cost ceilings include arranger fee, upfront fee, management fee, handling/ processing charges, out of pocket and legal expenses, if any. c) Guarantee AD banks are permitted to issue Letters of Credit/guarantees/Letter of Undertaking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B January 20, 2005 5 FEMA 142/2005-RB December 6, 2005 6 FEMA.157/2007-RB August 30, 2007 7 FEMA.194/2009-RB June 17, 2009 8 FEMA.197/2009-RB September 22, 2009 9 FEMA.232/2012-RB May 30, 2012 10 FEMA.245/2012-RB November 12, 2012 11 FEMA.246/2012-RB November 27, 2012 12 FEMA.250/2012-RB December 06, 2012 13 Doe Amendment to FEMA 8/2000 - RB dated May 3, 2000 1 FEMA.206/2012-RB June 01, 2010 2 FEMA.251/2012-RB December 06, 2012 1 A.P.(DIR Series) Circular No.41 April 29, 2002 2 A.P.(DIR Series) Circular No.29 October 18, 2003 3 A.P.(DIR Series) Circular No.60 January 31, 2004 4 A.P.(DIR Series) Circular No.75 February 23, 2004 5 A.P.(DIR Series) Circular No.82 April 1, 2004 6 A.P.(DIR Series) Circular No.87 April 17, 2004 7 A.P.(DIR Series) Circular No.15 October 1, 2004 8 A.P.(DIR Series) Circular No.24 November 1, 2004 9 A.P.(DIR Series) Circular No.40 April 25, 2005 10 A.P.(DIR Series) Circular No.5 August 1, 2005 11 A.P.(DIR Series) Circular No.15 November 4, 2005 12 A.P.(DIR Series) Circular No.23 January 23, 2006 13 A.P.(DIR Series) Circular No.34 May 12, 2006 14 A.P.(DIR Series) Circular No.17 Decemb ..... 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A.P.(DIR Series) Circular No.75 February 07, 2012 60 A.P.(DIR Series) Circular No.85 February 29, 2012 61 A.P.(DIR Series) Circular No.99 March 30, 2012 62 A.P.(DIR Series) Circular No.100 March 30, 2012 63 A.P.(DIR Series) Circular No.111 April 20, 2012 64 A.P.(DIR Series) Circular No.112 April 20, 2012 65 A.P.(DIR Series) Circular No.113 April 24, 2012 66 A.P.(DIR Series) Circular No.119 May 07, 2012 67 A.P.(DIR Series) Circular No.134 June 25, 2012 68 A.P.(DIR Series) Circular No.136 June 26, 2012 69 A.P.(DIR Series) Circular No. 1 July 5, 2012 70 A.P.(DIR Series) Circular No. 20 August 29, 2012 71 A.P.(DIR Series) Circular No.26 September 11, 2012 72 A.P.(DIR Series) Circular No.27 September 11, 2012 73 A.P.(DIR Series) Circular No.28 September 11, 2012 74 A.P.(DIR Series) Circular No.39 October 9, 2012 75 A.P.(DIR Series) Circular No.40 October 9, 2012 76 A.P.(DIR Series) Circular No.48 November 6, 2012 77 A.P.(DIR Series) Circular No.54 November 26, 2012 78 A.P.(DIR Series) Circular No.58 December 14, 2012 79 A.P.(DIR Series) Circular No.59 December 14, 2012 80 A.P.(DIR Series) Circular No.60 December 14, 2012 ..... 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