General Circular No. 4/2003
No. 6/3/2001-CL V
Government of India
Ministry of finance and Company Affairs
Department of Company Affairs
5th Floor, A Wing, Shastri Bhavan
Dr. Rajendra Prasad Road, New Delhi-110001.
Dated 16.1.2003
To
All Regional Directors
All Registrars of Companies
All Chambers of Commerce
Reserve Bank of India
Securities and Exchange Board of India
Subject: Debenture Redemption Reserve (DRR)- Clarification
Sir,
In continuation to this Department’s General Circular No. 9/2002 dated 18.4.2002, it is clarified that for Housing Finance Companies registered with the National Housing Bank under Housing Finance Companies (NHB) Directions, 2001, “the adequacy” of Debenture Redemption Reserve (DRR) will be 50% of the value of debentures issued through public issues and no DRR is required in the case of privately placed debentures.
Yours faithfully,
(N.K. Vig)
Under Secretary to the Govt. of India
(Tel: 23387174)
