I. Circular No. 87 dated 05th March, 2013: External Commercial Borrowing Policy (ECB) Policy – Corporates under Investigation:

Current guidelines prohibits corporate, who are under investigation by any law enforcing agencies like the Directorate of Enforcement (DoE), etc, to avail ECB under an automatic route and such proposal is subject to approval of the RBI. Vide this Circular RBI has allowed ECBs under the automatic route, as per the current norms, to all the entities notwithstanding the pending investigations / adjudications / appeals by the law enforcing agencies, without effecting the outcome of such investigations / adjudications / appeals. RBI and Authorised dealer at the time of approval shall intimate the concerned investigating agencies by sending a copy of approval letter. II. Circular No. 88 dated 12th March, 2013: “Write-off” of Unrealised Export Bills – Export of Goods and Services – Simplification of Procedure: With a view to providing support and greater flexibility to all the Exporters and Authorised Dealer (AD) Banks, vide this Circular it has been decided to revise the limits of “Write-Offs” of unrealised Export Bills in following manner. a. Self “Write-Off” by an Exporter – 5% of the total export proceeds realized during the previous calendar year, if he is other than status holder exporter b. Self “Write-Off” by an Exporter – 10% of the total export proceeds realized during the previous calendar year, if he is status holder exporter c. “Write-Off” by an AD – 10% of the total export proceeds realized during the previous calendar year Off course above said revised position has been introduced with certain conditions and restrictions. III. Circular No. 90 dated 14th March, 2013: Maintenance of collateral by Foreign Institutional Investors (FIIs) for transactions in the cash and F & O segments Vide this Circular it FIIs has been permitted use their investment in corporate bonds as a collateral in the cash segment and government securities and corporate bonds as collateral in the F & O Segment in addition to already permitted collaterals. The operational guidelines in this regard will be issued separately by SEBI. Hedge-Square Consultancy Services Pvt. Ltd. Contact: +91 – 9870551611 Email: hemant@hedge-square.com/ Website: www.hedge-square.com This material and the information contained herein prepared by Hedge-Square Consultancy Services Pvt. Ltd. (HSQ), is intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). None of HSQ’s officials or their related entities is, by means of this material, rendering professional advice or services. No entity in the HSQ Network shall be responsible for any loss whatsoever sustained by any person who relies on this material. © 2013 Hedge-Square Consultancy Services Pvt. Ltd.

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