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Our Bureau

Mumbai , Feb. 4

MULTILATERAL development banks such as International Finance Corporation and Asian Development Bank which are specifically permitted by the Government of India to float rupee bonds in India, are also allowed to purchase Government securities.

The payment for such purchases shall be made either by inward remittance through normal banking channels or out of funds held in the fund account opened with the specific approval of Reserve Bank, according to an RBI circular issued to all authorised dealers here on Wednesday.

In the case of sale of Government dated Securities by a multilateral development bank, the net maturity proceeds after payment of taxes, may be either remitted abroad or credited to the fund account which has been opened with the specific approval RBI.

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