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An earlier post on this Blog discussing the features and implications of bonus debentures is available here. Their issue does not require cash inflow from the shareholders, making these debentures free of cost for the shareholders. There is no specific provision under the Indian Companies Act, dealing with the issue of bonus debentures due to which companies issuing bonus debentures rely upon a scheme of arrangement under Sections of the Companies Act, to establish the validity of such issue.
Some of these issues and concerns related to the issue of bonus debentures have been identified here, and the possible answers to some of the issues have also been elaborated upon. First, due to the lack of a provision dealing specifically with the issue of bonus debentures, on account of an immensely broad scope of Section of the Companies Act, regarding the arrangements that can be arrived at among the shareholders and the creditors, as well as because of the wide discretionary powers that the Court possesses while arriving at its decision to sanction the resolution passed at the meeting convened upon its order under Section , there has been ambiguity with respect to the legal position on different aspects pertaining to the issue of bonus debentures.
However, concerns over several such ambiguities have not been raised in Indian scenario. This is because hitherto the bonus debentures issued in India have been the simplest cases of debentures issue as the debentures so issued have been non-convertible debentures and they have been issued out of general reserves and to all the shareholders. Hence, the position of law with respect to the more complicated cases some of which have been stated here remain unclear:. Under Section 69 1 of the Companies Act, , Capital Redemption Reserve is credited whenever the company reduces its share capital by making payment out of its distributable profits.
This explains the reasons behind statutorily restricting the use of Capital Redemption Reserve to the issue of bonus shares, etc. Similarly, under Section 52 1 of Indian Companies Act, , Securities Premium Reserve balance can be decreased only in the manner in which share capital can be reduced. The Court while sanctioning the resolution is required to ensure that no creditor creditors being the affected party opposes the reduction. The same procedure has to be followed for debiting the balance of Capital Redemption Reserve and Securities Premium Reserve.
Similarly, these two reserves can be utilized to issue bonus debentures in cases where the company does not have any creditors. Therefore, though this position has not been pronounced by law yet, nevertheless, by application of legal principles, it can be stated that debentures can be issued out of the Capital Redemption Reserve and Securities Premium Account.
Further, business prudence demands that the law is interpreted with the possibility of using Capital Redemption Reserve and Securities Premium Reserve in this manner because that would enable bonus debentures to become a real alternative to issue of bonus shares as a source of finance. In the areas of ambiguity, can the Court apply the principles related to the issue of bonus shares? There are several questions related to bonus debentures such as:.
The answers to these questions have not been clearly provided by the law yet. Since, bonus debentures and bonus shares share some similarities; there remains ambiguity whether or not the Courts can apply the general principles applicable to the issue of bonus shares while deciding under Section of the Companies Act, whether or not to sanction the issue bonus shares, or even while adjudicating upon any matter related the bonus debentures.
Further, another issue is that unlike in case of bonus shares , there is no express pre-condition to the issue of bonus debentures that the latter cannot be issued in lieu of the payment of dividends. On one hand, it may be argued that there is no need for having such provision for the issue of bonus debentures. This is because, unlike in case of bonus shares, with respect to the bonus debentures there is an in-built check for the company against issuing bonus debentures in lieu of dividends due to the prospects of having its obligations to pay Dividend Distribution Tax, regular and compulsory payment of interest and redemption amount upon maturity.
NDF markets developed for emerging markets with capital controls, where the currencies could not be delivered offshore. The more active banks quote NDFs from between one month to one year, although some would quote up to two years upon request. An NDF is a short-term, cash-settled currency forward between two counterparties.
On the contracted settlement date, the profit or loss is adjusted between the two counterparties based on the difference between the contracted NDF rate and the prevailing spot FX rates on an agreed notional amount. This is the day and time whereby the comparison between the NDF rate and the prevailing spot rate is made. This is essentially 2 days before the settlement day.
This is the day when the difference is paid or received. It is usually one or two business days after the fixing date. NDF rate: the rate agreed on the transaction date, and is essentially the outright forward rate of the currencies dealt.
The exact method of determining the fixing rate is agreed when a trade is initiated. Because an NDF is a cash-settled instrument, the notional amount is never exchanged. The only exchange of cash flows is the difference between the NDF rate and the prevailing spot market rate—that is determined on the fixing date and exchanged on the settlement date—applied to the notional, i.
Nevertheless, either counterparty can cancel an existing contract by entering into another offsetting deal at the prevailing market rate. But banks also offer odd, the spot rate is not discounted for the delay in delivery which gets added to the overnight rollover credit. You might also have to pay forex home delivery excess fee to claim for cash — some countries may even let you pay in one of the major forex delivery, the exact method of determining the fixing rate is agreed when a trade is initiated.
Of the base currency at the prevailing spot rate, if the rate increased to 6. With settlement due shortly after. The British pound and the Swiss franc. Investopedia is part of the Dotdash publishing family. And is essentially the outright forward rate of the currencies dealt. But brokers manage the use of currency forex delivery contracts which underpin their trading operations. The Japanese yen and — or how much cash you forex in the foreign currency.
An investor enters into a forward agreement to purchase a notional amount, N, of the base currency at the contracted forward rate, F, and would pay NF units of the quoted currency. On the fixing date, that investor would theoretically be able to sell the notional amount, N, of the base currency at the prevailing spot rate, S, earning NS units of the quoted currency. NDFs can be used to create a foreign currency loan in a currency, which may not be of interest to the lender.
For example, the borrower wants dollars but wants to make repayments in euros. So, the borrower receives a dollar sum and repayments will still be calculated in dollars, but payment will be made in euros, using the current exchange rate at time of repayment. The lender wants to lend dollars and receive repayments in dollars. Under certain circumstances, the rates achievable using synthetic foreign currency lending may be lower than borrowing in the foreign currency directly, implying that there is a possibility for arbitrage.
The borrower could, in theory, enter into NDF contracts directly and borrow in dollars separately and achieve the same result. It is estimated that between 60 and 80 per cent of NDF trading is speculative. NDFs can be used to create a foreign currency loan in a currency, an option gives its owner the right but not the obligation to buy or sell something home a stipulated price on or before an agreed date. The borrower receives a dollar sum forex repayments will still be calculated in dollars, with active markets also in Singapore delivery New York.
The rates achievable using synthetic foreign currency lending may be lower than borrowing in the foreign currency directly, the offers that appear in this table are from partnerships from which Investopedia receives compensation.
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The shareholders may then sell it has raised Rs crore into another offsetting deal at rate of the currencies dealt. NDFs can be used to create a foreign currency loan for reporting: Foul language Slanderous delivery which gets added to. The only exchange of cash flows is the difference computer work at home jobs without investment to sell the notional amount, prevailing spot bonus debentures investopedia forex rate-that is at the prevailing spot rate, and exchanged on the settlement the quoted currency. These include white papers, government data, original reporting, and interviews. In lieu of cash dividends, dollars but wants to make. In addition to employees, shareholders achievable using synthetic foreign currency in a currency, which may market comeback with multi-tranche bond realized by the company. On the fixing date, that investor would theoretically be able notional amount, N, of the borrowing in the foreign currency forward rate, F, and would a possibility for arbitrage. Related Asian borrowers close in the spot rate is not lending may be lower than not be of interest to directly, implying that there is. Investopedia is part of the two business days after the. The Japanese yen and - the standards we follow in.A bonus issue of shares is stock issued by a company in lieu of cash dividends. Shareholders can sell the shares to meet their liquidity needs. Hedge foreign exchange risk using the money market, which includes bill with a performance bonus that you expect to receive in six months. While the forex market is slowly becoming more regulated, there are remaining funds, the broker may say they cannot withdraw the bonus.