Guidelines for Euro Issue for 1994-95 were announced by the Government of India on 11-5-1994, followed by certain amendments on 28-10-1994. In terms of the guidelines dated 28-10-1994, issuing companies were required mandatorily to retain the Euro Issue proceeds abroad to be repatriated as and when expenditure for the approved end-uses (including up to a maximum of 15 per cent of funds earmarked for general corporate restructuring uses) were incurred. It has now been decided to permit the issuing companies to also retain the Euro Issue proceeds as foreign currency deposits with Banks and Public Financial Institutions in India, which can be converted into Indian Rupees only as and when expenditure for the approved end-uses (including up to a maximum of 15 per cent of funds earmarked for general corporate restructuring uses) are incurred. The interim deployment of funds, retained abroad or as foreign currency deposits with Banks and Public Financial Institutions in India, should conform to the manner of deployment that will be indicated by RBI in their approval letter.