External commercial borrowing rules prescribe borrower eligibility, maturity, security, drawdown, refinancing, conversion, and reporting compliance requirements.

The External Commercial Borrowing Framework permits eligible non-individual resident entities to raise foreign-currency or Indian Rupee borrowings from recognised lenders, subject to borrowing limits, maturity requirements and market-based costs. Drawdown requires a Loan Registration Number through the designated AD Category I bank. ECB proceeds must be held and temporarily invested through permitted account arrangements. Security, refinancing, conversion into non-debt instruments and changes to borrowing terms are allowed subject to specified conditions. Borrowers must report ECB details, changes, receipts and debt servicing within prescribed timelines; late reporting may attract a late submission fee.

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