External commercial borrowing rules set eligibility, maturity, security, conversion and reporting obligations for resident borrowers raising funds abroad.

The Schedule sets out the ECB framework: eligible non-individual resident borrowers may raise ECBs from recognised lenders in foreign currency or INR, in commercial borrowing forms; certain receipts are excluded. It prescribes borrowing limits, minimum average maturity requirements with defined exceptions, cost and arm's length rules for related-party borrowings, permissibility and conditions for security and guarantees, conversion to non-debt instruments subject to consent and no extra cost, refinancing and parameter changes, and comprehensive loan registration, reporting and certification requirements through designated AD Category I banks.

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