External Commercial Borrowings for infrastructure allowed to refinance domestic rupee capital loans under specified conditions and monitoring. ECB policy for the infrastructure sector permits a specified portion of fresh ECB proceeds to refinance outstanding Rupee term loans taken for capital expenditure on earlier completed infrastructure projects, under the approval route and subject to conditions: a majority of proceeds must fund capital expenditure for new infrastructure projects; refinance is limited to Rupee loans for capital expenditure and to loans outstanding with the financing bank; applications via Authorised Dealer Category I banks must include project and auditor certifications and AD confirmation of outstanding Rupee loans; AD banks shall monitor end use and domestic banks may not provide guarantees.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
External Commercial Borrowings for infrastructure allowed to refinance domestic rupee capital loans under specified conditions and monitoring.
ECB policy for the infrastructure sector permits a specified portion of fresh ECB proceeds to refinance outstanding Rupee term loans taken for capital expenditure on earlier completed infrastructure projects, under the approval route and subject to conditions: a majority of proceeds must fund capital expenditure for new infrastructure projects; refinance is limited to Rupee loans for capital expenditure and to loans outstanding with the financing bank; applications via Authorised Dealer Category I banks must include project and auditor certifications and AD confirmation of outstanding Rupee loans; AD banks shall monitor end use and domestic banks may not provide guarantees.
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