External Commercial Borrowings limits revised under automatic route, changing minimum maturities and FCCB raising conditions. Revision to External Commercial Borrowings (ECB) norms increases the automatic route ceiling per borrower per financial year and prescribes minimum average maturities: a lower tranche with a three-year minimum and larger tranches with a five-year minimum. Previously specified separate maturity, prepayment and call/put requirements for an earlier incremental limit are withdrawn. Foreign Currency Convertible Bonds (FCCBs) may be raised within the automatic route ceiling for permissible end-uses; refinancing of existing FCCBs will be reckoned within that ceiling. Other ECB policy elements and reporting arrangements remain unchanged.
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External Commercial Borrowings limits revised under automatic route, changing minimum maturities and FCCB raising conditions.
Revision to External Commercial Borrowings (ECB) norms increases the automatic route ceiling per borrower per financial year and prescribes minimum average maturities: a lower tranche with a three-year minimum and larger tranches with a five-year minimum. Previously specified separate maturity, prepayment and call/put requirements for an earlier incremental limit are withdrawn. Foreign Currency Convertible Bonds (FCCBs) may be raised within the automatic route ceiling for permissible end-uses; refinancing of existing FCCBs will be reckoned within that ceiling. Other ECB policy elements and reporting arrangements remain unchanged.
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