Delegated approval for external commercial borrowing modifications allows designated banks to approve reductions and schedule changes subject to conditions. Designated AD Category I banks are authorised to approve specified post LRN modifications to ECBs: reductions in loan amount (automatic route) with lender consent, maintained average maturity, and submitted monthly ECB 2 returns; drawdown schedule changes that reduce declared average maturity provided repayment schedule is unchanged, reduced maturity meets minimum requirements, cost changes stem only from maturity change, and ECB 2 returns are filed; and reductions in all in cost with lender consent and ECB 2 filings. Elongation/rollover beyond original maturity requires RBI approval. All approvals must comply with extant ECB guidelines and be reported to DSIM in Form 83.
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.
Delegated approval for external commercial borrowing modifications allows designated banks to approve reductions and schedule changes subject to conditions.
Designated AD Category I banks are authorised to approve specified post LRN modifications to ECBs: reductions in loan amount (automatic route) with lender consent, maintained average maturity, and submitted monthly ECB 2 returns; drawdown schedule changes that reduce declared average maturity provided repayment schedule is unchanged, reduced maturity meets minimum requirements, cost changes stem only from maturity change, and ECB 2 returns are filed; and reductions in all in cost with lender consent and ECB 2 filings. Elongation/rollover beyond original maturity requires RBI approval. All approvals must comply with extant ECB guidelines and be reported to DSIM in Form 83.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
