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of <h1>New Rules for ECB Proceeds: Detailed Reporting Required for Rupee Expenditure, Immediate Compliance Needed to Avoid Penalties.</h1> The circular addresses the utilization of External Commercial Borrowings (ECB) proceeds for Rupee expenditure. It mandates that borrowers provide a detailed bifurcation of ECB proceeds used for foreign currency and Rupee expenditures when obtaining a Loan Registration Number from the Reserve Bank. Borrowers are responsible for ensuring that ECB proceeds for Rupee expenditure are repatriated to India and credited to their Rupee accounts with authorized banks. Non-compliance will result in penal action under the Foreign Exchange Management Act, 1999. The changes are effective immediately, while other ECB policy aspects remain unchanged. Authorized banks must inform their clients of these directives.
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