ECB proceeds repatriation required: borrowers and authorised dealers must repatriate rupee use ECB funds to India or face FEMA penalties. Borrowers must provide a bifurcation of ECB proceeds between foreign currency and Rupee expenditure in Form 83 at the time of obtaining a Loan Registration Number, and must repatriate ECB proceeds intended for Rupee expenditure to India for credit to their Rupee accounts with Authorised Dealer Category I banks; designated AD banks must ensure immediate repatriation after drawdown, and contraventions will attract penal action under the Foreign Exchange Management Act.
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.
ECB proceeds repatriation required: borrowers and authorised dealers must repatriate rupee use ECB funds to India or face FEMA penalties.
Borrowers must provide a bifurcation of ECB proceeds between foreign currency and Rupee expenditure in Form 83 at the time of obtaining a Loan Registration Number, and must repatriate ECB proceeds intended for Rupee expenditure to India for credit to their Rupee accounts with Authorised Dealer Category I banks; designated AD banks must ensure immediate repatriation after drawdown, and contraventions will attract penal action under the Foreign Exchange Management Act.
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