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of <h1>RBI Allows Indian Firms to Use External Borrowings for Rupee Loan Repayment and Capital Expenditure.</h1> The circular issued by the Reserve Bank of India permits Indian manufacturing and infrastructure companies to utilize External Commercial Borrowings (ECBs) for repaying Rupee loans taken for capital expenditure or for new Rupee capital expenditure. Eligible companies must have consistent foreign exchange earnings over the past three years and not be on the Reserve Bank's default list. The ECB limit is set at USD 10 billion, with individual companies restricted to 50% of their average annual export earnings. Applications must be submitted through designated banks, and funds must be monitored to ensure compliance with foreign exchange regulations.
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