Prepayment of External Commercial Borrowings allowed under an automatic route subject to compliance and reporting requirements. The Reserve Bank permits time bound prepayment of External Commercial Borrowings under an Automatic Route until March 31, 2003 for borrowers compliant with all applicable Acts, Rules, Regulations and RBI/Government guidelines. The Automatic Route allows unrestricted prepayment where matched by foreign equity inflow or from EEFC balances, and limited prepayments for once during loan 10% withdrawals and loans with residual maturity up to one year, each subject to an aggregate USD 50 million ceiling for the scheme; amounts beyond this ceiling and other prepayments require prior RBI approval. Authorised dealers must obtain a company secretary/auditor certificate and submit an ECB PAR within seven days.
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.
Prepayment of External Commercial Borrowings allowed under an automatic route subject to compliance and reporting requirements.
The Reserve Bank permits time bound prepayment of External Commercial Borrowings under an Automatic Route until March 31, 2003 for borrowers compliant with all applicable Acts, Rules, Regulations and RBI/Government guidelines. The Automatic Route allows unrestricted prepayment where matched by foreign equity inflow or from EEFC balances, and limited prepayments for once during loan 10% withdrawals and loans with residual maturity up to one year, each subject to an aggregate USD 50 million ceiling for the scheme; amounts beyond this ceiling and other prepayments require prior RBI approval. Authorised dealers must obtain a company secretary/auditor certificate and submit an ECB PAR within seven days.
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