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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Corporates Can Retain ECB Funds Abroad for Forex Needs Until June 30, 2003, Under FEMA 1999 Conditions.</h1> Corporates raising External Commercial Borrowings (ECBs) can retain funds abroad for future foreign exchange needs, subject to conditions. Funds must be used only for approved purposes, with payments to overseas suppliers backed by import documents. Accounts must close once forex needs are met, with unspent balances repatriated to India. Details of the account must be submitted to the Reserve Bank of India's Regional Office within eight days of opening. These relaxations are effective until June 30, 2003, and must be reported in the ECB2 return. The circular is issued under the Foreign Exchange Management Act 1999.
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