Parking of ECB funds abroad permitted with restrictions on use, documentary import support, reporting, and repatriation obligations. Corporates raising External Commercial Borrowings may retain borrowed funds abroad in bank accounts for future forex requirements provided debits are only for approved purposes, payments to overseas suppliers are supported by import documents with certified evidence of imports submitted with the ECB2 return, parked deposits are not used to provide fund based or non fund based facilities in India, accounts are closed and unspent balances repatriated when requirements are met, and specified account details are submitted to the Reserve Bank through the authorised dealer within eight days of opening.
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.
Parking of ECB funds abroad permitted with restrictions on use, documentary import support, reporting, and repatriation obligations.
Corporates raising External Commercial Borrowings may retain borrowed funds abroad in bank accounts for future forex requirements provided debits are only for approved purposes, payments to overseas suppliers are supported by import documents with certified evidence of imports submitted with the ECB2 return, parked deposits are not used to provide fund based or non fund based facilities in India, accounts are closed and unspent balances repatriated when requirements are met, and specified account details are submitted to the Reserve Bank through the authorised dealer within eight days of opening.
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