External Commercial Borrowings rules: end use prohibitions and mandatory monthly ECB 2 reporting require borrower and AD compliance. The circular prohibits use of ECB for working capital, general corporate purpose and repayment of rupee loans, fixes the Automatic Route ceiling at USD 500 million per financial year, mandates monthly submission of the ECB 2 Return certified by the designated Authorised Dealer within seven working days of month end (applicable to existing borrowers from January 2004), assigns primary compliance responsibility to borrowers with ADs certifying conformity, and authorises ADs to approve cost neutral repayment elongation for certain erstwhile small limit ECBs with lender consent, reporting such approvals to the Reserve Bank and in ECB 2.
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.
External Commercial Borrowings rules: end use prohibitions and mandatory monthly ECB 2 reporting require borrower and AD compliance.
The circular prohibits use of ECB for working capital, general corporate purpose and repayment of rupee loans, fixes the Automatic Route ceiling at USD 500 million per financial year, mandates monthly submission of the ECB 2 Return certified by the designated Authorised Dealer within seven working days of month end (applicable to existing borrowers from January 2004), assigns primary compliance responsibility to borrowers with ADs certifying conformity, and authorises ADs to approve cost neutral repayment elongation for certain erstwhile small limit ECBs with lender consent, reporting such approvals to the Reserve Bank and in ECB 2.
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