External commercial borrowings access for multi state co operative societies now allowed under approval route subject to solvency and audited financial compliance. ECB by multi state co operative societies engaged in manufacturing are allowable under the Approval Route provided the society is financially solvent, submits an up to date audited balance sheet, and the proposal complies with all ECB parameters such as recognised lender, permitted end use, average maturity period and all in cost ceiling as specified in the ECB guidelines.
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Provisions expressly mentioned in the judgment/order text.
External commercial borrowings access for multi state co operative societies now allowed under approval route subject to solvency and audited financial compliance.
ECB by multi state co operative societies engaged in manufacturing are allowable under the Approval Route provided the society is financially solvent, submits an up to date audited balance sheet, and the proposal complies with all ECB parameters such as recognised lender, permitted end use, average maturity period and all in cost ceiling as specified in the ECB guidelines.
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