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of <h1>OCBs Derecognized as Lenders Under FEMA 1999; ECB Loans from OCBs Cannot Be Renewed or Accrue Interest.</h1> The circular addresses the status of Overseas Corporate Bodies (OCBs) as lenders under the Foreign Exchange Management Act, 1999. It clarifies that OCBs, having been derecognized as eligible investors since September 16, 2003, cannot be recognized as lenders for External Commercial Borrowing (ECB). Borrowers are reminded that loans from OCBs, whether in foreign currency or rupees, cannot be renewed or accrue interest after maturity if they were outstanding as of that date. Authorized Dealer banks are instructed to inform their clients of these regulations, which are issued under specific sections of the Foreign Exchange Management Act.
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