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of <h1>Reserve Bank Updates ECB Policy: Restrictions on Exceeding USD 20 Million Annually for Foreign Currency Expenditures Only.</h1> The circular outlines modifications to the External Commercial Borrowings (ECB) policy by the Reserve Bank. ECB exceeding USD 20 million per borrower annually is now restricted to foreign currency expenditures and must be parked overseas, not remitted to India. ECB up to USD 20 million can be used for foreign currency expenditures under the Automatic Route, while Rupee expenditures require Reserve Bank approval. Existing ECB policy elements remain unchanged. These changes are effective immediately, with exceptions for borrowers with existing loan agreements and registration numbers. Amendments to relevant regulations will be issued separately.
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