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of <h1>RBI Allows Banks to Approve Security Charges for ECBs Under FEMA 1999; Immediate Effect and Periodic Review.</h1> The circular issued by the Reserve Bank of India (RBI) addresses the liberalization of security for External Commercial Borrowings (ECB). It allows Authorized Dealer Category - I banks to provide 'no objection' under the Foreign Exchange Management Act (FEMA), 1999, for creating charges on immovable assets, financial securities, and issuing corporate or personal guarantees to secure ECBs. The conditions include compliance with ECB guidelines, a security clause in the loan agreement, and obtaining a Loan Registration Number. The 'no objection' is strictly from a foreign exchange perspective and does not imply approval from other statutory authorities. These amendments are effective immediately and subject to periodic review.
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