ECB in Renminbi scheme discontinued; authorized banks must notify constituents with immediate effect under foreign exchange authority. The scheme permitting External Commercial Borrowings in Renminbi for infrastructure-sector Indian companies under an approval route and subject to an annual cap is discontinued from the date of the circular; AD Category I banks must notify their constituents and customers. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and are without prejudice to other legal permissions.
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.
ECB in Renminbi scheme discontinued; authorized banks must notify constituents with immediate effect under foreign exchange authority.
The scheme permitting External Commercial Borrowings in Renminbi for infrastructure-sector Indian companies under an approval route and subject to an annual cap is discontinued from the date of the circular; AD Category I banks must notify their constituents and customers. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and are without prejudice to other legal permissions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
