Foreign currency borrowing maturity eased to permit one year tenure for specified swap-eligible borrowings, reverting to longer term subsequently. AD Category I banks may borrow overseas foreign currency beyond their unimpaired Tier I capital subject to minimum maturity rules: borrowings made on or before November 30, 2013 to avail the Reserve Bank's swap facility may have a minimum maturity of one year; borrowings beyond that date must have a minimum maturity of three years. The directions are issued under the Foreign Exchange Management Act and do not affect other required statutory permissions or approvals.
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.
Foreign currency borrowing maturity eased to permit one year tenure for specified swap-eligible borrowings, reverting to longer term subsequently.
AD Category I banks may borrow overseas foreign currency beyond their unimpaired Tier I capital subject to minimum maturity rules: borrowings made on or before November 30, 2013 to avail the Reserve Bank's swap facility may have a minimum maturity of one year; borrowings beyond that date must have a minimum maturity of three years. The directions are issued under the Foreign Exchange Management Act and do not affect other required statutory permissions or approvals.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
