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of <h1>India Revises ECB Policy: Higher Cost Refinancing Stopped; Lower Cost Allowed with Conditions Effective October 1, 2013.</h1> The circular addresses changes to the External Commercial Borrowings (ECB) policy, specifically regarding refinancing or rescheduling of ECBs. Effective October 1, 2013, the facility allowing eligible borrowers to refinance or reschedule existing ECBs at a higher all-in-cost is discontinued. However, refinancing existing ECBs at a lower all-in-cost is still permitted, provided the maturity of the original ECB is maintained or extended. Other aspects of the ECB policy remain unchanged. Authorized Dealer Category-I banks are instructed to inform their clients about these updates, which are issued under the Foreign Exchange Management Act, 1999.
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