External Commercial Borrowings policy liberalisation increases rupee-expenditure limit for infrastructure borrowers, imposing longer maturity and higher cost ceilings. The circular liberalises External Commercial Borrowings by increasing the rupee-expenditure ceiling for infrastructure borrowers under the Approval Route and requiring a longer minimum average maturity for amounts exceeding the prior sub-limit. It also raises the all-in-cost ceiling for the longest maturity category while keeping other maturity ceilings and other ECB framework provisions unchanged; amendments take immediate effect and regulatory changes to the Foreign Exchange Management Regulations will follow.