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of <h1>New ECB Re-scheduling Rules: Category-I Banks Gain Approval Authority; Conditions Apply for Changes Before Maturity.</h1> The circular announces the simplification of procedures for re-scheduling External Commercial Borrowings (ECB) by delegating authority to designated Category-I Authorized Dealer banks. These banks can now approve changes in the drawdown or repayment schedule of ECBs, provided conditions are met, such as no increase in interest rates or additional costs, compliance with prudential norms, and reporting changes through Form 83. The re-scheduling is permitted only once before maturity and is applicable to ECBs under both automatic and approval routes, excluding FCCBs. The changes are effective immediately, and other ECB policies remain unchanged.
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