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of <h1>New ECB Rules: Indian Firms Can't Use Overseas Branches for Refinancing Rupee Loans in Key Sectors.</h1> The circular addresses changes in the External Commercial Borrowings (ECB) policy concerning the refinancing or repayment of Rupee loans raised from the domestic banking system. It prohibits eligible Indian companies from raising ECBs from overseas branches or subsidiaries of Indian banks for refinancing or repaying Rupee loans in specific cases, including take-out financing, infrastructure sector loans, spectrum allocation, and general Rupee loan repayment. These changes are effective immediately, while all other ECB policy aspects remain unchanged. The circular is issued under the Foreign Exchange Management Act, 1999, and banks are instructed to inform their clients of these updates.
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