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<h1>New ECB Guidelines: Borrower Eligibility, Lender Recognition, Maturity, and End-Use Rules under FEMA 1999.</h1> The Master Circular on External Commercial Borrowings (ECB) and Trade Credits consolidates guidelines under the Foreign Exchange Management Act, 1999, governing ECBs and trade credits. It outlines the procedures and regulatory framework for ECBs, including eligible borrowers, recognized lenders, amount and maturity, and end-use restrictions. ECBs can be accessed via the Automatic or Approval Route, with specific conditions for each. The circular also covers Foreign Currency Convertible Bonds, Foreign Currency Exchangeable Bonds, and structured obligations. It mandates compliance with ECB guidelines and details reporting arrangements and dissemination of information. The circular is updated periodically to incorporate new instructions.