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of <h1>Non-residents can lend in INR via swaps with AD Cat-I banks under ECB regulations; compliance with FEMA required.</h1> Attention is directed to the regulations governing External Commercial Borrowings (ECB) in Indian Rupees (INR). Recognized non-resident lenders can extend INR loans by mobilizing INR through a swap with an Authorized Dealer Category-I (AD Cat-I) bank in India. The process involves the non-resident lender coordinating with their overseas bank to initiate a swap transaction, which is then backed by a swap with an AD Cat-I bank in India. The AD bank must verify the existence of the underlying ECB and maintain all documentation for Reserve Bank verification. All operational guidelines from previous circulars apply, and the directions are issued under the Foreign Exchange Management Act.
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