External Commercial Borrowings liberalisation expands eligible end uses, permits onshore crediting of proceeds, and revises all in cost ceilings. ECB policy now permits Automatic Route borrowings up to the prescribed single borrower annual ceiling for rupee and foreign currency expenditure on permissible end uses, removes the minimum average maturity requirement for certain large rupee infrastructure capital expenditure, and recognises payment for 3G spectrum as an eligible end use. Borrowers may park proceeds offshore or remit them to rupee accounts in India, subject to prohibitions on capital market, real estate and inter corporate investments. All in cost ceilings have been revised for specified maturity bands and SME unhedged FX exposures will be monitored; these changes are effective immediately under FEMA directions.