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of <h1>Master Circular on ECBs & Trade Credits: Guidelines for Indian Borrowers, Lenders, End-Uses, and Reporting Requirements under FEMA 1999.</h1> The Master Circular on External Commercial Borrowings (ECB) and Trade Credits consolidates guidelines related to ECBs and trade credits for Indian residents under the Foreign Exchange Management Act, 1999. It outlines the procedures for accessing ECBs via the Automatic and Approval Routes, detailing eligible borrowers, recognized lenders, permissible end-uses, and restrictions. The circular covers various instruments like Foreign Currency Convertible Bonds and Foreign Currency Exchangeable Bonds, and stipulates reporting requirements. It also addresses trade credits for imports, specifying conditions for maturity, costs, and guarantees. The document serves as a comprehensive reference for authorized banks and borrowers.
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