External Commercial Borrowings policy liberalisation relaxes cost ceilings and widens eligible end uses for corporate ECB access. External Commercial Borrowings policy temporarily dispenses with all-in-cost ceilings until June 30, 2009, allowing applicants exceeding prior ceilings to seek approvals; permits ECB for development of integrated townships under the Approval Route with minimum area or dwelling-unit thresholds; allows NBFCs exclusively financing infrastructure to on-lend ECBs from specified multilateral and government-owned development lenders subject to a 3:1 direct-lending-to-ECB-lending ratio and lender certification; and moves Hotels, Hospitals and Software corporates to the Automatic Route for eligible capital expenditure (excluding land), while other ECB terms and reporting remain unchanged.