External Commercial Borrowings policy liberalisation shortens minimum maturity for manufacturers and permits bank participation in rupee bonds. ECB policy liberalisation permits manufacturers to raise ECBs at the existing small ticket limit with a reduced minimum average maturity of one year, while Indian banks are authorised to act as arrangers, underwriters, market makers and traders for Rupee denominated bonds issued overseas, subject to applicable prudential norms. All other ECB provisions remain unchanged and the Master Direction is being updated; AD Category I banks must notify constituents. The directions are issued under the Foreign Exchange Management Act and do not affect other statutory approvals.
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Provisions expressly mentioned in the judgment/order text.
External Commercial Borrowings policy liberalisation shortens minimum maturity for manufacturers and permits bank participation in rupee bonds.
ECB policy liberalisation permits manufacturers to raise ECBs at the existing small ticket limit with a reduced minimum average maturity of one year, while Indian banks are authorised to act as arrangers, underwriters, market makers and traders for Rupee denominated bonds issued overseas, subject to applicable prudential norms. All other ECB provisions remain unchanged and the Master Direction is being updated; AD Category I banks must notify constituents. The directions are issued under the Foreign Exchange Management Act and do not affect other statutory approvals.
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