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of <h1>India Revises ECB and Trade Credits Policy: New Benchmark Rates and Increased Cost Ceilings Amid LIBOR Transition.</h1> The circular addresses changes in the External Commercial Borrowings (ECB) and Trade Credits (TC) policy due to the transition from LIBOR. The benchmark rate for foreign currency ECBs and TCs will now refer to any widely accepted interbank rate or alternative reference rate (ARR) of a 6-month tenor. The all-in-cost ceiling for new ECBs and TCs has been increased by 50 basis points. For existing ECBs and TCs transitioning from LIBOR to ARRs, the ceiling is raised by 100 basis points. There are no changes for INR ECBs/TCs, and other ECB/TC policy provisions remain unchanged.
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