Reporting under Foreign Exchange Management Act, 1999 – Returns pertaining to External Commercial Borrowing (ECB)

External Commercial Borrowing reporting rules revised, with late submission fee computation, filing timelines, and bank monitoring clarified.

Reporting requirements for External Commercial Borrowing returns under FEMA are revised for authorised dealer category I banks and eligible borrowers. Form ECB 1 and Revised Form ECB 1 are treated as returns that do not capture flows, and late submission fee for delayed filing is to be computed accordingly. The fee is payable per return, with each delayed Form ECB 2 return under a Loan Registration Number treated separately for the fixed component. The designated bank must forward complete returns to the Reserve Bank within seven calendar days and monitor fee payment in delayed cases.