External Commercial Borrowings: dual routes, eligibility, maturity and all in cost limits with strict end use and reporting rules. External Commercial Borrowings, FCCBs/FCEBs, qualifying preference shares and trade credits are regulated under dual routes: an Automatic Route for specified real sector, infrastructure and service sector financing and an Approval Route for cases outside automatic thresholds or involving special entities. The framework prescribes eligible borrowers and recognised lenders, sector and annual caps, minimum average maturities, all in cost ceilings, permitted and prohibited end uses, conditions on security and guarantees, parking of proceeds, prepayment/refinancing rules, and mandatory reporting (LRN, Forms 83 and ECB 2) with FEMA enforcement for non compliance.