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of <h1>Consolidated Guidelines on External Commercial Borrowings and Trade Credits under FEMA, 1999, Expire July 1, 2011.</h1> The Master Circular consolidates existing instructions on External Commercial Borrowings (ECBs) and Trade Credits for residents, as governed by the Foreign Exchange Management Act, 1999, and related regulations. It compiles various circulars and notifications into a single document, providing a comprehensive reference. This circular is subject to a sunset clause, expiring on July 1, 2011, after which it will be replaced by an updated version. The document aims to streamline and clarify the regulatory framework for ECBs and Trade Credits, ensuring compliance and facilitating ease of understanding for residents engaging in foreign exchange borrowing or lending.
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