ECB refinancing permitted if borrower remains eligible, new all-in-cost is lower, maturity not reduced, compliance ensured.

Refinancing of External Commercial Borrowings is permitted only if the borrower remains eligible under the extant ECB framework, the new ECB complies with that framework, the all-in-cost of the new borrowing is lower than the existing ECB, and the residual maturity of the existing ECB is not reduced.

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