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of <h1>Clarification: ECB liability to equity ratio excludes non-convertible preference capital per FEMA guidelines, effective June 26, 2023.</h1> The equity in the 'ECB liability to Equity ratio' does not include non-convertible preference capital. This clarification is part of the guidelines concerning External Commercial Borrowings (ECB) and Trade Credits as per the Foreign Exchange Management Act (FEMA) as of June 26, 2023.
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