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of <h1>New Guidelines Prohibit Refinancing Rupee-Denominated ECBs with Foreign Currency ECBs under FEMA as of June 2023.</h1> Refinancing an existing Rupee denominated External Commercial Borrowing (ECB) with a new Foreign Currency denominated ECB is not allowed as per the guidelines effective June 26, 2023, under the Foreign Exchange Management Act (FEMA).
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