Prohibition on assuming foreign currency risk for rupee-denominated ECBs; liabilities cannot be converted or hedged. Entities raising rupee-denominated external commercial borrowings, including issuance of rupee-denominated bonds overseas, are prohibited from converting liabilities arising from such ECBs into foreign currency liabilities or from assuming foreign currency risk by entering into derivative contracts or by any other means, thereby requiring the liability to remain in rupee terms and imposing a strict compliance obligation on borrowers.