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          FEMA

          Can the interest accrued on ECB be converted into Equity under the extant norms?

          External Commercial Borrowings (ECB) and Trade Credits - As on Jun 26, 2023

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          Conversion of interest on external commercial borrowings into equity permitted subject to applicable regulatory conditions. Extant FEMA norms permit conversion of both ECB principal and interest into equity subject to the regulatory conditions and procedural requirements set out in Paragraph 7.4 of Master Direction No. 5 on External Commercial Borrowings, Trade Credits and Structured Obligations.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Conversion of interest on external commercial borrowings into equity permitted subject to applicable regulatory conditions.

                                  Extant FEMA norms permit conversion of both ECB principal and interest into equity subject to the regulatory conditions and procedural requirements set out in Paragraph 7.4 of Master Direction No. 5 on External Commercial Borrowings, Trade Credits and Structured Obligations.


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