Restriction on end-use of borrowed funds bars specified sectors and tightens ECB reporting, security and maturity requirements. Amendments substitute definitions, add a prohibition on specific end uses of borrowed funds (including chit funds, nidhi companies, specified real estate and certain agricultural and plantation activities, trading in transferable development rights, most securities transactions and repayment of restricted domestic INR loans), revise individual INR borrowing from non residents to require inward remittance and non repatriation, and replace Schedule I with a comprehensive ECB framework covering eligible borrowers and lenders, currency and form of borrowing, limits, minimum average maturity periods, cost and security rules, refinancing, conversion to non debt instruments, drawdown via Loan Registration Number, and detailed reporting obligations through the designated AD Category I bank.
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.
Restriction on end-use of borrowed funds bars specified sectors and tightens ECB reporting, security and maturity requirements.
Amendments substitute definitions, add a prohibition on specific end uses of borrowed funds (including chit funds, nidhi companies, specified real estate and certain agricultural and plantation activities, trading in transferable development rights, most securities transactions and repayment of restricted domestic INR loans), revise individual INR borrowing from non residents to require inward remittance and non repatriation, and replace Schedule I with a comprehensive ECB framework covering eligible borrowers and lenders, currency and form of borrowing, limits, minimum average maturity periods, cost and security rules, refinancing, conversion to non debt instruments, drawdown via Loan Registration Number, and detailed reporting obligations through the designated AD Category I bank.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
