https://www.taxtmi.com/circulars?id=2128 Access to External Commercial Borrowings is permitted for NGOs engaged in micro finance under the Automatic Route, provided the NGO has a three year satisfactory borrowing relationship with an authorised dealer and a due diligence certificate on the governing body. ECB proceeds must be used only for lending to self help groups, micro credit, bona fide micro finance activities and capacity building. Lenders must be recognised international institutions or overseas entities/individuals meeting due diligence and KYC safeguards, and all standard ECB parameters and reporting obligations, including hedging of forex exposure and loan registration, must be complied with. en-us Mon, 25 Apr 2005 00:00:00 +0530 Fri, 03 Oct 2008 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2128 Access to External Commercial Borrowings is permitted for NGOs engaged in micro finance under the Automatic Route, provided the NGO has a three year satisfactory borrowing relationship with an authorised dealer and a due diligence certificate on the governing body. ECB proceeds must be used only for lending to self help groups, micro credit, bona fide micro finance activities and capacity building. Lenders must be recognised international institutions or overseas entities/individuals meeting due diligence and KYC safeguards, and all standard ECB parameters and reporting obligations, including hedging of forex exposure and loan registration, must be complied with. Circulars FEMA Mon, 25 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2128