https://www.taxtmi.com/circulars?id=11685 External Commercial Borrowings may be used, via the approval route, for repayment of outstanding Rupee loans used for capital expenditure and for fresh Rupee capital expenditure by eligible manufacturing and infrastructure companies that are consistent foreign exchange earners and not on the RBI default/caution lists. The overall facility and per company limits are tied to export earnings; drawdown must occur promptly after obtaining the Loan Registration Number. Applications in Form ECB require statutory auditor certification and lender/AD certification of outstanding Rupee loans. Designated AD Category I banks shall monitor end use, prevent sourcing of foreign exchange for repayment from Indian markets, and note that Indian banks cannot provide guarantees; all ECB conditions remain applicable. en-us Mon, 25 Jun 2012 00:00:00 +0530 Mon, 25 Jun 2012 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11685 External Commercial Borrowings may be used, via the approval route, for repayment of outstanding Rupee loans used for capital expenditure and for fresh Rupee capital expenditure by eligible manufacturing and infrastructure companies that are consistent foreign exchange earners and not on the RBI default/caution lists. The overall facility and per company limits are tied to export earnings; drawdown must occur promptly after obtaining the Loan Registration Number. Applications in Form ECB require statutory auditor certification and lender/AD certification of outstanding Rupee loans. Designated AD Category I banks shall monitor end use, prevent sourcing of foreign exchange for repayment from Indian markets, and note that Indian banks cannot provide guarantees; all ECB conditions remain applicable. Circulars FEMA Mon, 25 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11685