https://www.taxtmi.com/circulars?id=52573 Holding companies and Core Investment Companies regulated by the Reserve Bank may raise External Commercial Borrowings for project use in SPVs in the infrastructure sector, provided the SPV is dedicated to the project, proceeds fund fresh capex or approved refinancing, and are used within three years of the SPV's Commercial Operations Date. Proceeds must be held in a separate escrow account and monitored by AD Category I banks, with an undertaking from the SPV against alternate funding for that capex. CICs must keep outside liabilities, including ECB, within 2.5 times adjusted net worth and, if below the asset threshold, raise ECB on a fully hedged basis. en-us Tue, 03 Dec 2013 00:00:00 +0530 Thu, 05 Dec 2013 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52573 Holding companies and Core Investment Companies regulated by the Reserve Bank may raise External Commercial Borrowings for project use in SPVs in the infrastructure sector, provided the SPV is dedicated to the project, proceeds fund fresh capex or approved refinancing, and are used within three years of the SPV's Commercial Operations Date. Proceeds must be held in a separate escrow account and monitored by AD Category I banks, with an undertaking from the SPV against alternate funding for that capex. CICs must keep outside liabilities, including ECB, within 2.5 times adjusted net worth and, if below the asset threshold, raise ECB on a fully hedged basis. Circulars FEMA Tue, 03 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52573