https://www.taxtmi.com/circulars?id=53480 Recognised non-resident lenders may extend INR denominated ECBs by mobilising INR through a swap: the lender approaches an overseas bank which enters a back to back swap with an AD Category I bank in India. AD banks must obtain documentation (scanned acceptable) to verify the underlying INR ECB, take a one time KYC certification on the end client, retain records for RBI verification, ensure the swap continues only while the underlying ECB exists, and permit maturity settlement via the overseas bank's vostro account. en-us Thu, 21 May 2015 00:00:00 +0530 Thu, 21 May 2015 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=53480 Recognised non-resident lenders may extend INR denominated ECBs by mobilising INR through a swap: the lender approaches an overseas bank which enters a back to back swap with an AD Category I bank in India. AD banks must obtain documentation (scanned acceptable) to verify the underlying INR ECB, take a one time KYC certification on the end client, retain records for RBI verification, ensure the swap continues only while the underlying ECB exists, and permit maturity settlement via the overseas bank's vostro account. Circulars FEMA Thu, 21 May 2015 00:00:00 +0530 https://www.taxtmi.com/circulars?id=53480