External Commercial Borrowings (ECB) – Clarifications

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....d vide A.P. (DIR Series) Circular No.60 datedJanuary 31, 2004. The Reserve Bank has been receiving a number of queries relating to various aspects of the ECB guidelines. Our clarifications on these issues are set out below : 2. End-use - Prior to February 1, 2004, eligible borrowers were permitted to raise ECB under the Automatic Route equivalent to USD 50 million per financial year for general c....

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....051 within seven working days from the close of month to which it relates. It is clarified that all existing borrowers are also required to submit ECB -2 Return on a monthly basis from January 2004 onwards as mentioned above. 5. Compliance with ECB Guidelines - The primary responsibility to ensure that ECB raised/utilised are in conformity with the Reserve Bank instructions is that of the concern....