TaxTMI 
TaxTMI 
Master Circular on External Commercial Borrowings and Trade Credits
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....dated Master Circular on the subject. Yours faithfully, (Salim Gangadharan) Chief General Manager-in-Charge Click here to download Master Circular ============= Document 1 INDEX 3 PART I EXTERNAL COMMERCIAL BORROWINGS (ECB) 3 I. (A) AUTOMATIC ROUTE 4 i ) Eligible Borrowers 4 ii) Recognised Lenders 5 iii) Amount and Maturity. 6 iv) All-in-cost ceilings 6 v) End use. 7 vi) End Uses not permitted 7 vii) Guarantees 8 viii) Security 8 ix) Parking of ECB proceeds 10 x) Prepayment 10 xi) Refinancing of an existing ECB 12 xii) Debt Servicing 12 xiii) Procedure 12 I. (B) APPROVAL ROUTE 12 i) Eligible Borrowers 12 ii) Recognised Lenders 14 iii) Amount and Maturity 14 iv) All-in-cost ceilings 14 v) End-use. 15 vi) End-uses not Permitted 16 vii) Guarantee 16 viii) Security 17 ix) Parking of ECB 17 x) Prepayment 17 xi) Refinancing of an existing ECB 19 xii) Debt Servicing 19 xiii) Procedure 19 xiv) Foreign Currency Exchangeable Bonds. 19 XV) Empowered Committee 22 II . REPORTING ARRANGEMENTS AND DISSEMINATION OF INFORMATION 22 i) Reporting Arrangemen....
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....r May 1, 2007 are considered as debt. Accordingly, all the norms applicable for ECBs, viz. eligible borrowers, recognised lenders, amount and maturity, end- use stipulations, etc. shall apply. Since these instruments would be denominated in Rupees, the Rupee interest rate will be based on the swap equivalent of Libor plus the spread as permissible for ECBs of corresponding maturity. Foreign Currency Exchangeable Bond (FCEB) means a bond expressed in foreign currency, the principal and interest in respect of which is payable in foreign currency, issued by an Issuing Company and subscribed to by a person who is a resident outside India, in foreign currency and exchangeable into equity share of another company, to be called the Offered Company, in any manner, either wholly, Website: www.fema.rbi.org.in Email: [email protected] 2 RESERY 2 . VIONT BANK or partly or on the basis of any equity related warrants attached to debt instruments. The FCEB must comply with the "Issue of Foreign Currency Exchangeable Bonds (FCEB) Scheme, 2008", notified by the Government of India, Ministry of Finance, Department of Economic Affairs vide Notification G.S.R.89(E) dated Februa....
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....f paid up equity in the borrower company as set out below: (i) For ECB up to USD 5 million - minimum paid up equity of 25 per cent held directly by the lender ; and (ii) For ECB more than USD 5 million - minimum paid up equity of 25 per cent held directly by the lender and debt-equity ratio not exceeding 4:1 (i.e. the proposed ECB not exceeding four times the direct foreign equity holding) Overseas organizations and individuals complying with following safeguards may provide ECB to Non-Government Organizations (NGOs) engaged in micro finance activities. (a) Overseas Organizations proposing to lend ECB would have to furnish to the AD bank of the borrower a certificate of due diligence from an overseas bank which in turn is subject to regulation of host-country regulator and adheres to the Financial Action Task Force (FATF) guidelines. The certificate of due diligence should comprise the following (i) that the lender maintains an account with the bank for at least a period of two years, (ii) that the lending entity is organised as per the local law and held in good esteem by the business/local community, and (iii) that there is no criminal action pending against it. (b....
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.... month Libor* Three years and up to five years 300 basis points More than five years 500 basis points * for the respective currency of borrowing or applicable benchmark v) End-use (a) ECB can be raised only for investment [such as import of capital goods (as classified by DGFT in the Foreign Trade Policy), new projects, modernization/expansion of existing production units] in the real sector - industrial sector including small and medium enterprises (SME), infrastructure sector and specific service sectors, namely hotel, hospital and software - in India. Infrastructure sector for the purpose of ECB is defined as (i) power, (ii) telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects) and (viii) mining, refining and exploration. (b) Overseas direct investment in Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) subject to the existing guidelines on Indian Direct Investment in JV/WOS abroad. (c) Utilization of ECB proceeds is permitted for first stage acquisition of shares in the disinvestment process and also in the mandatory second....
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....he Reserve Bank. On compliance with the above conditions, AD Category - I banks may convey their 'no objection', under FEMA, 1999 for creation of charge on immovable assets, financial securities and issue of personal or corporate guarantee, subject to the conditions indicated below: Email: [email protected] Website: www.fema.rbi.org.in 7 · RESERV INDIA. ER BANK a) The 'no objection' for creation of charge on immovable assets may be conveyed under FEMA, 1999 either in favour of the lender or the security trustee, subject to the following conditions: (i) 'No objection' shall be granted only to a resident ECB borrower. (ii) The period of such charge on immovable assets has to be co-terminus with the maturity of the underlying ECB. (iii) Such 'no objection' should not be construed as a permission to acquire immovable asset (property) in India, by the overseas lender / security trustee. (iv) In the event of enforcement / invocation of the charge, the immovable asset (property) will have to be sold only to a person resident in India and the sale proceeds shall be repatriated to liquidate the outstanding ECB. b) AD Category - I banks may convey th....
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....or Aa3 by Moody's, (b) Treasury bills and other monetary instruments of one year maturity having minimum rating as indicated above, and (c) deposits with overseas branches / subsidiaries of Indian banks abroad. The funds should be invested in such a way that the investments can be liquidated as and when funds are required by the borrower in India. ECB funds may also be remitted to India for credit to the borrowers' Rupee accounts with AD Category - I banks in India, pending utilization for permissible end-uses. x) Prepayment (a) Prepayment of ECB up to USD 500 million may be allowed by AD banks without prior approval of the Reserve Bank subject to compliance with the stipulated minimum average maturity period as applicable to the loan. Website: www.fema.rbi.org.in Email: [email protected] 9 2 . VIONT RESERV E BANK (b) Buyback of FCCB: The designated AD Category - I banks may allow Indian companies to prematurely buyback FCCBs, subject to compliance with the terms and conditions as under: i) the buyback value of the FCCB shall be at a minimum discount of 15 per cent on the book value; ii) the funds used for the buyback shall be out of existing for....
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....urity of the original ECB is maintained. xii) Debt Servicing The designated Authorised Dealer banks has the general permission to make remittances of installments of principal, interest and other charges in conformity with ECB guidelines, issued by Government / Reserve Bank of India from time to time. xiii) Procedure Borrowers may enter into loan agreement with recognised lender for raising ECB under Automatic Route complying with the ECB guidelines without prior approval of the Reserve Bank. The borrower must obtain a Loan Registration Number (LRN) from the Reserve Bank before drawing down the ECB. The procedure for obtaining LRN is detailed in II (i) (b). I. (B) APPROVAL ROUTE i) Eligible Borrowers The following types of proposals for ECB are covered under the Approval Route. a) Financial institutions dealing exclusively with infrastructure or export finance such as IDFC, IL&FS, Power Finance Corporation, Power Trading Corporation, IRCON and EXIM Bank are considered, on a case by case basis. Website: www.fema.rbi.org.in Email: [email protected] 11 . RESERY 2 . VIONT & BANK b) Banks and financial institutions which had participated in t....
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....orates which have violated the extant ECB policy and are under investigation by Reserve Bank and / or Directorate of Enforcement, are allowed to avail ECB only under the Approval route. j) Cases falling outside the purview of the automatic route limits and maturity period indicated at paragraph I A (iii). ii) Recognised Lenders (a) Borrowers can raise ECB from internationally recognised sources such as (i) international banks, (ii) international capital markets, (iii) multilateral financial institutions (such as IFC, ADB, CDC etc.), (iv) export credit agencies, (v) suppliers' of equipment, (vi) foreign collaborators, and (vii) foreign equity holders (other than erstwhile OCBs). (b) From 'foreign equity holder' where the minimum paid up equity held directly by the foreign equity lender is 25 per cent but ECBs: equity ratio exceeds 4:1 (i.e. the amount of the proposed ECB exceeds four times the direct foreign equity holding). iii) Amount and Maturity Corporates can avail of ECB of an additional amount of USD 250 million with average maturity of more than 10 years under the approval route, over and above the existing limit of USD 500 million under the automatic route....
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....mass rapid transit systems and manufacture of building materials. Development of land and providing allied infrastructure forms an integrated part of township's development. The minimum area to be developed should be 100 acres for Website: www.fema.rbi.org.in Email: [email protected] 14 - RESERY INDIA. ER BANK which norms and standards are to be followed as per local bye-laws/rules. In the absence of such bye-laws/rules, a minimum of two thousand dwelling units for about ten thousand population will need to be developed. This permission is available up to December 31,2009. (e) Buyback of FCCB subject to terms and conditions as detailed under para I (B) (x) (c). vi) End-uses not Permitted (a) Utilisation of ECB proceeds is not permitted for on-lending or investment in capital market or acquiring a company (or a part thereof) in India by a corporate except banks and financial institutions eligible under paragraph I (B) (i) (a) and I (B) (i) (b) . (b) Utilisation of ECB proceeds is not permitted in real estate. However, the term real estate excludes development of integrated township as defined by Ministry of Commerce and Industry, DIPP, SIA (FC Divisi....
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....he borrower in India. ECB funds may also be remitted to India for credit to the borrowers' Rupee accounts with AD Category I banks in India, pending utilization for permissible end- uses. x) Prepayment (a) Prepayment of ECB up to USD 500 million may be allowed by the AD bank without prior approval of Reserve Bank subject to compliance with the stipulated minimum average maturity period as applicable to the loan. (b) Pre-payment of ECB for amounts exceeding USD 500 million would be considered by the Reserve Bank under the Approval Route. Website: www.fema.rbi.org.in Email: [email protected] 16 - RESERV 2 . VIONT BANK (c) Buyback of FCCB: The Reserve Bank will consider proposals from Indian companies for buyback of FCCBs up to USD 100 million of the redemption value per company under the Approval Route, subject to compliance with the following conditions: i) minimum discount of 25 per cent of book value for redemption value up to USD 50 million; ii) minimum discount of 35 per cent of book value for the redemption value over USD 50 million and up to USD 75 million; and iii) minimum discount of 50 per cent of book value for the redemption value....
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.... xiii) Procedure Applicants are required to submit an application in form ECB through designated AD bank to the Chief General Manager-in-Charge, Foreign Exchange Department, Reserve Bank of India, Central Office, External Commercial Borrowings Division, Mumbai - 400 001, along with necessary documents. xiv) Foreign Currency Exchangeable Bond Scheme Foreign Currency Exchangeable Bond (FCEB) means a bond expressed in foreign currency, the principal and interest in respect of which is payable in foreign currency, issued by an Issuing Company and subscribed to by a person who is a resident outside India, in foreign currency and exchangeable into equity share of another company, to be called the Offered Company , in any manner, either wholly, or partly or on the basis of any equity related warrants attached to debt instruments. The FCEB may be denominated in any freely convertible foreign currency. Website: www.fema.rbi.org.in 18 Email: [email protected] RESERY ## . VIGNI BANK Eligible Issuer: The Issuing Company shall be part of the promoter group of the Offered Company and shall hold the equity share/s being offered at the time of issuance of FCEB. O....
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....ceding the relevant date; and (ii) The average of the weekly high and low of the closing prices of the shares of the offered company quoted on a stock exchange during the two week preceding the relevant date. Average Maturity : Minimum maturity of FCEB shall be five years. The exchange option can be exercised at any time before redemption. While exercising the exchange option, the holder of the FCEB shall take delivery of the offered shares. Cash (Net) settlement of FCEB shall not be permissible. Parking of FCEB proceeds abroad : The proceeds of FCEB shall be retained and / or deployed overseas by the issuing / promoter group companies in accordance with the policy for the ECB. It shall be the responsibility of the issuing company to ensure that the proceeds of FCEB are used by the promoter group company only for the permitted end-uses prescribed under the ECB policy. The issuing company should also submit audit trail of the end-use of the proceeds by the issuing company / promoter group companies to the Reserve Bank duly certified by the designated Authorised Dealer bank. Operational Procedure - Issuance of FCEB shall require prior approval of the Reserve Bank under th....
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....uarantee. The non-resident guarantor may discharge the liability by i) payment out of Rupee balances held in India or ii) by remitting the funds to India or iii) by debit to his FCNR(B)/NRE account maintained with an Authorised Dealer in India. In such cases, the non-resident guarantor may enforce his claim against the resident borrower to recover the amount and on recovery he may seek repatriation of the amount if the liability is discharged either by inward remittance or by debit to FCNR(B)/NRE account. However, in case the liability is discharged by payment out of Rupee balances the amount recovered can be credited to the NRO account of the non-resident guarantor. The Reserve Bank vide Notification No. FEMA.29/ RB-2000 dated 26th September 2000 has granted general permission to a resident, being a principal debtor to make payment to a person resident outside India, who has met the liability under a guarantee. Accordingly, in cases where the liability is met by the non-resident out of funds remitted to India or by debit to his FCNR/NRE account, the repayment may be made by credit to the FCNR/NRE/NRO account of the guarantor provided, the amount remitted/credited shall not exce....
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....s well as in form ECB-2 clearly differentiating the converted portion from the unconverted portion. The words "ECB partially converted to equity" should be indicated on top of the ECB-2 form. In subsequent months, the outstanding portion of ECB should be reported in ECB-2 form to DSIM. Website: www.fema.rbi.org.in Email: [email protected] 23 RESERV 27 . VIONT BANK VI.CRYSTALLISATION OF ECB AD banks desiring to crystallize their foreign exchange liability arising out of guarantees provided for ECB raised by corporates in India into Rupees, may make an application to the Chief General Manager-in-Charge, Foreign Exchange Department, External Commercial Borrowings Division, Reserve Bank of India, Central Office, Mumbai - 400 001, giving full details viz., name of the borrower, amount raised, maturity, circumstances leading to invocation of guarantee /letter of comfort, date of default, its impact on the liabilities of the overseas branch of the AD bank concerned and other relevant factors. VII. ECB UNDER THE ERSTWHILE USD 5 MILLION SCHEME Designated AD banks are permitted to approve elongation of repayment period for loans raised under the erstwhile USD 5 ....
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....egal expenses, if any. Website: www.fema.rbi.org.in Email: [email protected] 25 RESERV 2 . VIONI E BANK c) Guarantee AD banks are permitted to issue Letters of Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) in favour of overseas supplier, bank and financial institution, up to USD 20 million per transaction for a period up to one year for import of all non-capital goods permissible under Foreign Trade Policy (except gold, palladium, etc.) and up to three years for import of capital goods, subject to prudential guidelines issued by the Reserve Bank from time to time. The period of such Letters of credit / guarantees / LoU / LoC has to be co-terminus with the period of credit, reckoned from the date of shipment. d) Reporting Arrangements AD banks are required to furnish details of approvals, drawal, utilisation, and repayment of trade credit granted by all its branches, in a consolidated statement, during the month, in form TC (format in Annex IV) from April 2004 onwards to the Director, Division of International Finance, Department of Economic Analysis and Policy, Reserve Bank of India, Central Office Building, 8th floor, Fort, Mu....
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....s and conditions of the ECB (c) Terms and conditions of the ECB (i) Rate of interest . . (ii) Up-front fee : (iii) Management fee : (iv) Other charges, if any (Please specify) : (v) All-in-cost : (vi) Commitment fee : (vii) Rate of penal interest : (viii) Period of ECB : (ix) Details of call/put option, if any. : (x) Grace / moratorium period : (xi) Repayment terms (half yearly/annually/bullet) : (xii) Average maturity : (c) Terms and conditions of the ECB (i) Rate of interest (iii) Management fee (iv) Other charges, if any (Please specify) (v) All-in-cost (vi) Commitment fee (vii) Rate of penal interest (viii) Period of ECB (ix) Details of call/put option, if any. (x) Grace / moratorium period (xi) Repayment terms (half yearly/annually/bullet) (xii) Average maturity 2. Details of the lender Name and address of the lender/supplier 3. Nature of security to be provided, if any. PART C - INFORMATION ABOUT DRAW DOWN AND REPAYMENTS Proposed Schedule Draw-down Repayment of Principal Interest Payment Month Year Amount Month Year Amount Month Year Amount PART D - ADDITIONAL IN....
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....ays from the date of signing loan agreement between borrower and lender for allotment of loan registration number. 2. Do not leave any column blank. Furnish complete particulars against each item. Where any particular item is not applicable write "N.A." against it. 3. All dates should be in format YYYY/MM/DD, such as 2004/01/21 for January 21, 2004. 4. Before forwarding Form 83 to the Reserve Bank, the Authorised Dealer must scrutinise all the related original documents and ensure that the form is complete in all respects and in order. 5. If space is not sufficient for giving full information/particulars against any item, a separate sheet may be attached to the form and serially numbered as Annex. 6. Firms/companies obtaining sub-loans through DFIs/FIs/banks/NBFCs etc. should not complete this form but approach the concerned financial institution directly for reporting. FOR RBI (DSIM) Use only Loan_key : CS-DRMS Team Received on Action Taken on Loan Classification Agreement Details (To be filled by borrowers of External Commercial Borrowings) Part A: Basic Details ECB Title / Project Registration Number No. and Date of RBI approval (if applicable....
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....s, CP, FRN etc. Commercial loan / Syndicated Loan (attach sheet for percentage distribution among lenders) Financial Lease Others (Specify) Refinancing of old ECBs: Reg No. of the old ECB Amount refinanced: Approval No. Date: Reason: Hedging risks using Currency Others (specify) Interest rate swap swap Part C: Schedule of transactions Interest Payment Schedule: Number of Payments in a Year First Payment / / Date Fixed Rate . Floating Rate: Margin Cap Rate: Floor Rate: Base Schedule of Draw Down Tranc he No Date (YYYY/MM/DD) (Please see note below) Currenc y Amount If more than one equal installments Total Number of drawals No.of drawals in a calendar year Website: www.fema.rbi.org.in Email: [email protected] 32 RESERV INDIA. ER BANK Note: 1. In the case of import of goods or services, date of import may be furnished against date of draw down. 2.In the case of financial lease date of acquisition (import) of the goods is to be mentioned as date of draw down. 3. In the case of securitised instruments, date of issue may be shown as date of draw down 4. In case mor....
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....ing 4 5 RP NP Repayment of earlier ECB New project 6 ME Modernisation/Expansion of existing units 7 PW Power 8 TL Telecommunication 9 RW Railways 10 RD Roads 11 PT Ports 12 IS Industrial parks 13 UI Urban infrastructure 14 OI Overseas investment in JV/WOS 15 DI PSU Disinvestment 16 TS Textile/Steel Restructuring Package BOX 1: Guarantee Status Code Sr. No . Cod e Description 1 GG Govt. of India guarantee. CG Public Sector guarantee 2 PB Public Sector Bank Guarantee. 3 FI Financial Institution Guarantee. 4 MB Multilateral /Bilateral Institution Guarantee. 5 PG Private Bank Guarantee 6 PS Private Sector Guarantee 7 MS Mortgage of Assets / Security 8 OG Other Guarantee 9 NN Not Guaranteed Website: www.fema.rbi.org.in Email: [email protected] 34 RESERV 2 . VIONT BANK 17 MF Micro finance activity 18 OT Others (Pl. specify) BOX 3 : Industry codes to be used Industry Group Name Industry Description Code PLANTATIONS TEA 111 COFFEE 112 RUBBER 113 OTHERS 119 MINING COAL 211 METAL 212 OTHERS 219 PETROLEUM & PERTOLEUM PRODUCTS MANUFACTURING 300 AGRICULTURAL PRODUC....
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....m the close of the month through the designated Authorised Dealer to the Director, Department of Statistics and Information Management (DSIM), Balance of Payments Statistics Division, Reserve Bank of India, C-8/9, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051. If there is no transaction during a particular period, a Nil return should be submitted. 2. Please do not leave any column blank. Furnish complete particulars against each item. Where any particular item is not applicable write "N.A." against it. 3. All dates should be in format YYYY/MM/DD, such as 2004/01/21 for January 21, 2004. 4. Borrowers obtaining sub-loans through DFIs/Banks/NBFCs etc. should not complete this form as the concerned financial institution would directly submit ECB-2. 5. Before forwarding the return to Reserve Bank (DSIM), the Company Secretary / Chartered Accountant must scrutinise related original documents and ensure that the return is complete and in order as per ECB guidelines issued by Government/RBI. 6. The unique Loan Identification Number (LIN)/RBI Registration Number (in case of loan approved prior to February 01, 2004) must be specified as allotted by RBI. Similarly, the Lo....
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....goods is to be mentioned as date of draw- down. 3. In the case of securitised instruments, date of issue may be shown as date of draw-down 2. Schedule of balance amount of loan to be drawn in future: Tranche No Expected Date (YYYY/MM/DD) of drawdown Currency Amount If more than one equal installment Total number of drawals No. of drawals in a calendar year 3. Details of utilisation of draw-downs during the month: Tranche No. Date (YYYY/MM/DD) Purpose codes (See BOX 1 ) Country Currency Amount Fresh Disbursement/ From A/c held abroad 4. Amount parked abroad outstanding as on beginning of the month Date (YYYY/MM/DD) Name of bank and branch Account No. Currency Amount 5. Utilisation of amount parked abroad. Date (YYYY/MM/DD) Name of bank and branch Account No. Currency Amount Purpose Website: www.fema.rbi.org.in Email: [email protected] 39 RESERY 2 . VIGNI BANK 6. Debt Servicing during the month - Tranche No. Purpose Date of Remittance Currency Amount Source of remittance (See Box 2) Prepaymen t of Principal (Y/N) Principal Interest @ rate Others (Specify) * In case of prepayment please provide details: Automatic Rou....
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....tamp] Signature of Authorised Dealer Place : Name: Date : Designation : Name & Address of Authorised Dealer Uniform Code No. Website: www.fema.rbi.org.in Email: [email protected] 41 Annex IV Form - TC Annex to A.P. (DIR Series) Circular No. 87 dated April 17, 2004 Part I : Approvals of Trade Credit granted by all branches during the (Month / Year) Name of the AD : Contact Person: Address : Tel : Fax : Sr. No Date of Approval Loan Identification No. of Category Borrower Name of Lender* Country of Lender* Curren cy Amou nt Equiv. Amt.in USD Rate of Intere st Other changes in USD 1 2 3 4 5 6 7 8 9 10 11 Total Loan Identification No. of Category Borrower 7 . RESERVE ## . VIONT BANK OF Form - TC Annex to A.P. (DIR Series) Circular No. 87 dated April 17, 2004 Part I : Approvals of Trade Credit granted by all branches during the (Month / Year) e-mail: Type of Crdit ** Period of credit Item of Import / proposed Import All-in- cost No. of Days/Mon./Yr Unit of time period SC / BC STC / LTC Descript ion Category* ** 12 13 14 15 16 17 18 I. Supplier's Credit (S....
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....of Residents Guarantees / Letter of Undertaking / Letter of Comfort Issued Buyer's Credit Supplier's Credit Trade Credits (less than 3 years) (a) Up to one year (b) Above one year and less than three years ** ** (Limited to Import of Capital Goods) Signature of the Authorised Signatory Place: [ Stamp] Date: . RESERY . VIONT BANK Appendix List of Notification/Circulars which have been consolidated in the Master Circular on External Commercial Borrowings and Trade Credits Sl. No. Notification / Circular Date 1. FEMA 3/2000-RB May 3, 2000 2. FEMA 26/2000-RB August 14,2000 3. FEMA 60/2002-RB April 29,2002 4. FEMA 75/2002-RB November 1,2002 5. FEMA 80/2003-RB January 8,2003 6. FEMA 82/2003-RB January 10,2003 7. FEMA 112/2004-RB March 6,2004 8. FEMA 126/2004-RB December 13, 2004 9. FEMA 127/2005-RB January 5, 2005 10. FEMA 129/2005-RB January 20, 2005 11. FEMA 142/2005-RB December 6, 2005 12 FEMA 157/2007-RB August 30 ,2007 13. FEMA. 182/ 2009-RB January 13,2009 1. AP(DIR Series) Circular No.41 April 29, 2002 2. AP(DIR Series) Circular No.29 October 18, 2003 3. AP(DIR Series) Circular No.60 January ....