External Commercial Borrowings – Simplification of procedure.

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....gory-I) banks is invited to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000 and the A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to the External Commercial Borrowings (ECB), as amended from time to time. 2. As per the extant ECB procedures any request for cancellation ....

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....nbsp;    i.            no draw down for the said LRN has taken place; and     ii.            the monthly ECB-2 returns till date in respect of the LRN have been submitted to DSIM. b) Change in the end-use of ECB proceeds The designated AD Category-I bank m....

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....e been submitted to DSIM. The AD Category - I bank shall continue to monitor the utilization of end-use proceeds and changes in the end-use should be promptly reported to DSIM, RBI in Form 83. However, change in the end-use of ECBs availed under the approval route will continue to be referred to the Foreign Exchange Department, Central Office, Reserve Bank of India, as hitherto. 4. The above....