TaxTMI 
TaxTMI 
Master Circular on External Commercial Borrowings and Trade Credits.
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.... (Rudra Narayan Kar) Chief General Manager ============= Document 1 INDEX PART I EXTERNAL COMMERCIAL BORROWINGS (ECB)..... I.(A) AUTOMATIC ROUTE i) Eligible Borrowers. ii) Recognised Lenders iii) Amount and Maturity. iv) All-in-cost ceilings. v) End-use 334 4 5 7 8 8 vi) End-uses not permitted vii) Guarantees. viii) Security..... ix) Parking of ECB proceeds.. x) Prepayment ..... xi) xii) Debt Servicing xiii) i) Eligible Borrowers ii) Recognised Lenders iii) Amount and Maturity. iv) All-in-cost ceilings v) End-use 9 10 10 12 13 Refinancing of an existing ECB Procedure ... I.(B) APPROVAL ROUTE 13 13 13 14 14 16 17 18 18 vi) Repayment of Rupee loans and/or fresh Rupee capital expenditure for companies with forex earnings.. .21 vii) End-uses not permitted.. .21 viii) Guarantee... 21 ix) Security..... 22 x) Parking of ECB proceeds.. 22 xi) Prepayment ..... .23 xii) Refinancing/rescheduling of an existing ECB .23 xiii) Debt Servicing .23 xiv) Pro....
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....nd issued by an Indian company expressed in foreign currency, and the principal and interest in respect of which is payable in foreign currency. Further, the bonds are required to be issued in accordance with the scheme viz., "Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993", and subscribed by a non-resident in foreign currency and convertible into ordinary shares of the issuing company in any manner, either in whole, or in part, on the basis of any equity related warrants attached to debt instruments. The ECB policy is applicable to FCCBs. The issue of FCCBs is also required to adhere to the provisions of Notification FEMA No. 120/RB-2004 dated July 7, 2004, as amended from time to time. (iii) Preference shares (i.e. non-convertible, optionally convertible or partially convertible) for issue of which, funds have been received on or after May 1, 2007 would be considered as debt and should conform to the ECB policy. Accordingly, all the norms applicable for ECB, viz. eligible borrowers, recognised lenders, amount and maturity, end use stipulations, etc. shall apply. Since....
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....on-Government Organizations (NGOs) engaged in micro finance activities are eligible to avail of ECB. (d) Micro Finance Institutions (MFIs) engaged in micro finance activities are eligible to avail of ECBs. MFIs registered under the Societies Registration Act, 1860, MFIs registered under Indian Trust Act, 1882, MFIs registered either under the conventional state-level cooperative acts, the national level multi-state cooperative legislation or under the new state-level mutually aided cooperative acts (MACS Act) and not being a co-operative bank, Non-Banking Financial Companies (NBFCs) categorized as 'Non Banking Financial Company-Micro Finance Institutions' (NBFC-MFIs) and complying with the norms prescribed as per circular DNBS.CC.PD.No. 250/03.10.01/2011-12 dated December 02, 2011 and Companies registered under Section 25 of the Companies Act, 1956 and are involved in micro finance activities. NGOs engaged in micro finance and MFIs registered as societies, trusts and co- operatives and engaged in micro finance (i) should have a satisfactory borrowing relationship for at least 3 years with a scheduled commercial bank authorized to deal....
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.... in by the lender(s) concerned shall only be considered for calculating the ECB liability-equity ratio for reckoning quantum of permissible ECB. For calculating the ‘ECB liability', not only the proposed borrowing but also the outstanding ECB from the same foreign equity holder lender shall be reckoned. Overseas organizations and individuals providing ECB need to comply with the following safeguards: (i) 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 6 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 laws and held in good esteem by the business/local community and (iii) that there is no criminal action pending against it. (ii) Individual Lender has to obtain a certificate of due diligence from an overseas bank indicating that th....
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....all-in-cost ceilings for ECB are reviewed from time to time. The following ceilings are applicable upto September 30, 2012 and subject to review thereafter: Average Maturity Period Three years and up to five years More than five years * All-in-cost Ceilings over 6 month LIBOR* 350 basis points 500 basis points for the respective currency of borrowing or applicable benchmark In the case of fixed rate loans, the swap cost plus margin should be the equivalent of the floating rate plus the applicable margin. v) End-use a) ECB can be raised 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 real sector - industrial sector including small and medium enterprises (SME), infrastructure sector and specified service sectors, namely, hotel, hospital, software in India. Infrastructure sector is defined as (i) power, (ii) telecommunication, (iii) railways, (iv) roads including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mini....
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....(b) for real estate sector, (c) for working capital, general corporate purpose and repayment of existing Rupee loans. vii) Guarantees Issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort by banks, Financial Institutions and Non-Banking Financial Companies (NBFCs) from India relating to ECB is not permitted. viii) Security The choice of security to be provided to the lender/supplier is left to the borrower. However, creation of charge over immoveable assets and financial securities, such as shares, in favour of the overseas lender is subject to Regulation 8 of Notification No. FEMA 21/RB-2000 dated May 3, 2000 and Regulation 3 of Notification No. FEMA 20/RB-2000 dated May 3, 2000, respectively, as amended from time to time. AD Category - I banks have been delegated powers to convey 'no objection' under the Foreign Exchange Management Act (FEMA), 1999 for creation of charge on immovable assets, financial securities and issue of corporate or personal guarantees in favour of overseas lender / security trustee, to secure the ECB to be raised by the borrower. Before according 'no objecti....
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....d after obtaining: (i) Board Resolution for issue of corporate guarantee from the company issuing such guarantees, specifying names of the officials authorised to execute such guarantees on behalf of the company or in individual capacity. 11 (ii) Specific requests from individuals to issue personal guarantee indicating details of the ECB. (iii) Ensuring that the period of such corporate or personal guarantee is co- terminus with the maturity of the underlying ECB. AD Category - I banks may invariably specify that the 'no objection' is issued from the foreign exchange angle under the provisions of FEMA, 1999 and should not be construed as an approval by any other statutory authority or Government under any other law/ regulation. If further approval or permission is required from any other regulatory / statutory authority or Government under the relevant laws/ regulations, the applicant should take the approval of the authority concerned before undertaking the transaction. Further, the 'no objection' should not be construed as regularizing or validating any irregularities, contravention or other lapses, if any, under the provis....
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.... maturity of the original ECB is maintained. An existing ECB may, however, be refinanced by raising a fresh ECB at a higher all-in-cost under the approval route. xii) Debt Servicing The designated AD bank has the general permission to make remittances of installments of principal, interest and other charges in conformity with the ECB guidelines issued by Government / Reserve Bank of India from time to time. xiii) Procedure Borrowers may enter into loan agreement complying with the ECB guidelines with recognised lender for raising ECB under Automatic Route without the prior approval of the Reserve Bank. The borrower must obtain a Loan Registration 13 Number (LRN) from the Reserve Bank of India before drawing down the ECB. The procedure for obtaining LRN is detailed in para II (i) (b). I.(B) APPROVAL ROUTE i) Eligible Borrowers The following types of proposals for ECB are covered under the Approval Route: a) On lending by the EXIM Bank for specific purposes will be considered on a case by case basis. b) Banks and financial institutions which had participated in the textile or steel sector restructuring package as appr....
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.... h) SEZ developers can avail of ECBs for providing infrastructure facilities within SEZ, as defined in the extant ECB policy like (i) power, (ii) telecommunication, (iii) railways, (iv) roads including bridges, (V) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mining, exploration and refining and (ix) cold storage or cold room facility, including for farm level pre-cooling, for preservation or storage of agricultural and allied produce, marine products and meat. i) Developers of National Manufacturing Investment Zones (NMIZS) can avail of ECB for providing infrastructure facilities within SEZ, as defined in the extant ECB policy like (i) power, (ii) telecommunication, (iii) railways, (iv) roads including bridges, (V) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mining, exploration and refining and (ix) cold storage or cold room facility, including for farm level pre-cooling, for preservation or storage of agricultural and allied produce, marine products and meat. j) Elig....
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....urpose of calculating the 'equity' of the foreign equity holder in the term ECB liability-equity ratio. Where there are more than one foreign equity holder in the borrowing company, the portion of the share premium in foreign currency brought in by the lender(s) concerned shall only be considered for calculating the ECB liability-equity ratio for reckoning quantum of permissible ECB. For calculating the 'ECB liability', not only the proposed borrowing but also the outstanding ECB from the same foreign equity holder lender shall be reckoned. The total outstanding stock of ECBs (including the proposed ECBs) from a foreign equity lender should not exceed seven times the equity holding, either directly or indirectly of the lender (in case of lending by a group company, equity holdings by the common parent would be reckoned). iii) Amount and Maturity Eligible borrowers under the automatic route other than corporates in the services sector viz. hotel, hospital and software can avail of ECB beyond USD 750 million or equivalent per financial year. Corporates in the services sector viz. hotels, hospitals and software sector are allowed to avail o....
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....JV/WOS abroad. (á) Interest During Construction (IDC) for Indian companies which are in the infrastructure sector, as defined under the extant ECB guidelines subject to IDC being capitalized and forming part of the project cost. 18 (d) The payment by eligible borrowers in the Telecom sector, for spectrum allocation may, initially, be met out of Rupee resources by the successful bidders, to be refinanced with a long-term ECB, under the approval route, subject to the following conditions: (i) The ECB should be raised within 12 months from the date of payment of the final installment to the Government; (ii) The designated AD - Category I bank should monitor the end-use of funds; (iii) Banks in India will not be permitted to provide any form of guarantees; and (iv) All other conditions of ECB, such as eligible borrower, recognized lender, all-in-cost, average maturity, etc, should be complied with. (e) The first stage acquisition of shares in the disinvestment process and also in the mandatory second stage offer to the public under the Government's disinvestment programme of PSU shares. (f) Repayment of Rupee loans ....
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....iation sector would be USD one billion and the maximum permissible ECB that can be availed by an individual airline company will be USD 300 million. This limit can be utilized for working capital as well as refinancing of the outstanding working capital Rupee loan(s) availed of from the domestic banking system. ECB availed for working capital/refinancing of working capital as above will not be allowed to be rolled over. The foreign exchange for repayment of ECB should not be accessed from Indian markets and the liability should be extinguished only out of the foreign exchange earnings of the borrowing company. 20 20 vi) Repayment of Rupee loans and/or fresh Rupee capital expenditure for companies with forex earnings Indian companies in the manufacturing and infrastructure sector can avail of ECBS for repayment of Rupee loans availed of for capital expenditure from the domestic banking system which are still outstanding and/or fresh Rupee capital expenditure provided they are consistent foreign exchange earners during the past three financial years and not in the default list/caution list of the Reserve Bank of India. The overall....
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....elegated to Authorised Dealer Category I banks to issue necessary NOCs under FEMA as detailed in para I (A) (viii) ibid. x) Parking of ECB proceeds Borrowers are permitted to either keep ECB proceeds abroad or to remit these funds to India, pending utilization for permissible end-uses. The proceeds of the ECB raised abroad meant for Rupee expenditure in India, such as, local sourcing of capital goods, on-lending to Self-Help Groups or for micro credit, payment for spectrum allocation, etc. should be repatriated immediately for credit to their Rupee accounts with AD Category I banks in India. In other words, ECB proceeds meant only for foreign currency expenditure can be retained abroad pending utilization. The rupee funds, however, will not be permitted to be used for investment in capital markets, real estate or for inter- corporate lending. ECB proceeds parked overseas can be invested in the following liquid assets (a) deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/ Fitch IBCA or Aa3 by Moody's; (b) Treasury bills and other monetary instruments of one year mat....
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.... 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. 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. Offered Company: The Offered Company shall be a listed company, which is engaged in a sector eligible to receive Foreign Direct Investment and eligible to issue or avail of Foreign Currency Convertible Bond (FCCB) or External Commercial Borrowings (ECB). Entities not eligible to issue FCEB : An Indian company, which is not eligible to raise funds from the Indian securities market, including a company which has been restrained from accessing the securities market by the SEBI shall....
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....t be permissible. Parking of FCEB proceeds abroad: The proceeds of FCEB may be retained and/or deployed overseas by the issuing / promoter group companies in accordance with the policy for the ECB or repatriated to India for credit to the borrowers' Rupee accounts with AD Category I banks in India pending utilization for permissible end-uses. 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 AD bank. Operational Procedure - Issuance of FCEB shall require prior approval of the Reserve Bank under the Approval Route for raising ECB. The Reporting arrangement for FCEB shall be as per the extant ECB policy. xvi) Empowered Committee Reserve Bank has set up an Empowered Committee to consider proposals coming under the Approval Route. II. Redemption of FCCBS FCCBs are governed by the 'Issue of Foreign Currency ....
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....Secretary (CS) or Chartered Accountant (CA) to the designated AD bank. One copy is to be forwarded by the designated AD bank to the Director, Balance of Payments Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, Bandra-Kurla Complex, Mumbai - 400 051. (Note: copies of loan agreement and offer documents for FCCB are not required to be submitted with Form 83). 27 (c) The borrower can draw-down the loan only after obtaining the LRN from DSIM, Reserve Bank. (d) Borrowers are required to submit ECB-2 Return certified by the designated AD bank on monthly basis so as to reach DSIM, Reserve Bank within seven working days from the close of month to which it relates. [Note: All previous returns relating to ECB viz. ECB 3 discontinued with effect from January 31, 2004]. ii) Dissemination of Information - ECB 6 have been For providing greater transparency, information with regard to the name of the borrower, amount, purpose and maturity of ECB under both Automatic and Approval routes are put on the Reserve Bank's website, on a monthly basis, with a lag of one month to whic....
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....nhancement should be provided by multilateral / regional financial institutions/ Government owned development financial institutions/ direct foreign equity holder(s) as per extant ECB guidelines (minimum holding of 25 per cent of the paid up capital) and indirect foreign equity holder, holding at least 51% of the paid-up capital,; ii) the underlying debt instrument should have a minimum average maturity of seven years; iii) prepayment and call / put options are not permissible for such capital market instruments up to an average maturity period of 7 years; iv) guarantee fee and other costs in connection with credit enhancement will be restricted to a maximum 2 per cent of the principal amount involved; v) on invocation of the credit enhancement, if the guarantor meets the liability and if the same is permissible to be repaid in foreign currency to the eligible non- resident entity, the all-in-cost ceilings, as applicable to the relevant maturity period of the Trade Credit / ECBs, is applicable to the novated loan. The all-in- 29 29 cost ceilings, depending on the average maturity period, are applicable as follows: Av....
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....take-out, the residual loan agreed to be taken out by the overseas lender would be considered as ECB and the loan should be designated in a convertible foreign currency and all the extant norms relating to ECB should be complied with. vi. Domestic banks / Financial Institutions will not be permitted to guarantee the take-out finance. vii. The domestic bank will not be allowed to carry any obligation on its balance sheet after the occurrence of the take-out event. viii. Reporting arrangement as prescribed under the ECB policy should be adhered to. VI. COMPLIANCE WITH ECB GUIDELINES The primary responsibility to ensure that ECB raised / utilised are in conformity with the ECB guidelines and the Reserve Bank regulations / directions is that of the borrower concerned and any contravention of the ECB guidelines will be viewed seriously and will invite penal action under FEMA 1999 [cf. A. P. (DIR Series) Circular No. 31 dated February 1, 2005]. The designated AD bank is also required to ensure that raising / utilisation of ECB is in compliance with ECB guidelines at the time of certification. VII. CONVERSION OF ECB INTO EQUITY ....
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....nt period for loans raised under the erstwhile USD 5 Million Scheme, provided there is a consent letter from the overseas lender for such reschedulement without any additional cost. Such approval with existing and revised repayment schedule along with the Loan Key/Loan Registration Number should be initially communicated to the Chief General Manager-in-Charge, Foreign Exchange Department, ECB Division Reserve Bank of India, Central Office, Mumbai within seven days of approval and subsequently in ECB - 2. X. RATIONALIZATION OF PROCEDURES - DELEGATION OF POWERS TO AD Any changes in the terms and conditions of the ECB after obtaining LRN from DSIM, RBI required the prior approval of RBI. The powers have been delegated to the designated AD Category-l banks to approve the following requests from the ECB borrowers, subject to specified conditions: (a) Changes/modifications in the drawdown/repayment schedule Designated AD Category-l banks may approve changes/modifications in the drawdown/repayment schedule of the ECBS already availed, both under the approval and the automatic routes, subject to the condition that the average matu....
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....y subject to production of supporting documents evidencing the change in the name from the Registrar of Companies. The changes should be promptly reported to the Department of Statistics and Information Management, Reserve Bank of India in Form 83. (e) Change in the recognized lender Designated AD Category-l banks may approve the request from the ECB borrowers with respect to change in the recognized lender when the original 34 lender is an international bank or a multilateral financial institution (such as IFC, ADB, CDC, etc.) or a regional financial institution or a Government owned development financial institution or an export credit agency or supplier of equipment and the new lender also belongs to any one of the above mentioned categories, subject to the Authorised Dealer ensuring that the new lender is a recognized lender as per the extant ECB norms, there is no change in the other terms and conditions of the ECB and the ECB is in compliance with the extant guidelines. The changes in the recognized lender should be promptly reported to the Department of Statistics and Information Management, Reserve Bank of India in Form 83 ....
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.... the lender has been obtained, there are no other changes in the terms and conditions of the ECB and the monthly ECB-2 returns in respect of the LRN have been submitted to DSIM. 36 PART-II TRADE CREDITS FOR IMPORTS INTO INDIA Trade Credits' (TC) refer to credits extended for imports directly by the overseas supplier, bank and financial institution for maturity of less than three years. Depending on the source of finance, such trade credits include suppliers' credit or buyers' credit. Suppliers' credit relates to credit for imports into India extended by the overseas supplier, while buyers' credit refers to loans for payment of imports into India arranged by the importer from a bank or financial institution outside India for maturity of less than three years. It may be noted that buyers' credit and suppliers' credit for three years and above come under the category of External Commercial Borrowings (ECB) which are governed by ECB guidelines. a) Amount and Maturity AD banks are permitted to approve trade credits for imports into India up to USD 20 million per import transaction for imports permissible under the current Foreign ....
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.... unique identification number by the AD bank. AD banks are required to furnish data on issuance of LCs / Guarantees / LoU/ LoC by all its branches, in a consolidated statement, at quarterly intervals (format in Annex V) to the Chief General Manager-in-Charge, Foreign Exchange Department, ECB Division, Reserve Bank of India, Central Office Building, 11th floor, Fort, Mumbai 400 001 (and in MS-Excel file through email to [email protected]) from December 2004 onwards so as to reach the Department not later than 10th of the following month. - 38 Form ECB Annex-l Application for raising External Commercial Borrowings (ECB) under Approval Route Instructions The complete application should be submitted by the applicant through the designated authorised dealer to the Chief General Manager-In-Charge, Foreign Exchange Department, Central Office, ECB Division, Reserve Bank of India, Mumbai 400 001. Documentation: Following documents, (as relevant) certified by authorised dealer, should be forwarded with the application: (i) A copy of offer letter from the overseas lender/supplier furnishing complete details of the terms an....
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....rower) Year Loan Amount Amount outstanding* Registration No. Currency Amount disbursed * net of repayments, if any, on the date of application. PARTE - CERTIFICATIONS 1. By the applicant We hereby certify that (i) the particulars given above are true and correct to the best of our knowledge and belief and (ii) the ECB to be raised will be utilised for permitted purposes. Place Name: Date Stamp Designation (Signature of Authorised Official of the applicant) Phone No. Fax E-mail By the authorised dealer - 2. We hereby certify that (i) the applicant is our customer and (ii) we have scrutinised the application and the original letter of offer from the lender/supplier and documents relating to proposed borrowing and found the same to be in order. Place Name Date Stamp Name of the Bank/branch A.D.Code 41 (Signature of Authorised Official) Form-83 Annex II (Reporting of loan agreement details under Foreign Exchange Management Act, 1999) To be submitted in duplicate by the borrower to designated Authorised Dealer (AD) for all categories and any amount of external commercial ....
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....hare in paid-up equity of the borrower (%) (b) Amount of paid-up capital ECB-Liability: equity ratio in case of borrowings above USD 5 million from foreign equity holder: Part C: Loan Details Loan Agreement Date (YYYY/MM/DD) Effective Date of the Loan Last Date of Disbursement Maturity Date (Last payment date) Grace Period (if in agreement) Currency Name Years 1. 2. Months Currency Code (SWIFT) 3. Amount (in Foreign Currency) 1. 2. 3. Equivalent Amount (in US Dollars) (as on date of this form) Proposed Bifurcation of the amount (in loan currency) Foreign Currency Expenditure Rupee Expenditure Hedging details (Tick Currency Swap Interest Rate Swap Others Unhedged one) In case options are provided in the loan agreement (tick in the appropriate box) Call Option Put Option Can be executed after date per cent of Debt per cent of Debt Can be executed after date Name and address of the Guarantor (in Block letters) Contact Official's Name: Designation Phone No.: Guarantee Status Code (as per Box 1): Fax No.: Borrowing Purpose Code (as per ....
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.... Margin: % of Undrawn Amount: Part E: Details of ECB already availed (not applicable for the first-time borrower) Loan Reg.No. (LRN) Currency Principal (as per agreement) Amount of Loan Disbursed so far Net outstanding (Principal) We hereby certify that the particulars given above are true and correct to the best of our knowledge and belief and no material information has been withheld and/or misrepresented. Furthermore, the ECB is in compliance with the extant ECB guidelines. Place: Date: Stamp (Signature of the Authorised Official of the Company) Name: Designation: 44 Place: Date: Stamp (Signature of Company Secretary/ Chartered Accountant) Name: Registration No.: Part F: [To be filled-in by the Authorised Dealer] We have scrutinized the related documents and confirm the following: 1 End-use (i) (give % share if more (ii) than one end-use) 333 (iii) Tick one Permissible under Approved Foreign Automatic Route Exchange Department, RBI under Approval Route by 2 Average Maturity Years Months 3 Cost Factors (%) Fixed Rate Loan Floating R....
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....ting. 7. Following codes are for use in filling Part C of the Form: Box 1: Guarantee Status Code Sr.No. Code Description Box II: Borrowing Purpose Code Sr.No Code Description 1 GG Govt. of India guarantee 1 IC Import of capital goods 2 CG Public Sector guarantee 2 RL Local sourcing of capital goods (Rupee expenditure) 3 PB Public Sector Bank guarantee 3 SL On-lending or sub-lending 4 FI Financial Institution guarantee 4 RF Refinancing of earlier ECB 5 MB Multilateral/ Bilateral 5 NP New Project Institution guarantee 6 PG Private Bank guarantee 6 ME Modernisation/Expansion of existing units 7 PS Private Sector guarantee 7 PW Power 8 MS Mortgage of assets/security 8 TL Telecommunication 9 OG Other guarantee 9 RW Railways 10 NN Not guaranteed 10 RD Roads 11 PT Ports 12 IS 13 UI 14 OI 15 DI 16 TS 17 MF 18 OT 19 ER 20 CS 21 CI 22 RR Industrial Parks Urban infrastructure Overseas investment in JV/ W....
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....rvices Tours & travels services 914 Cold storage, canning & warehousing 915 services Media advertising & entertainment 916 services Financial services 917 Transport services Others 919 950 Others (not elsewhere classified) 999 12 47 Annex-III ECB-2 Reporting of actual transactions of External Commercial Borrowings (ECB) under Foreign Exchange Management Act, 1999 (for all categories and any amount of loan) Return for the Month of 1. This return should be filled in for all categories of ECB. It should be submitted within 7 working days from 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 forma....
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....t A: Loan Identification Particulars Loan Registration Number (LRN) Loan Amount As per Agreement Revised Currency Amount 49 49 Borrower Particulars Name and address of the Borrower (Block Letters) Contact Person's Name: Designation: Phone No. : Fax no. E-mail ID: Part B: Actual Transaction Details 1. Draw-down during the month : Tranche No. Date Currency (YYYY/MM/DD) (Please see note below) Amount Amount of loan committed but not yet drawn at the end of the month (in loan currency) Currency Amount 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 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 2. Schedule of balance amount of loan to be drawn in future: Tranch e No Expected Date (YYYY/MM/DD) of drawdown Currency Amount If more than one equal installment Total number of drawals No. of 3. Details of utilisation of draw-do....
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....purpose of We have verified all the related documents and records connected with the utilisation of ECB proceeds and found these to be in order and in accordance with the terms and conditions of the loan agreement and with the approval granted by Gol (MoF) or RBI or under approval route / automatic route and is in conformity with the ECB Guidelines issued by the Government. Place: Date : Authorised Signatory Name & Address Registration No. [Stamp] Certificate by an Authorised Dealer We hereby certify that the information furnished above with regard to debt servicing, outstandings and repayment schedule is true and correct as per our record. The drawal, utilisation and repayment of the ECB have been scrutinised and it is certified that such drawal, utilisation and repayments of ECB are in compliance with ECB guidelines. Place: Name: Date : Designation: Name & Address of Authorised Dealer Uniform Code No. [Stamp] Signature of Authorised Dealer 52 62 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....
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....1. All trade credits for imports approved by all our branches during the month-- 2. 3. · have been included in this statement. Related import documents (including EC copy of Bill of Entry) towards utilisation of such trade credits have been verified and found in order. The drawal, utilisation and repayment of all trade credits approved by our branches have been scrutinised and it is cerified that such drawal, utilisation and repayments of trade credits Place:- Date: Signature of Authorised Dealer 55 Statement on Guarantees / Letter of Undertaking / Letter of Comfort issued by Authorised Dealer banks As on quarter ended Name of the AD : Address e-mail: Contact Person: Tel: Fax: Annex V Place: On behalf of Residents (USD million) 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) Date: [Stamp] 56 Signature of the Authorised Signatory Calculation of Average Matur....
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.... 28. A.P.(DIR Series) Circular No.39 Date May 3, 2000 December 13, 2004 January 5, 2005 January 20, 2005 December 6, 2005 August 30, 2007 June 17, 2009 September 22, 2009 April 29, 2002 October 18, 2003 January 31, 2004 February 23, 2004 April 1, 2004 April 17, 2004 October 1, 2004 November 1, 2004 April 25, 2005 August 1, 2005 November 4, 2005 January 23, 2006 May 12, 2006 December 4, 2006 April 30, 2007 May 21, 2007 August 7, 2007 September 26, 2007 May 28, 2008 May 29, 2008 June 2, 2008 July 11, 2008 September 22, 2008 September 23, 2008 October 8, 2008 October 22, 2008 October 27, 2008 December 8, 2008 58 29. A.P.(DIR Series) Circular No.46 30. A.P.(DIR Series) Circular No.58 31. A.P.(DIR Series) Circular No.64 32. A.P.(DIR Series) Circular No.65 33. A.P.(DIR Series) Circular No.71 34. A.P.(DIR Series) Circular No.19 35. A.P.(DIR Series) Circular No.28 36. A.P.(DIR Series) Circular No.33 37. A.P.(DIR Series) Circular No.38 38. A.P.(DIR Series) Circular No.39 39. A.P.(DIR Series) Circular No.40 40. A.P.(DIR Series) Circular No.4....