TaxTMI 
TaxTMI 
Overseas Foreign Currency Borrowings by Authorised Dealer Banks – Enhancement of limit
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....t Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No. 23 dated October 15, 2008, in terms of which: (i) all categories of overseas foreign currency borrowings including existing ECBs, loans and overdrafts from their Head Office, overseas branches and correspondents and overdrafts in Nostro accounts (not adjusted within five days) ....
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....ther. Accordingly, AD Category - I banks may henceforth borrow funds from their Head Office, overseas branches and correspondents and overdrafts in nostro accounts up to a limit of 100 per cent of their unimpaired Tier I capital as at the close of the previous quarter or USD 10 million (or its equivalent), whichever is higher, as against the existing limit of 50 per cent (excluding borrowings for ....
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....rket rate prevailing on the date of reset. While the banks are free to borrow in any freely convertible currency, the swap will be available only for conversion of USD equivalent into Rupees and the USD equivalent shall be computed at the relevant cross rate prevailing on the date of the swap. Category I AD banks may contact the Principal Chief General Manager, Financial Markets Department, Reserv....
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....0 per cent. (iii) The borrowings beyond the existing ceiling shall be with a minimum maturity of three years. (iv) All other existing norms (FEMA regulations, NOPL norms etc.) shall continue to be applicable. 5. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 6. Reserve Bank of India has since amended the releva....