External Commercial Borrowings (ECB) – Revised framework

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....nks is invited to A.P. (DIR Series) Circular No.32 dated November 30, 2015 and paragraph no. 1.8, 2.2, 2.4.1, 2.4.2, 2.4.5, 2.4.6, 2.5, 2.16 and 2.16.xiii of Master Direction No.5 dated January 1, 2016 on External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers. 2. Taking into account prevailing exter....

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....frastructure sector but were eligible to take ECB under the previous ECB framework (c.f. A.P. (DIR Series) Circular No. 48 dated September 18, 2013) will be deemed as in the infrastructure sector, and can access ECB as applicable to infrastructure sector under (i) above. iii. Companies in infrastructure sector shall utilize the ECB proceeds raised under Track I for the end uses permitted ....

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....verify that 100 per cent hedging requirement is complied with during the currency of ECB and report the position to RBI through ECB 2 returns. 4. On the ECB framework announced vide aforesaid Circular dated November 30, 2015, it is further clarified that: i. The designated AD Category-I banks may, under the powers delegated to them, allow refinancing of ECBs raised under the previous E....

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.... under Track III, the NBFCs may raise ECBs for on-lending for any activities including infrastructure as permitted by the concerned regulatory department of RBI. v. The provisions regarding delegation of powers to designated AD Category-I banks is not applicable to FCCBs/FCEBs. vi. In the forms of ECB, the term "Bank loans" shall be read as "loans" as foreign equity holders / ins....