TaxTMI 
TaxTMI 
Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers
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....rised Dealers and Persons other than Authorised Dealers Transactions on account of External Commercial Borrowings (ECB) and Trade Credit are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 (FEMA). Various provisions in respect of these two types of borrowings from overseas are included in the following three Regulations framed under FEMA: • Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000; • Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004, notified vide Notification No. FEMA 120/2004-RB dated July 07, 2004; and • Foreign Exchange Management (Guarantees) Regulations, 2000, notified vide Notification No. FEMA 8/2000-RB dated May 03, 2000. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications. 2. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 11 of the Foreign Exc....
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.... 2.9 Parking of ECB proceeds 2.9.1 Parking of ECB proceeds abroad 2.9.2 Parking of ECB proceeds domestically 2.10 Conversion of ECB into equity 2.10.1 Exchange rate for conversion of ECB dues into equity 2.11 Procedure of raising ECB 2.12 Reporting Requirements 2.12.1 Loan Registration Number (LRN) 2.12.2 Changes in terms and conditions of ECB 2.12.3 Reporting of actual transactions 2.12.4 Reporting on account of conversion of ECB into equity 2.13 Foreign Currency Convertible Bonds (FCCBs) 2.14 Foreign Currency Exchangeable Bonds (FCEBs) 2.15 Refinancing of ECB 2.16 Powers delegated to AD Category I banks to deal with ECB cases 2.16.1 Additional requirements 2.17 Borrowing by Entities under Investigation 2.18 ECB by entities under Joint Lender Forum (JLF) or Corporate Debt Restructuring (CDR) 2.19 Dissemination of information 2.20 Compliance with the guidelines 2.21 ECB raised under the erstwhile USD 5 million Scheme 2.22 ECB arrangements prior to December 02, 2015 2.22.1 ECB facility for Carve Outs 2.22.1.1 ECB facility for working capital by....
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....ch have been consolidated in this Master Direction Acronyms AD: Authorised Dealer ADB: Asian Development Bank AFC: Asset Finance Company AIC: All-in-Cost AMP: Average Maturity Period BSE: Bombay Stock Exchange CDC: Commonwealth Development Corporation CIC: Core Investment Company COD: Commercial Operation Date DEPR: Department of Economic and Policy Research DSIM: Department of Statistics and Information Management DTA: Domestic Tariff Area ECB: External Commercial Borrowings FATF: Financial Action Task Force FCCB: Foreign Currency Convertible Bond FCEB: Foreign Currency Exchangeable Bond FCNR(B): Foreign Currency Non-Resident (Bank) FDI: Foreign Direct Investment FED: Foreign Exchange Department FEMA: Foreign Exchange Management Act FIPB: Foreign Investment Promotion Board HFC: Housing Finance Company IDC: Interest during Construction IFC: Infrastructure Finance Company INR: Indian Rupee JV: Joint Venture LC: Letter of Credit LIBOR: London Interbank Offered Rate LoC: Letter of Comfort LoU: Letter of U....
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....er - Son's son - Son's son's wife - Son's daughter - Son's daughter's husband - Daughter's husband - Daughter's son - Daughter's son's wife - Daughter's daughter - Daughter's daughter's husband - Brother (including step-brothers) - Brother's wife - Sister (including step-sister) - Sister's husband - 1.3 Unless the context requires otherwise, the terms 'Authorised dealer', 'Authorised bank', 'Non-resident Indian (NRI)', 'Person of Indian origin (PIO)', 'NRE account', 'NRO account', 'NRNR account', 'NRSR account', and 'FCNR (B) account' shall have the same meanings as assigned to them respectively in Foreign Exchange Management (Deposits) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated May 03, 2000. 1.4 The term 'Designated Authorized Dealer Category I Bank' is the bank branch which is designated by the ECB borrower for meeting the reporting requirements including obtention of the Loan Registration Number (LRN) from RBI, exercising the delega....
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....n Indian entity. PART I 2. Framework for raising loans through External Commercial Borrowings 2.1 External Commercial Borrowings (ECB): ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities and should conform to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc. The parameters apply in totality and not on a standalone basis. The framework for raising loans through ECB (herein after referred to as the ECB Framework) comprises the following three tracks: Track I : Medium term foreign currency denominated ECB with minimum average maturity of 3/5 years. ^5Manufacturing sector companies may raise foreign currency denominated ECBs with minimum average maturity period of 1 year. Track II : Long term foreign currency denominated ECB with minimum average maturity of 10 years. Track III : Indian Rupee (INR) denominated ECB with minimum average maturity of 3/5 years. ^6Manufacturing sector companies may raise INR denominated ECBs with minimum average maturity period of 1 year. 2.2 Forms of ECB: The ECB Framework enables permitted resident entities t....
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..... Same as under Track I. 2.4.2 Eligible Borrowers: The list of entities eligible to raise ECB under the three tracks is set out in the following table. Track I Track II Track III • Companies in manufacturing and software development sectors. • Shipping and airlines companies. • Small Industries Development Bank of India (SIDBI). • Units in Special Economic Zones (SEZs). • Export Import Bank of India (Exim Bank) (only under the approval route). • ^11Companies in infrastructure sector, Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies (CICs). ^12Also, Housing Finance Companies, regulated by the National Housing Bank, Port Trusts constituted under the Major Port Trusts Act, 1963 or Indian Ports Act, 1908. • All entities listed under Track I. • ^13Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) coming under the regulatory framework of the Securities and Exchange Board of India (SEBI). • All en....
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....Track I but for overseas branches / subsidiaries of Indian banks. In case of NBFCs-MFIs, other eligible MFIs, not for profit companies and NGOs, ECB can also be availed from overseas organisations^3 and individuals^4. Notes: 2. Overseas branches / subsidiaries of Indian banks can be lenders only under Track I. Further, their participation under this track is subject to the prudential norms issued by the Department of Banking Regulation, RBI. ^16. 3. Overseas Organizations proposing to lend ECB would have to furnish to the authorised dealer bank of the borrower a certificate of due diligence from an overseas bank, which, in turn, is subject to regulation of host-country regulators and such host country adheres to the Financial Action Task Force (FATF) guidelines on anti-money laundering (AML)/ combating the financing of terrorism (CFT). The certificate of due diligence should comprise the following: (i) that the lender maintains an account with the bank at least for 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 a....
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....ivities from (a) to (f). ^21 2.4.6 Individual Limits: The individual limits refer to the amount of ECB which can be raised in a financial year under the automatic route. i. The individual limits of ECB that can be raised by eligible entities under the automatic route per financial year for all the three tracks are set out as under: • Up to USD 750 million or equivalent for the companies in infrastructure and manufacturing sectors, ^22Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies; • Up to USD 200 million or equivalent for companies in software development sector; • Up to USD 100 million or equivalent for entities engaged in micro finance activities; and • Up to USD 500 million or equivalent for remaining entities. ii. ECB proposals beyond aforesaid limits will come under the approval route. For computation of individual limits under Track III, exchange rate prevailing on the date of agreement should be taken into account. iii. In case the ECB is raised from direct equity holder, afores....
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....issued, if any, by the concerned sectoral or prudential regulator in respect of foreign currency exposure. ^282.5.1 Operational aspects on hedging: Wherever hedging has been mandated by the RBI, the following should be ensured: i. Coverage: The ECB borrower will be required to cover principal as well as coupon through financial hedges. The financial hedge for all exposures on account of ECB should start from the time of each such exposure (i.e. the day liability is created in the books of the borrower). ii. Tenor and rollover: A minimum tenor of one year of financial hedge would be required with periodic rollover duly ensuring that the exposure on account of ECB is not unhedged at any point during the currency of ECB. iii. Natural Hedge: Natural hedge, in lieu of financial hedge, will be considered only to the extent of offsetting projected cash flows / revenues in matching currency, net of all other projected outflows. For this purpose, an ECB may be considered naturally hedged if the offsetting exposure has the maturity/cash flow within the same accounting year. Any other arrangements/ structures, where revenues are indexed to foreign currency will not be conside....
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.... • Pledge of shares of the borrowing company held by the promoters as well as in domestic associate companies of the borrower is permitted. Pledge on other financial securities, viz. bonds and debentures, Government Securities, Government Savings Certificates, deposit receipts of securities and units of the Unit Trust of India or of any mutual funds, standing in the name of ECB borrower/promoter, is also permitted. • In addition, security interest over all current and future loan assets and all current assets including cash and cash equivalents, including Rupee accounts of the borrower with ADs in India, standing in the name of the borrower/promoter, can be used as security for ECB. The Rupee accounts of the borrower/promoter can also be in the form of escrow arrangement or debt service reserve account. • In case of invocation of pledge, transfer of financial securities shall be in accordance with the extant FDI/FII policy including provisions relating to sectoral cap and pricing as applicable read with the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. 2.6.1.4 Issue of Corp....
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....um period of 12 months. These term deposits should be kept in unencumbered position. 2.10 Conversion of ECB into equity: Conversion of ECBs, ^29including those which are matured but unpaid, into equity is permitted subject to the following conditions: • The activity of the borrowing company is covered under the automatic route for Foreign Direct Investment (FDI) or approval from the Foreign Investment Promotion Board (FIPB), wherever applicable, for foreign equity participation has been obtained as per the extant FDI policy; • ^30The conversion, which should be with the lender's consent and without any additional cost, will not result in breach of applicable sector cap on the foreign equity holding; • Applicable pricing guidelines for shares are complied with; • ^31Reporting requirements as given at 2.12.4 are fulfilled; • If the borrower concerned has availed of other credit facilities from the Indian banking system, including overseas branches/subsidiaries, the applicable prudential guidelines issued by the Department of Banking Regulation of RBI, including guidelines on restructuring are complied with;....
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...., ^33Contact numbers 022-26572513 and 022-26573612. Copies of loan agreement for raising ECB are not required to be submitted to the Reserve Bank. 2.12.2 Changes in terms and conditions of ECB: Permitted changes in ECB parameters should be reported to the DSIM through revised Form 83 at the earliest, in any case not later than 7 days from the changes effected. While submitting revised Form 83 the changes should be specifically mentioned in the communication. 2.12.3 Reporting of actual transactions: The borrowers are required to report actual ECB transactions through ECB 2 Return through the AD Category I bank on monthly basis so as to reach DSIM within seven working days from the close of month to which it relates. Changes, if any, in ECB parameters should also be incorporated in ECB 2 Return. Format of ECB 2 Return is available at Annex III of Part V of Master Directions - Reporting under Foreign Exchange Management Act. 2.12.4 Reporting on account of conversion of ECB into equity: In case of partial or full conversion of ECB into equity, the reporting to the RBI will be as under: • For partial conversion, the converted portion i....
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.... maturity is not reduced. ^34. ^35Overseas branches/subsidiaries of Indian banks are permitted only to refinance ECBs of highly rated (AAA) corporates as well as Navratna and Maharatna PSUs, provided the outstanding maturity of the original borrowing is not reduced and all-in-cost of fresh ECB is lower than the existing ECB. Partial refinance of existing ECBs is also permitted subject to same conditions. 2.16 Powers delegated to AD Category I banks to deal with ECB cases: The designated AD Category I banks can approve the following requests from the borrowers for changes in respect of ECBs ^36except for FCCBs/FCEBs : i. Changes/Modifications in the Drawdown/Repayment Schedule: Designated AD Category I banks may approve changes / modifications (irrespective of the number of occasions) in the draw-down and repayment schedules of the ECB whether associated with change in the average maturity period or not and/ or with changes (increase/ decrease) in the all-in-cost. ii. Changes in the Currency of Borrowing: Designated AD Category I banks may allow changes in the currency of borrowing of the ECB to any other freely convertible currency or to ....
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.... the automatic route, provided the proposed end-use is permissible under the automatic route as per the extant ECB guidelines^7. xi. Reduction in amount of ECB: Designated AD Category I banks may approve reduction in the amount of ECB (irrespective of the number of occasions) with or without any changes in draw-down and repayment schedules, average maturity period and all-in-cost duly ensuring compliance with the applicable ECB guidelines. xii. Change in all-in-cost of ECB: The designated AD Category I banks may approve requests from ECB borrowers for changes (decrease/increase) in all-in-cost of the ECBs irrespective of the number of occasions subject to the applicable ECB norms for automatic route. xiii. Refinancing of existing ECB:The designated AD Category I bank may allow refinancing of existing ECB by raising fresh ECB provided the outstanding maturity of the original borrowing is not reduced and all-in-cost of fresh ECB is lower than the existing ECB. ^37In case of involvement of overseas branches/subsidiaries of Indian banks, conditions as given at paragraph 2.15 will be applicable. ^38Further, refinancing of ECBs raised under the previous ECB f....
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....ation / adjudication / appeal to the AD Cat-I bank / RBI as the case may be. Accordingly, in case of all applications where the borrowing entity has indicated about the pending investigations / adjudications / appeals, the AD Category I Banks / Reserve Bank while approving the proposal shall intimate the agencies concerned by endorsing a copy of the approval letter. 2.18 ECB by entities under Joint Lender Forum (JLF) or Corporate Debt Restructuring (CDR): An entity which is under Joint Lender Forum (JLF) / Corporate Debt Restructuring (CDR) can raise ECB only with explicit permission of the JLF / CDR Empowered Committee. 2.19 Dissemination of information: 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 RBI's website, on a monthly basis, with a lag of one month to which it relates. 2.20 Compliance with the guidelines: The primary responsibility for ensuring that the borrowing is in compliance with the applicable guidelines is that of the borrower concerned. Any contravention of the applicable provisions of ECB guidelines wi....
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....o service the debt. The ECBs can be raised with a minimum average maturity period of three years and will be subject to the following terms and conditions: • The overall ECB ceiling for the entire civil aviation 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. 2.22.1.2 ECB facility for consistent foreign exchange earners under the USD 10 billion Scheme: Indian companies in the manufacturing, infrastructure sector and hotel sector (with a total project cost of INR 250 crore or more irrespective of geographical location for hotel sector), can raise ECBs for repayment ....
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....d by Statutory Auditors/ Chartered Accountant/ Certified Public Accountant/ Category I Merchant Banker registered with SEBI/ an Investment Banker outside India registered with the appropriate regulatory authority in the host country. The past earnings in the form of dividend/repatriated profit/ other forex inflows like royalty, technical know-how, fee, etc. from overseas JV/WOS/assets will be reckoned as foreign exchange earnings for the purpose. • Under the USD 10 billion scheme, ECB cannot be raised from overseas branches / subsidiaries of Indian banks. 2.22.1.3 ECB facility for low cost affordable housing projects: The terms and conditions for the ECB facility for low cost affordable housing projects are as under: • For the purpose of ECB, a low cost affordable housing project is as defined in the extant foreign direct investment policy • ECB proceeds shall not be utilized for acquisition of land. • Developers/builders registered as companies may raise ECB for low cost affordable housing projects provided they have minimum 3 years' experience in undertaking residential projects, have good track record in terms of qualit....
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.... avail of ECB for on-lending to such developers which satisfy the conditions prescribed to developers / builders subject to the interest rate spread set by RBI. • Interest rate spread to be charged by NHB may be decided by NHB taking into account cost and other relevant factors. NHB shall ensure that interest rate spread for HFCs for on-lending to prospective owners' of individual units under the low cost affordable housing scheme is reasonable. • Developers/ builders/ HFCs/ NHB will not be permitted to raise Foreign Currency Convertible Bonds (FCCBs) under this scheme. • An aggregate limit of USD 1(one) billion each for the financial years 2013-14, 2014-15 and 2015-16 is fixed for ECB under the low cost affordable housing scheme which includes ECBs to be raised by developers/builders and NHB/specified HFCs. ^412.23 ECB facility for Startups : AD Category-I banks are permitted to allow Startups to raise ECB under the automatic route as per the following framework: 2.23.1 Eligibility: An entity recognised as a Startup by the Central Government as on date of raising ECB will be eligible under the facility. 2.23.2 Maturity:&nbs....
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....arantee is allowed. Guarantee issued by a non-resident(s) is allowed only if such parties qualify as lender under paragraph 2.23.3 above. Exclusion: Issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort by Indian banks, all India Financial Institutions and NBFCs is not permitted. 2.23.12 Hedging: The overseas lender, in case of INR denominated ECB, will be eligible to hedge its INR exposure through permitted derivative products with AD Category - I banks in India. The lender can also access the domestic market through branches/ subsidiaries of Indian banks abroad or branches of foreign bank with Indian presence on a back to back basis. Note: Startups raising ECB in foreign currency, whether having natural hedge or not, are exposed to currency risk due to exchange rate movements and hence are advised to ensure that they have an appropriate risk management policy to manage potential risk arising out of ECBs. 2.23.13 Conversion rate: In case of borrowing in INR, the foreign currency - INR conversion will be at the market rate as on the date of agreement. 2.23.14 Other Provisions: Other provisions like parking of ECB p....
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....^49. The call and put option, if any, shall not be exercisable prior to completion of minimum maturity. 3.3.2 Eligible borrowers: Any corporate or body corporate is eligible to issue such bonds. REITs and INVITs coming under the regulatory framework of the SEBI are also eligible. 3.3.2.1 Indian banks as eligible borrowers: ^50Indian banks will also be eligible to issue Rupee denominated bonds overseas by way of the following instruments, subject to conforming to the provisions contained in the Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 01, 2015 on 'Basel III Capital Regulations' and Circular DBOD.BP.BC.No. 25/08.12.014/2014-15 dated July 15, 2014 on 'Guidelines on Issue of Long Term Bonds by Banks - Financing of Infrastructure and Affordable Housing' issued by the Reserve Bank and as amended from time to time: • Perpetual Debt Instruments (PDI) qualifying for inclusion as Additional Tier 1 capital and debt capital instruments qualifying for inclusion as Tier 2 capital; and • Long term Rupee Denominated Bonds overseas for financing infrastructure and affordable housing. 3.3.3 Recognised Investors: ....
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....sion: The exchange rate for foreign currency - Rupee conversion shall be the market rate on the date of settlement for the purpose of transactions undertaken for issue and servicing of the bonds 3.3.7 Hedging: The overseas investors are eligible to hedge their exposure in Rupee through permitted derivative products with AD Category I banks in India. The investors can also access the domestic market through branches / subsidiaries of Indian banks abroad or branches of foreign banks with Indian presence on a back to back basis. 3.3.8 Leverage Ratio: The borrowing by financial institutions under the Framework shall be subject to the leverage ratio prescribed, if any, by the sectoral regulator as per the prudential norms. ^61 ^62 3.3.9 ^63Other provisions: Other provisions of ECB framework given under paragraph 2 above, ^64obtaining LRN, ^65 reporting, parking of proceeds, security / guarantee for the borrowings, conversion into equity, corporates under investigation, etc. will be applicable for borrowing under the Framework of issuance of Rupee denominated bonds overseas. ^66Borrowers issuing Rupee denominated bonds ov....
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....f non-capital and capital goods beyond USD 20 million or equivalent per import transaction are considered by the RBI. 5.3 Maturity prescription: Maturity prescriptions for trade credit are same under the automatic and approval routes. While for the non-capital goods, the maturity period is up to one year from the date of shipment or the operating cycle whichever is less, for capital goods, the maturity period is up to five year from the date of shipment. For trade credit up to five years, the ab-initio contract period should be 6 (six) months. No roll-over/extension will be permitted beyond the permissible period. 5.4 Cost of raising Trade Credit: The all-in-cost ceiling for raising Trade Credit is 350 basis points over 6 months LIBOR (for the respective currency of credit or applicable benchmark). The all-in-cost include arranger fee, upfront fee, management fee, handling/ processing charges, out of pocket and legal expenses, if any. 5.5 Guarantee for Trade Credit: AD Category I banks are permitted to issue bank guarantees/ ^67 in favour of overseas supplier, bank or financial institution up to USD 20 million per import transaction for a maximum p....
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....espondent outside India of the authorised dealer or any other entity as permitted by RBI. • The aggregate amount of borrowing by all branches of authorised dealer from all permitted sources shall be upto hundred percent of the unimpaired Tier I capital of the authorised dealer or such other limit as decided by the RBI from time to time, or US$ 10 million, whichever is more. • A branch outside India of an authorised dealer may borrow in the normal course of its banking business outside India, subject to the directions or guidelines issued RBI from time to time, and the Regulatory Authority of the country where the branch is located. • An authorised dealer may borrow from a bank or a financial institution outside India, for the purpose of granting pre-shipment or post-shipment credit to his exporter constituent in India • The borrowing shall be subject to compliance with prudential norms, interest rate directives and guidelines, if any, issued by RBI from time to time 6.2 Lending in foreign currency by an Authorised Dealer: An authorised dealer in India or his branch outside India may lend in foreign currency in the circumst....
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.... Goods and Services) Regulations, 2000. ii. For imports: An importer in India may, for import of goods into India, avail of foreign currency credit for a period not exceeding six months extended by the overseas supplier of goods, provided the import is in compliance with the Export Import Policy of the Government of India in force. iii. Borrowing by resident individual: An individual resident in India may borrow a sum not exceeding US$ 250,000/- or its equivalent from his close relative outside India, subject to the conditions that: • the minimum maturity period of the loan is one year; • the loan is free of interest; and • the amount of loan is received by inward remittance in free foreign exchange through normal banking channels or by debit to the NRE/FCNR account of the non-resident lender. 7.2 Lending in foreign currency by persons other than an authorised dealer: The circumstances and the conditions regarding lending in foreign currency by persons other than an authorised dealer are mentioned below: • Lending to WOS / JV: An Indian entity may lend to its wholly owned subsidiary or joint venture ab....
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....ount. 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. • General Permission is available to a resident, being a principal debtor to make payment to a person resident outside India, who has met the liability under a guarantee. • In cases where the liability is met by the non-resident out of funds remitted to India or by debit to his FCNR(B)/ NRE account, the repayment may be made by credit to the FCNR(B)/ NRE/ NRO account of the guarantor provided, the amount remitted/credited shall not exceed the rupee equivalent of the amount paid by the non-resident guarantor against the invoked guarantee. • AD Category I banks are required to furnish at quarterly interval details of guarantees availed of/ invoked, by all its branches, in a format specified by RBI, to the Principal Chief General Manager, Foreign Exchange Department, ECB Division, Reserve Bank of India, Central Office Building, 11th floor, Fort, Mumbai - 400 001 so as to reach the Department not later than 10th day of the month following quarter to which the data pertain to. ....
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.... 4 FEMA.80/2003-RB January 08, 2003 5 FEMA.82/2003-RB January 10, 2003 6 FEMA.112/2004-RB March 06, 2004 7 FEMA.126/2004-RB December 13, 2004 8 FEMA.127/2005-RB January 5, 2005 9 FEMA 142/2005-RB December 6, 2005 10 FEMA 157/2007-RB August 30, 2007 11 FEMA.182/2009-RB January 13, 2009 12 FEMA.194/2009-RB June 17, 2009 13 FEMA.197/2009-RB September 22, 2009 14 FEMA.232/2012-RB May 30, 2012 15 FEMA.245/2012-RB November 12, 2012 16 FEMA.246/2012-RB November 27, 2012 17 FEMA.250/2012-RB December 06, 2012 18 FEMA.256/2013-RB February 6, 2013 19 FEMA.270/2013-RB March 19, 2013 20 FEMA.281/2013-RB July 19, 2013 21 FEMA.286/2013-RB September 5, 2013 22 FEMA.288/2013-RB September 26, 2013 23 FEMA.358/2015-RB December 02, 2015 24 FEMA.8/2000-RB May 03, 2000 25 FEMA.129/2005-RB January 20, 2005 26 FEMA.206/2012-RB June 01, 2010 27 FEMA.251/2012-RB December 06, 2012 28 FEMA.269/2013-RB March 11, 2013 29 FEMA.120/2004-RB July 07, 2004 30 FEMA.188/2009-RB Fe....
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....Circular No.39 March 2, 2010 40 A.P.(DIR Series) Circular No.40 March 2, 2010 41 A.P.(DIR Series) Circular No.44 March 29, 2010 42 A.P.(DIR Series) Circular No.51 May 12, 2010 43 A.P.(DIR Series) Circular No.04 July 22, 2010 44 A.P.(DIR Series) Circular No.08 August 12, 2010 45 A.P.(DIR Series) Circular No.01 July 04, 2011 46 A.P.(DIR Series) Circular No.11 September 07, 2011 47 A.P.(DIR Series) Circular No.25 September 23, 2011 48 A.P.(DIR Series) Circular No.26 September 23, 2011 49 A.P.(DIR Series) Circular No.27 September 23, 2011 50 A.P.(DIR Series) Circular No.28 September 26, 2011 51 A.P.(DIR Series) Circular No.29 September 26, 2011 52 A.P.(DIR Series) Circular No.30 September 27, 2011 53 A.P.(DIR Series) Circular No.44 November 15, 2011 54 A.P.(DIR Series) Circular No.51 November 23, 2011 55 A.P.(DIR Series) Circular No.52 November 23, 2011 56 A.P.(DIR Series) Circular No.59 December 19, 2011 57 A.P.(DIR Series) Circular No.64 January 05, 2012 58 A.P.(DIR Series) Circular No.69 January 25, 2012 59 ....
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.... A.P.(DIR Series) Circular No.12 July 15, 2013 100 A.P.(DIR Series) Circular No.31 September 04, 2013 101 A.P.(DIR Series) Circular No.48 September 18, 2013 102 A.P.(DIR Series) Circular No. 53 September 24, 2013 103 A.P.(DIR Series) Circular No. 56 September 30, 2013 104 A.P.(DIR Series) Circular No. 57 September 30, 2013 105 A.P.(DIR Series) Circular No.58 September 30, 2013 106 A.P.(DIR Series) Circular No.59 September 30, 2013 107 A.P.(DIR Series) Circular No.78 December 03, 2013 108 A.P.(DIR Series) Circular No.85 January 06, 2014 109 A.P.(DIR Series) Circular No.94 January 16, 2014 110 A.P.(DIR Series) Circular No.105 February 17, 2014 111 A.P.(DIR Series) Circular No.113 March 26, 2014 112 A.P.(DIR Series) Circular No.121 April 10, 2014 113 A.P.(DIR Series) Circular No.122 April 10, 2014 114 A.P.(DIR Series) Circular No.128 May 09, 2014 115 A.P.(DIR Series) Circular No.129 May 09, 2014 116 A.P.(DIR Series) Circular No.130 May 16, 2014 117 A.P.(DIR Series) Circular No.16 July 28, 2014 118 A.P.(DIR Series) Ci....
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.... 2018 ^9Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 and amended from "5 years" to "3 years" vide A.P. (DIR Series) Circular No.11 dated November 6, 2018 ^10Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 ^11Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 ^12Inserted vide A.P. (DIR Series) Circular No.25 dated April 27, 2018 ^13Shifted to/made part of Track I vide A.P. (DIR Series) Circular No 56 dated March 30, 2016. Consequently, under Track II, points (ii) companies in infrastructure sector, (iii) holding companies and (iv) Core Investment Companies (CICs) stand deleted. ^14Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 ^15Inserted vide A.P. (DIR Series) Circular No.25 dated April 27, 2018 ^16Deleted vide A. P. (DIR Series) Circular No. 15 dated January 4, 2018 Deleted portion read as "Indian banks are not permitted to participate in refinancing of existing ECBs" ^17Modified vide A.P. (DIR Series) Circular No.25 dated April 27, 2018. Prior to modification it read as "The all-in-cost ceiling is prescribed through a ....
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....m the direct / indirect equity holder or from a group company for a minimum average maturity of 5 years. vi. NBFC-IFCs and NBFCs-AFCs can raise ECB only for financing infrastructure. vii. Holding Companies and CICs shall use ECB proceeds only for on-lending to infrastructure Special Purpose Vehicles (SPVs). viii. ECBs for the following purposes will be considered only under the approval route: • Import of second hand goods as per the Director General of Foreign Trade (DGFT) guidelines; • On-lending by Exim Bank. 1. The ECB proceeds can be used for all purposes excluding the following: • Real estate activities • Investing in capital market • Using the proceeds for equity investment domestically; • On-lending to other entities with any of the above objectives; • Purchase of land NBFCs can use ECB proceeds only for: • On-lending for any activities, including infrastructure sector as permitted by the concerned regulatory department of RBI; • providing hypothecated loans to domestic entities for acquisition of capital goods/equipment; and • pro....
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....d as "Indian banks are not permitted to participate in refinancing of existing ECBs. ^35Inserted vide A. P. (DIR Series) Circular No. 15 dated January 4, 2018 ^36Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 ^37Inserted due to issuance of A. P (DIR Series) Circular No. 15 dated January 4, 2018. ^38Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 ^39Inserted vide A. P (DIR series) Circular No. 10 dated October 20, 2016 ^40Modified vide A. P (DIR series) Circular No. 10 dated October 20, 2016. Prior to modification it read as "The revised average maturity and / or all-in-cost is/are in conformity with the applicable ceilings / guidelines and the changes are effected during the tenure of the ECB and the ECB continues to be in compliance with applicable guidelines" ^41Inserted vide A. P (DIR Series) Circular No. 13 dated October 27, 2016 ^42Inserted vide A. P. (DIR Series) Circular No. 10 dated October 03, 2018 ^43Deleted vide A. P. (DIR Series) Circular No. 47 dated June 07, 2017 Deleted portion read as "s and limits" ^44Inserted vide A. P. (DIR Series) Circ....