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English Release 31-October 2014
Date Month Year
  • Prime Minister's Office
  • PM receives personal belongings of Sardar Patel, on his 139th birth anniversary
  • Sidelights – Run For Unity Event at Rajpath, New Delhi
  • PM flags off, joins Run For Unity on Sardar Patel Jayanti
  • PM remembers Smt. Indira Gandhi on her Punya Tithi
  • PM pays tributes to Sardar Patel on his birth anniversary
  • Min of Home Affairs
  • Home Secretary Administers Rashtriya Ekta Diwas Pledge
  • “Police Stations should become Temples of Justice,” says Rajnath Singh
  • Min of Parliamentary Affairs
  • Standing Committee on Railways invites suggestions on Railways(Amendment) Bill, 2014
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 84.77 per bbl on 30.10.2014
  • Ministry of Water Resources
  • Storage Status of 85 Important Reservoirs of the Country as on October 30, 2014

Previous Date

 
Ministry of Finance07-August, 2007 18:49 IST
ECB Policy Modified

The External Commercial Borrowing (ECB) policy is constantly reviewed by the Government in consultation with Reserve Bank of India (RBI) to keep it in tune with the evolving macroeconomic situation, changing market conditions, sectoral  requirements, the external sector and the lessons of experience.

Based on such review, it has been decided to modulate the capital inflows through ECB by modifying some aspects of the policy as indicted below:

(i)                   Henceforth, ECB more than USD 20 million per borrowing company would be permitted only for foreign currency expenditure for permissible end-uses of ECB. Accordingly, borrowers raising ECB more than USD 20 million shall park the ECB proceeds overseas for use as foreign currency expenditure for permissible end-uses. The above modifications would be applicable to ECB exceeding USD 20 million per financial year both under the Automatic Route and under the Approval Route.

(ii)                 ECB up to USD 20 million per borrowing company would be permitted for foreign currency expenditure for permissible end-uses under the Automatic Route and these funds shall be parked overseas and not remitted to India. Borrowers proposing to avail ECB up to USD 20 million for rupee expenditure for permissible end-uses would require prior approval of the Reserve Bank under the Approval Route. However, such  funds shall be continued to be parked overseas until actual requirement in India.

(iii)                All other aspects of ECB policy such as USD 500 million limit per company per year under the Automatic Route, eligible borrower, recognised lender, average maturity period, all-in-cost-ceiling, prepayment, refinancing of existing ECB and reporting arrangements remain unchanged.

(iv)                These conditions will not apply to borrowers who have already entered into loan agreement and obtained loan registration numbers from the Reserve Bank. Borrowers who have taken verifiable and effective steps wherein the loan agreement has been entered into to avail of ECB in the previous dispensation, and not obtained the loan registration number, may apply to the Reserve Bank through their Authorised Dealer.

(v)                  The above amendment in ECB policy will come into force with immediate effect.

RP/GN-333/07


(Release ID :29674)

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