External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

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..... ry- I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 23, 2011 relating to parking of proceeds of External Commercial Borrowings (ECB). 2. At present, eligible ECB borrowers are required to bring ECB proceeds, meant for Rupee expenditure in India for permitted end uses, such as, local sourcing of capital goods, on-lending to Self-Help Groups or for micro credit, payment .....

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..... should be created on such term deposits i.e. to say that the term deposits should be kept unencumbered during their currency. Such term deposits should be exclusively in the name of the borrower. Such term deposits can be liquidated as and when required. 4. The amended ECB policy will come into force with immediate effect and is subject to review. All other aspects of ECB policy would r .....

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