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External Commercial Borrowings (ECB) and Trade Credits (TC) Policy Changes due to LIBOR transition - FEMA - 19

Extract

..... Direction No.5 dated March 26, 2019, on “External Commercial Borrowings, Trade Credits and Structured Obligations”, prescribing the benchmark rates and the maximum spread over benchmark for calculating the all-in-cost for foreign currency (FCY) ECBs and TCs. 2. In view of the imminent discontinuance of LIBOR as a benchmark rate, it has been decided, in consultation with stakeholders, to make the following changes to the all-in-cost benchmark and ceiling for FCY ECBs/ TCs: i. Redefin .....

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External Commercial Borrowings (ECB) and Trade Credits (TC) Policy Changes due to LIBOR transition - FEMA

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..... cost ceiling for such ECBs/ TCs has been revised upwards by 100 basis points to 550 bps and 350 bps, respectively, over the ARR. AD Category-I banks must ensure that any such revision in ceiling is only on account of transition from LIBOR to alternative benchmarks. 3. There is no change in the all-in-cost benchmark and ceiling for INR ECBs/ TCs. 4. All other provisions of the ECB/ TC policy remain unchanged. AD Category-I banks should bring the contents of this circular to the notice of their co .....

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External Commercial Borrowings (ECB) and Trade Credits (TC) Policy Changes due to LIBOR transition - FEMA

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