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TMI BlogExternal Commercial Borrowings (ECB)X X X X Extracts X X X X X X X X Extracts X X X X ..... Reserve Bank Notification No.FEMA 3/2000-RB dated May 3, 2000. 2. With a view to liberalising further ECB approvals, the Government have vide Press Release F.No.4 (32)-2000 ECB dated September 1, 2000, decided to operationalise the automatic route for fresh ECB approvals upto USD 50 million and all refinancing of existing ECBs with immediate effect. 3. Accordingly, under the automatic route arra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se ECB from an internationally acceptable and/or recognised lender, such as export credit agencies, suppliers of equipments, foreign collaborators, foreign equity holders, international capital markets, reputed international banks and financial institutions, etc. Further, the loan should be organised through a reputed merchant banker registered with the regulatory authorities of the host country, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate. If, however, at a later stage, any violation is found, appropriate action will be taken by Reserve Bank under the Foreign Exchange Management Act, 1999. Corporate will also be permitted to make necessary draw-downs under the automatic route without prior permission from the Reserve Bank. It will, however, be required to file quarterly returns in a prescribed format through the authorised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove are being issued separately. 7. Authorised dealers may bring the contents of this circular to the notice of their concerned constituents. 8. The directions contained in this circular have been issued under Section 10 (4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and any contravention or non-observance thereof is subject to the penalties prescribed under th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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