External Commercial Borrowings (ECB) Policy – Structured Obligations

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..... - I) banks is invited to A.P. (DIR Series) Circular No. 40 dated March 02, 2010 and A.P. (DIR Series) Circular No. 28 dated September 26, 2011 pertaining to External Commercial Borrowings (ECB) Policy (Structured Obligations). 2. As per the extant guidelines, credit enhancement is permitted to be provided by multilateral / regional financial institutions, Government owned development financ .....

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..... s. Prepayment and call/put options, however, would not be permissible for such capital market instruments up to an average maturity period of 3 years. All the other terms and conditions mentioned in para 4 (iv), (vi) to (viii) of A.P. (DIR Series) Circular No. 40 dated March 02, 2010 will remain unchanged. 4. On invocation of such credit enhancement, if the guarantor meets the liability and if .....

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..... he directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully (Rudra Narayan Kar) Chief General Manager in-Charge - Circular - Trade Notice - Public Notice - Instructions - Office orders .....

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