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External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – Mobilisation of INR

FEMA - 103 - Dated:- 21-5-2015 - RBI/2014-15/608 A. P. (DIR Series) Circular No. 103 May 21, 2015 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) - Mobilisation of INR Att .....

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om time to time, A.P. (DIR Series) Circular No.63 dated December 29, 2011 and A.P. (DIR Series) Circular No. 25 dated September 3, 2014. 2. In terms of A.P. (DIR Series) Circular No. 25 dated September 3, 2014, recognised non-resident ECB lenders may .....

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enders may enter into swap transactions with their overseas bank which shall, in turn, enter into a back-to-back swap transaction with any AD Cat-I bank in India as per the procedure given below: (i) The recognised non-resident lender approaches his .....

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for a swap rate along with documentation furnished by the customer that will enable the AD bank in India to satisfy itself that there is an underlying ECB in INR (scanned copies would be acceptable). (iii) A KYC certification on the end client shall .....

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n indicative swap rate to the overseas bank which, in turn, will offer the same to the non-resident lender on a back-to-back basis. (v) The continuation of the swap shall be subject to the existence of the underlying ECB at all times. (vi) On the due .....

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