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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 Attention of Authorized Dealers Category - I (AD Cat - I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [Notification No. FEMA 25/RB-2000 dated May 3, 2000], as amended fr .....

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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 overseas bank with appropriate documentation as evidence of an underlying ECB denominated in INR with a request for a swap rate for mobilising INR for onward lending to the Indian borrower. (ii) The overseas bank, in turn, approaches an AD Cat-I bank .....

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