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Master Circular on External Commercial Borrowings and Trade Credits((Updated as on September 11 2015)

FEMA - 12/2015-16 - Dated:- 1-7-2015 - RBI/2015-16/33 Master Circular No. 12/2015-16 July 01, 2015 To All Authorised Dealer Category - I banks and Authorised banks Madam / Sir Master Circular on External Commercial Borrowings and Trade Credits External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/2000-RB viz. Foreign Exchange Management (Borro .....

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I banks may refer to respective circulars/ notifications for detailed information, if so needed. 3. This Master Circular is being updated from time to time as and when the fresh instructions are issued. The date up to which the Master Circular has been updated is suitably indicated. Yours faithfully (B P Kanungo) Principal Chief General Manager Index PART I EXTERNAL COMMERCIAL BORROWINGS (ECB) I.(A) AUTOMATIC ROUTE i) Eligible Borrowers ii) Recognised Lenders iii) Amount and Maturity iv) All-in .....

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earnings vii) ECB for Low Cost Affordable Housing viii) 3G Spectrum Allocation ix) End-uses not permitted x) Guarantee xi) Security xii) Parking of ECB proceeds xiii) Prepayment xiv) Refinancing/rescheduling of an existing ECB xv) Debt Servicing xvi) Procedure xvii) Empowered Committee II. FOREIGN CURRENCY CONVERTIBLE BONDS III. FOREIGN CURRENCY EXCHANGEABLE BONDS IV. STRUCTURED OBLIGATIONS V. TAKE-OUT FINANCE VI. CONVERSION OF ECB INTO EQUITY VII. CRYSTALLISATION OF ECB VIII. ECB UNDER THE ERST .....

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hange in the name of Lender (h) Cancellation of LRN (i) Change in the end-use of ECB proceeds (j) Reduction in amount of ECB (k) Change in all-in-cost of ECB XII. ROUTING OF FUNDS RAISED ABROAD TO INDIA PART-II TRADE CREDITS FOR IMPORTS INTO INDIA a) Amount and Maturity b) All-in-cost Ceilings c) Guarantee d) Reporting Arrangements Annex-I - Form ECB Annex II - Form-83 Annex-III - ECB - 2 Annex-IV - Form - TC Annex V - Statement on Guarantees / Letter of Undertaking / Letter of Comfort issued by .....

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tized instruments (e.g. floating rate notes and fixed rate bonds, non-convertible, optionally convertible or partially convertible preference shares), buyers credit, suppliers credit availed of from non-resident lenders with a minimum average maturity of 3 years. (ii) Foreign Currency Convertible Bonds (FCCBs): FCCBs mean a bond issued by an Indian company expressed in foreign currency, and the principal and interest in respect of which are payable in foreign currency. The bonds are required to .....

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ons of Notification FEMA No. 120/RB-2004 dated July 7, 2004, as amended from time to time. (iii) Preference shares: Preferences Shares (i.e. non-convertible, optionally convertible or partially convertible) for issue of which, funds have been received on or after May 1, 2007 would be considered as debt and should conform to the ECB policy. Accordingly, all the norms applicable for ECB, viz. eligible borrowers, recognized lenders, amount and maturity, end use stipulations, etc. shall apply. Since .....

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o equity share of another company, to be called the Offered Company, in any manner, either wholly, or partly or on the basis of any equity related warrants attached to debt instruments. The FCEBs must comply with the Issue of Foreign Currency Exchangeable Bonds (FCEB) Scheme, 2008 , notified by the Government of India, Ministry of Finance, Department of Economic Affairs vide Notification G.S.R.89(E) dated February 15, 2008. The guidelines, rules, etc. governing ECBs are also applicable to FCEBs. .....

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Approval Route. It is clarified that eligibility for an ECB in respect of eligible borrowers, recognised lenders, end-uses, etc. have to be read in conjunction and not in isolation. I. (A) AUTOMATIC ROUTE The following types of proposals for ECBs are covered under the Automatic Route. i) Eligible Borrowers (a) Corporates, including those in the hotel, hospital, software sectors (registered under the Companies Act, 1956), Non-Banking Finance Companies (NBFCs) - Infrastructure Finance Companies ( .....

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conomic Zones (SEZ) are allowed to raise ECB for their own requirement. However, they cannot transfer or on-lend ECB funds to sister concerns or any unit in the Domestic Tariff Area (DTA). (c) NBFCs-IFCs are permitted to avail of ECBs for on-lending to the infrastructure sector as defined under the ECB policy. (d) NBFCs-AFCs are permitted to avail of ECBs for financing the import of infrastructure equipment for leasing to infrastructure projects. (e) Non-Government Organizations (NGOs) engaged i .....

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bank, Non-Banking Financial Companies (NBFCs) categorized as Non Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) and complying with the norms prescribed as per Circular DNBS.CC.PD.No. 250/03.10.01/2011-12 dated December 02, 2011 and Companies registered under Section 25 of the Companies Act, 1956 which are involved in micro finance activities are eligible to raise ECB. (g) NGOs engaged in micro finance and MFIs registered as societies, trusts and co-operatives and engaged in mic .....

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elopment (MSMED) Act, 2006). (i) Corporates in the services sector viz. hotels, hospitals and software sector. (j) Companies in miscellaneous services sector (only from overseas direct / indirect equity holders and group companies). Companies in miscellaneous services mean companies engaged in training activities (but not educational institutes), research and development activities and companies supporting infrastructure sector. Companies doing trading business, companies providing logistics ser .....

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tablished exclusively for implementing the project and is subject to conditions. In case of Holding Companies that come under the Core Investment Company (CIC) regulatory framework of the Reserve Bank, the ECB availed should be within the ceiling of leverage stipulated for CICs and in case of CICs with asset size below ₹ 100 crore, the ECB availed of should be on fully hedged basis. ii) Recognised Lenders (1) Borrowers can raise ECB from internationally recognized sources, such as (a) inte .....

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a) international banks, (b) multilateral financial institutions, (c) export credit agencies (d) overseas organisations and (e) individuals. (3) NBFC-MFIs will be permitted to avail of ECBs from multilateral institutions, such as IFC, ADB etc./ regional financial institutions/international banks / foreign equity holders and overseas organizations. (4) Companies registered under Section 25 of the Companies Act,1956 and are engaged in micro finance will be permitted to avail of ECBs from internatio .....

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USD 5 million - minimum paid-up equity of 25 per cent held directly by the lender and ECB liability-equity ratio not exceeding 4:1(all outstanding ECBs including the proposed one), ECB from indirect equity holders is permitted provided the indirect equity holding in the Indian company by the lender is at least 51 per cent. ECB from a group company is permitted provided both the borrower and the foreign lender are subsidiaries of the same parent. Besides the paid-up capital, free reserves (includ .....

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ECB. For calculating the ECB liability , not only the proposed borrowing but also the all outstanding ECBs shall be reckoned. (6) Overseas organizations and individuals providing ECB need to comply with the following safeguards: i. Overseas Organizations proposing to lend ECB would have to furnish to the AD bank of the borrower a certificate of due diligence from an overseas bank, which, in turn, is subject to regulation of host-country regulator and adheres to the Financial Action Task Force (F .....

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bank for at least a period of two years. Other evidence /documents such as audited statement of account and income tax return, which the overseas lender may furnish, need to be certified and forwarded by the overseas bank. Individual lenders from countries wherein banks are not required to adhere to Know Your Customer (KYC) guidelines are not eligible to extend ECB. iii) Amount and Maturity a. The maximum amount of ECB which can be raised by a corporate other than those in the hotel, hospital an .....

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aged in micro finance activities and Micro Finance Institutions (MFIs) can raise ECB up to USD 10 million or its equivalent during a financial year. Designated AD bank has to ensure that at the time of drawdown the forex exposure of the borrower is fully hedged. d. NBFC-IFCs can avail of ECB up to 75 per cent of their owned funds (ECB including all outstanding ECBs) and must hedge 75 per cent of their currency risk exposure. e. NBFC-AFCs can avail of ECBs up to 75 per cent of their owned funds ( .....

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rage maturity period calculation is provided at Annex VI. h. ECB above USD 20 million or equivalent and up to USD 750 million or its equivalent with a minimum average maturity of five years. i. ECB up to USD 20 million or equivalent can have call/put option provided the minimum average maturity of three years is complied with before exercising call/put option. j. All eligible borrowers can avail of ECBs designated in INR from recognised lenders as per the extant ECB guidelines. k. NGOs engaged i .....

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-cost Ceilings over 6 month LIBOR* Three years and up to five years 350 basis points More than five years 500 basis points * for the respective currency of borrowing or applicable benchmark In the case of fixed rate loans, the swap cost plus margin should be the equivalent of the floating rate plus the applicable margin. The rate of penal interest should not be more than 2 per cent of the all-in-cost of ECB. v) End-use a. ECB can be raised for investment such as import of capital goods (as class .....

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(iv) oil pipelines, (v) oil/gas/liquefied natural gas (LNG) storage facility (includes strategic storage of crude oil) and (vi) gas pipelines (includes city gas distribution network); (b) Communication which will include (i) mobile telephony services / companies providing cellular services, (ii) fixed network telecommunication (includes optic fibre / cable networks which provide broadband / internet) and (iii) telecommunication towers;(c) Transport which will include (i) railways (railway track, .....

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(v) irrigation (dams, channels, embankments, etc.) and (vi) storm water drainage system; (e) (i) mining, (ii) exploration and (iii) refining;(f) Social and commercial infrastructure which will include (i) hospitals (capital stock and includes medical colleges and para medical training institutes), (ii) Hotel Sector which will include hotels with fixed capital investment of ₹ 200 crore and above, convention centres with fixed capital investment of ₹ 300 crore and above and three star .....

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or storage or agriculture and allied produce, marine products and meat. b. Overseas Direct Investment in Joint Ventures (JV)/ Wholly Owned Subsidiaries (WOS) subject to the existing guidelines on Indian Direct Investment in JV/ WOS abroad. c. Utilization of ECB proceeds is permitted for first stage as well as subsequent stages of acquisition of shares in the disinvestment process to the public under the Government s disinvestment programme of PSU shares. d. Interest during Construction (IDC) for .....

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of ECBs only for financing the import of infrastructure equipment for leasing to infrastructure projects. h. Maintenance and operations of toll systems for roads and highways for capital expenditure provided they form part of the original project i. SIDBI can on lend to the borrowers in the MSME sector for permissible end uses, having natural hedge by way of foreign exchange earnings. SIDBI may on-lend either in INR or in foreign currency (FCY). In case of on-lending in INR, the foreign currenc .....

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e purposes from direct foreign equity holders by companies in manufacturing, infrastructure, hotels, hospitals and software sector: Eligible borrowers can avail ECB from their direct foreign equity holder company with a minimum average maturity of 7 years for general corporate purposes (which includes working capital) subject to the following conditions: i. Minimum paid-up equity of 25 per cent should be held directly by the lender; ii. Such ECBs would not be used for any purpose not permitted u .....

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loans with a long-term ECB provided such ECB is raised within a period of 18 months from the date of sanction of such Rupee loans for the stated purpose from the domestic lenders. (ii) Availing of short term foreign currency loan in the nature of bridge finance for the purpose of making upfront payment and replace the same with a long term ECB subject to condition that the long term ECB is raised within a period of 18 months from the date of drawdown of the bridge finance. (iii) ECB can be avai .....

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on-lending or investment in capital market or acquiring a company (or a part thereof) in India by a corporate [investment in Special Purpose Vehicles (SPVs), Money Market Mutual Funds (MMMFs), etc., are also considered as investment in capital markets]. (b) for real estate sector, (c) for general corporate purpose which includes working capital (other than what has been given at I(A)(v)(l) above) and repayment of existing rupee loans Note: The proceeds of the ECBs should not be used for acquisit .....

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and / or personal guarantees in favour of overseas lender / security trustee, to secure the ECB to be raised / raised by the borrower, subject to satisfying themselves that: (i) the underlying ECB is in compliance with the extant ECB guidelines, (ii) there exists a security clause in the Loan Agreement requiring the ECB borrower to create charge, in favour of overseas lender / security trustee, on immovable assets / movable assets / financial securities / issuance of corporate and / or personal .....

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subject to provisions contained in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. ii. The permission should not be construed as a permission to acquire immovable asset (property) in India, by the overseas lender / security trustee. iii. In the event of enforcement / invocation of the charge, the immovable asset / property will have to be sold only to a person resident in India and the sale proceeds shall be repatriated to liquidate th .....

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er will be permitted. Pledge on other financial securities, viz. bonds and debentures, Government Securities, Government Savings Certificates, deposit receipts of securities and units of the Unit Trust of India or of any mutual funds, standing in the name of ECB borrower/promoter, will also be permitted. ii. In addition, security interest over all current and future loan assets and all current assets including cash and cash equivalents, including Rupee accounts of the borrower with AD Category-I .....

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n Resident outside India) Regulations, 2000. (d) Issue of Corporate or Personal Guarantee i. A copy of Board Resolution for the issue of corporate guarantee for the company issuing such guarantee, specifying name of the officials authorised to execute such guarantees on behalf of the company or in individual capacity should be obtained. ii. Specific requests from individuals to issue personal guarantee indicating details of the ECB should be obtained. iii. Such security shall be subject to provi .....

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asury bills and other monetary instruments of one year maturity having minimum rating as indicated above and (c) deposits with overseas branches / subsidiaries of Indian banks abroad. The funds should be invested in such a way that the investments can be liquidated as and when funds are required by the borrower in India. b) ECB proceeds raised abroad meant for Rupee expenditure in India: Funds meant for local sourcing of capital goods, on-lending to Self-Help Groups or for micro credit, payment .....

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nding. The primary responsibility to ensure that the ECB proceeds meant for Rupee expenditure in India are repatriated to India is that of the borrower concerned and any contravention of the ECB guidelines will be viewed seriously and will invite penal action under the Foreign Exchange Management Act (FEMA), 1999. The designated AD bank is also required to ensure that the ECB proceeds meant for Rupee expenditure are repatriated to India immediately after drawdown. xi) Prepayment Prepayment of EC .....

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nding maturity of the existing ECB is either maintained or elongated) and the amount of fresh ECB is eligible to be raised under the automatic route. Further, such refinance is not permitted by raising fresh ECB from overseas branches / subsidiaries of Indian banks. xiii) Debt Servicing The designated AD bank has the general permission to make remittances of installment of principal, interest and other charges in conformity with the ECB guidelines issued by Government / Reserve Bank of India fro .....

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tions / adjudications / appeals, Authorised Dealers while approving the proposal shall intimate the concerned agencies by endorsing the copy of the approval letter. xv) Procedure Borrowers may enter into loan agreement complying with the ECB guidelines with recognised lender for raising ECB under the Automatic Route without the prior approval of the Reserve Bank. The borrower must obtain a Loan Registration Number (LRN) from the Reserve Bank of India before drawing down the ECB. The procedure fo .....

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eserve Bank based on prudential norms. Any ECB availed for this purpose so far will be deducted from their entitlement. c. ECB with minimum average maturity of 5 years by Non-Banking Financial Companies (NBFCs) from multilateral financial institutions, reputable regional financial institutions, official export credit agencies and international banks to finance import of infrastructure equipment for leasing to infrastructure projects. d. NBFCs-IFCs are permitted to avail of ECB, beyond 75 per cen .....

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termediary during the previous three years shall not be less than ₹ 500 crore, (ii) a listing on the BSE or NSE, (iii) minimum size of FCCB is USD 100 million and (iv) the applicant should submit the purpose / plan of utilization of funds. g. Special Purpose Vehicles, or any other entity notified by the Reserve Bank, set up to finance infrastructure companies / projects exclusively, will be treated as Financial Institutions and ECB by such entities will be considered under the Approval Rou .....

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lities within SEZ (infrastructure sector as given at I(A)(v)(a) above). k. Eligible borrowers under the automatic route other than corporates in the services sector viz. hotel, hospital and software and in the miscellaneous services sector can avail of ECB beyond USD 750 million or equivalent per financial year. l. Corporates in the services sector viz. hotels, hospitals and software sectors and in miscellaneous services (as given at I(A)(i)(j) above) can avail of ECB beyond USD 200 million or e .....

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he borrowers for permissible end-use and having natural hedge by way of foreign exchange earnings. SIDBI may on-lend either in INR or in foreign currency (FCY). In case of on-lending in INR, the foreign currency risk shall be fully hedged by SIDBI. n. Low Cost Affordable Housing Projects: Developers/builders / Housing Finance Companies (HFCs) / National Housing Bank (NHB) may avail of ECB for low cost affordable housing projects [refer to para I B (vii) ibid]. o. Corporates under Investigation: .....

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f India while approving the proposal shall intimate the concerned agencies by endorsing the copy of the approval letter. p. Holding Companies / Core Investment Companies (CICs) coming under the regulatory framework of the Reserve Bank are permitted to raise ECB for project use in Special Purpose Vehicles (SPVs) provided the business activity of the SPV is in the infrastructure sector where infrastructure is defined as per the extant ECB guidelines. The infrastructure project is required to be im .....

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d as indicated at paragraph I A (iii). ii) Recognised Lenders (a) Borrowers can raise ECB from internationally recognised sources, such as (i) international banks, (ii) international capital markets, (iii) multilateral financial institutions (such as IFC, ADB, CDC, etc.)/ regional financial institutions and Government owned development financial institutions, (iv) export credit agencies, (v) suppliers' of equipment, (vi) foreign collaborators and (vii) foreign equity holders (other than erst .....

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d directly by the lender (all outstanding ECBs including the proposed one); (ii) For ECB more than USD 5 million - minimum paid-up equity of 25 per cent held directly by the lender and ECB liability-equity ratio not exceeding 7:1 (all outstanding ECBs including the proposed one); (c) ECB from indirect equity holders provided the indirect equity holding by the lender in the Indian company is at least 51 per cent; (d) ECB from a group company provided both the borrower and the foreign lender are s .....

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calculating the ECB liability-equity ratio for reckoning quantum of permissible ECB. For calculating the ECB liability , not only the proposed borrowing but also the outstanding ECB from the same foreign equity holder lender shall be reckoned. The total outstanding stock of ECBs (including the proposed ECBs) from a foreign equity lender should not exceed seven times the equity holding, either directly or indirectly of the lender (in case of lending by a group company, equity holdings by the com .....

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/ or Rupee capital expenditure for permissible end-uses. The proceeds of the ECBs should not be used for acquisition of land. An illustration for calculation of average maturity period is provided at Annex VI. All eligible borrowers can avail of ECBs designated in INR from recognised lenders as per the extant ECB guidelines. iv) All-in-cost ceilings All-in-cost includes rate of interest, other fees and expenses in foreign currency except commitment fee, pre-payment fee and fees payable in Indian .....

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icable margin. v) End-use a. ECB can be raised only for investment [such as import of capital goods (as classified by DGFT in the Foreign Trade Policy), implementation of new projects, modernization/expansion of existing production units] in the real sector - industrial sector including small and medium enterprises (SME) and infrastructure sector - in India. Infrastructure sector is as given at I(A)(v)(a) above. b. Overseas Direct Investment in Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) .....

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approval route, subject to the following conditions: i. The ECB should be raised within 12 months from the date of payment of the final instalment to the Government; ii. The designated AD - Category I bank should monitor the end-use of funds; iii. Banks in India will not be permitted to provide any form of guarantees; iv. ECB should not be raised from overseas branches / subsidiaries of Indian banks; and v. All other conditions of ECB, such as eligible borrower, recognized lender, all-in-cost, .....

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them towards refinancing of the Rupee loan/s availed by them from the domestic banking system, subject to the following conditions: (i) at least 75 per cent of the fresh ECB proposed to be raised should be utilised for capital expenditure towards a 'new infrastructure' project(s) (ii) in respect of remaining 25 per cent, the refinance shall only be utilized for repayment of the Rupee loan availed of for 'capital expenditure' of earlier completed infrastructure project(s); and (ii .....

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uld be utilized for fresh capital expenditure for infrastructure project(s). g. ECB is allowed for Import of services, technical know-how and payment of license fees. The companies in the manufacturing and infrastructure sectors may import services, technical know-how and payment of license fees as part of import of capital goods subject to certain conditions. h. Bridge Finance: Indian companies which are in the infrastructure sector, as defined under the extant ECB policy are permitted to impor .....

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al. Such ECBs will be allowed based on the cash flow, foreign exchange earnings and the capability to service the debt and the ECBs can be raised with a minimum average maturity period of three years. The overall ECB ceiling for the entire civil aviation sector would be USD one billion and the maximum permissible ECB that can be availed by an individual airline company will be USD 300 million. This limit can be utilized for working capital as well as refinancing of the outstanding working capita .....

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orrowers can avail ECB under approval route from their direct foreign equity holder company with a minimum average maturity of 7 years for general corporate purposes (which includes working capital) subject to the following conditions: i. Minimum paid-up equity of 25 per cent should be held directly by the lender; ii. Such ECBs would not be used for any purpose not permitted under extant the ECB guidelines (including on-lending to their group companies / step-down subsidiaries in India); and iii .....

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r repayment of outstanding Rupee loans availed of for capital expenditure from the domestic banking system and/or fresh Rupee capital expenditure provided they are consistent foreign exchange earners during the past three financial years and not in the default list/caution list of the Reserve Bank of India. The overall ceiling for such ECBs shall be USD10 (ten) billion and the maximum ECB that can be availed by an individual company or group, as a whole, under this scheme will be restricted to U .....

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icient track record/past performance for three financial years, the maximum permissible ECB that can be availed of will be limited to 50 per cent of the annual export earnings realized during the past financial year. The foreign exchange for repayment of ECB should not be accessed from Indian markets and the liability arising out of ECB should be extinguished only out of the foreign exchange earnings of the borrowing company. b) Within the overall ceilings given at (a) above, Indian companies in .....

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led of by an individual company will be limited to 75 per cent of the average annual export earnings realized during the past three financial years or 75 per cent of the assessment made about the average foreign exchange earnings potential for the next three financial years of the Indian companies from the JV / WOS / assets abroad as certified by Statutory Auditors / Chartered Accountant / Certified Public Accountant / Category I Merchant Banker registered with SEBI / an Investment Banker outsid .....

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. vii) ECB for Low Cost Affordable Housing: (a) For the purpose of ECB, a low cost affordable housing project is a project in which at least 60 per cent of the permissible FSI would be for units having maximum carpet area up to 60 square meters. Slum rehabilitation projects will also be eligible under the low cost affordable housing scheme, the eligibility of which would be based on the parameters to be set by the Central Sanctioning and Monitoring Committee of the Affordable Housing in Partners .....

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om various bodies including Revenue Department with respect to land usage/environment clearance, etc., are available on record. They should also not have defaulted in any of their financial commitments to banks/ financial institutions or any other agencies and the project should not be a matter of litigation. The ECB should be swapped into Rupees for the entire maturity on fully hedged basis. (c) Housing Finance Companies (HFCs) can also avail of ECB for financing prospective owners of low cost .....

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ng assets (NNPA) should not exceed 2.5 % of the net advances. The maximum loan amount sanctioned to the individual buyer will be capped at INR 25 lakh subject to the condition that the cost of the individual housing unit shall not exceed INR 30 lakh. The ECB should be swapped into Rupees for the entire maturity on fully hedged basis. HFCs while making the applications, shall submit a certificate from NHB that the availment of ECB is for financing prospective owners of individual units for the lo .....

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ilders subject to the interest rate spread set by RBI. ECB proceeds shall be utilized only for low cost affordable housing projects and shall not be utilized for acquisition of land. (e) Interest rate spread to be charged by NHB may be decided by NHB taking into account cost and other relevant factors. NHB shall ensure that interest rate spread for HFCs for on-lending to prospective owners of individual units under the low cost affordable housing scheme is reasonable. (f) Builders / developers m .....

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vailing ECB through his Authorised Dealer in the prescribed format. (g) Developers / builders / HFCs / NHB will not be permitted to raise Foreign Currency Convertible Bonds (FCCBs) under this scheme. (h) An aggregate limit of USD 1(one) billion each for the financial years 2013-14, 2014-15 and 2015-16 is fixed for ECB under the low cost affordable housing scheme which includes ECBs to be raised by developers/builders and NHB/specified HFCs. viii) 3G Spectrum Allocation The payment for 3G spectru .....

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art thereof) in India by a corporate except Infrastructure Finance Companies (IFCs), banks and financial institutions eligible under paragraph I (B) (i) (a), (b), (d), (e), (f), (n), (p). (b) For real estate. (c) For and general corporate purpose which includes working capital [except as stated at I(B)(v)(i) and (j)] and repayment of existing Rupee loans [except as stated at I(B)(v) (d), (f) and (vi)]. x) Guarantee Issuance of guarantee, standby letter of credit, letter of undertaking or letter .....

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ort by banks in respect of ECB by textile companies for modernization or expansion of textile units will be considered under the Approval Route subject to prudential norms. xi) Security The choice of security to be provided to the lender / supplier is left to the borrower. However, creation of charge over immovable assets and financial securities, such as shares, in favour of the overseas lender is subject to Regulation 8 of Notification No. FEMA 21/RB-2000 dated May 3, 2000 and Regulation 3 of .....

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deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/ Fitch IBCA or Aa3 by Moody s; (b) Treasury bills and other monetary instruments of one year maturity having minimum rating as indicated above and (c) deposits with overseas branches / subsidiaries of Indian banks abroad. The funds should be invested in such a way that the investments can be liquidated as and when funds are required by the borrower in India. b) ECB proceeds rais .....

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on subject to conditions. The rupee funds, however, will not be permitted to be used for investment in capital markets, real estate or for inter-corporate lending. The primary responsibility to ensure that the ECB proceeds meant for Rupee expenditure in India are repatriated to India is that of the borrower concerned and any contravention of the ECB guidelines will be viewed seriously and will invite penal action under the Foreign Exchange Management Act (FEMA), 1999. The designated AD bank is a .....

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subject to the condition that the fresh ECB is raised at a lower all-in-cost, the outstanding maturity of the original ECB is not reduced (i.e. outstanding maturity of the existing ECB is either maintained or elongated) and the amount of fresh ECB is beyond the eligible limit under the automatic route. Further, such refinance is not permitted by raising fresh ECB from overseas branches / subsidiaries of Indian banks. xv) Debt Servicing The designated AD bank has general permission to make remitt .....

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set up an Empowered Committee to consider proposals coming under the Approval Route. II. Foreign Currency Convertible Bonds (FCCBs): FCCBs are governed by the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depositary Receipt Mechanism) Scheme, 1993 as amended from time to time and Notification FEMA No.120/RB-2004 dated July 7, 2004. The issuance of FCCBs was brought under the ECB guidelines in August 2005. In addition to the requirements of (i) having the maturity of th .....

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iew the need to provide a window to facilitate refinancing of FCCBs by the Indian companies which may be facing difficulty in meeting the redemption obligations, designated AD Category - I banks have been permitted to allow Indian companies to refinance the outstanding FCCBs, under the automatic route, subject to compliance with the terms and conditions set out hereunder: i. Fresh ECBs/ FCCBs shall be raised with the stipulated average maturity period and applicable all-in-cost being as per the .....

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s; vi. ECB / FCCB beyond USD 500 million for the purpose of redemption of the existing FCCB will be considered under the approval route; and vii. ECB / FCCB availed of for the purpose of refinancing the existing outstanding FCCB will be reckoned as part of the limit of USD 750 million available under the automatic route as per the extant norms. Restructuring of FCCBs involving change in the existing conversion price is not permissible. Proposals for restructuring of FCCBs not involving change in .....

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he Offered Company, in any manner, either wholly, or partly or on the basis of any equity related warrants attached to debt instruments. The FCEB may be denominated in any freely convertible foreign currency. Eligible Issuer: The Issuing Company shall be part of the promoter group of the Offered Company and shall hold the equity share/s being offered at the time of issuance of FCEB. Offered Company: The Offered Company shall be a listed company, which is engaged in a sector eligible to receive F .....

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he sectoral caps at the time of issue of FCEB can subscribe to FCEB. Prior approval of the Foreign Investment Promotion Board, wherever required under the Foreign Direct Investment policy, should be obtained. Entities not eligible to subscribe to FCEB: Entities prohibited to buy, sell or deal in securities by the SEBI will not be eligible to subscribe to FCEB. End-use of FCEB proceeds: Issuing Company: (i) The proceeds of FCEB may be invested by the issuing company overseas by way of direct inve .....

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company receiving such investments will not be permitted to utilise the proceeds for investments in the capital market or in real estate in India. All-in-cost: The rate of interest payable on FCEB and the issue expenses incurred in foreign currency shall be within the all-in-cost ceiling as specified by Reserve Bank under the ECB policy. Pricing of FCEB: At the time of issuance of FCEB the exchange price of the offered listed equity shares shall not be less than the higher of the following two: .....

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le exercising the exchange option, the holder of the FCEB shall take delivery of the offered shares. Cash (Net) settlement of FCEB shall not be permissible. Parking of FCEB proceeds abroad: The proceeds of FCEB may be retained and / or deployed overseas by the issuing / promoter group companies in accordance with the policy for the ECB or repatriated to India for credit to the borrowers Rupee accounts with AD Category I banks in India pending utilization for permissible end-uses. It shall be the .....

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g arrangement for FCEB shall be as per the extant ECB policy. IV. STRUCTURED OBLIGATIONS Borrowing and lending in Indian Rupees between two residents does not attract any provisions of the Foreign Exchange Management Act, 1999. In cases where a Rupee loan [fund based as well as non-fund based such as Letter of Credit / Guarantee / Letter of Undertaking (LoU) / Letter of Comfort/ Derivative Contracts by residents, that are subsidiaries of multinational companies, executed with an AD Category - I .....

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it to his FCNR(B)/NRE account maintained with an AD bank in India. In such cases, the non-resident guarantor may enforce his claim against the resident borrower to recover the amount and on recovery he may seek repatriation of the amount if the liability is discharged either by inward remittance or by debit to FCNR(B)/NRE account. However, in case the liability is discharged by payment out of Rupee balances, the amount recovered can be credited to the NRO account of the non-resident guarantor. T .....

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emitted/credited shall not exceed the rupee equivalent of the amount paid by the non-resident guarantor against the invoked guarantee. AD Category-I banks are required to furnish such details by all its branches, in a manner specified by the Reserve Bank of India (RBI) to the Principal Chief General Manager, Foreign Exchange Department, ECB Division, Reserve Bank of India, Central Office Building, 11th floor, Fort, Mumbai - 400 001 so as to reach the Department not later than 10th day of the fol .....

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all / put options are not permissible for such capital market instruments up to an average maturity period of 3 years; iv) guarantee fee and other costs in connection with credit enhancement will be restricted to a maximum 2 per cent of the principal amount involved; v) on invocation of the credit enhancement, if the guarantor meets the liability and if the same is permissible to be repaid in foreign currency to the eligible non-resident entity, the all-in-cost ceilings, as applicable to the rel .....

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and prudential norms laid down in the circular DNBS.PD.CC No.168/03.02.089/2009-10 dated February 12, 2010 and in case the novated loan is designated in foreign currency, the IFC should hedge the entire foreign currency exposure; and viii) The reporting arrangements as applicable to the ECBs would be applicable to the novated loans. V. TAKE-OUT FINANCE Keeping in view the special funding needs of the infrastructure sector, a scheme of take-out finance has been put in place. Accordingly, take-ou .....

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ake-out of the loan within three years of the scheduled Commercial Operation Date (COD). The scheduled date of occurrence of the take-out should be clearly mentioned in the agreement. ii. The loan should have a minimum average maturity period of seven years. iii. The domestic bank financing the infrastructure project should comply with the extant prudential norms relating to take-out financing. iv. The fee payable, if any, to the overseas lender until the take-out shall not exceed 100 bps per an .....

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gement as prescribed under the ECB policy should be adhered to. ix. Such ECB should not be raised from overseas branches / subsidiaries of Indian banks. VI. CONVERSION OF ECB INTO EQUITY (i) Conversion of ECB into equity is permitted subject to the following conditions: a. The activity of the company is covered under the Automatic Route for Foreign Direct Investment or Government (FIPB) approval for foreign equity participation has been obtained by the company, wherever applicable. b. The foreig .....

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ent between the parties concerned for such conversion. Reserve Bank will have no objection if the borrower company wishes to issue equity shares for a rupee amount less than that arrived at as mentioned above by a mutual agreement with the ECB lender. It may be noted that the fair value of the equity shares to be issued shall be worked out with reference to the date of conversion only. The principle of calculation of INR equivalent for a liability denominated in foreign currency as mentioned abo .....

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concerned of the Reserve Bank as well as in form ECB-2 submitted to the DSIM, RBI within seven working days from the close of month to which it relates. The words "ECB wholly converted to equity" should be clearly indicated on top of the ECB-2 form. Once reported, filing of ECB-2 in the subsequent months is not necessary. b. In case of partial conversion of outstanding ECB into equity, borrowers are required to report the converted portion in form FC-GPR to the Regional Office concern .....

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tion to the Principal Chief General Manager, Foreign Exchange Department, External Commercial Borrowings Division, Reserve Bank of India, Central Office, Mumbai 400 001, giving full details viz., name of the borrower, amount raised, maturity, circumstances leading to invocation of guarantee /letter of comfort, date of default, its impact on the liabilities of the overseas branch of the AD bank concerned and other relevant factors. VIII. ECB UNDER THE ERSTWHILE USD 5 MILLION SCHEME Designated AD .....

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bai within seven days of approval and subsequently in ECB - 2. IX. COMPLIANCE WITH ECB GUIDELINES The primary responsibility to ensure that ECB raised/utilised are in conformity with the ECB guidelines and the Reserve Bank regulations / directions is that of the borrower concerned and any contravention of the ECB guidelines will be viewed seriously and will invite penal action under FEMA 1999. The designated AD bank is also required to ensure that raising / utilisation of ECB is in compliance wi .....

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rector, Balance of Payments Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, Bandra-Kurla Complex, Mumbai - 400 051(Note: copies of loan agreement and offer documents for FCCB are not required to be submitted with Form 83). c. The borrower can draw-down the loan only after obtaining the LRN from DSIM, Reserve Bank. d. Borrowers are required to submit ECB-2 Return certified by the designated AD bank on monthly basis so as to reach DSIM, Reser .....

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es. XI. RATIONALIZATION OF PROCEDURES - DELEGATION OF POWERS TO AUTHORISED DEALERS (AD) The powers have been delegated to the designated AD Category-I banks to approve the following requests from the borrowers for ECBs raised under the automatic or approval routes, subject to conditions as specified: (a) Changes/modifications in the drawdown/repayment schedule Designated AD Category - I banks may approve changes / modifications (irrespective of the number of occasions) in the draw-down and repay .....

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ertible. (c) Change of the AD bank Designated AD Category-I banks may allow change of the existing designated AD bank by the borrower company for effecting its transactions pertaining to the ECBs subject to No-Objection Certificate (NOC) from the existing designated AD bank and after due diligence. (d) Changes in the name of the Borrower Company Designated AD Category-I banks may allow changes in the name of the borrower company subject to production of supporting documents evidencing the change .....

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rom the ECB borrowers with respect to change in the recognized lender subject to ensuring that the original lender as well as the new lender is recognised lender as per extant ECB guidelines, there is no change in the other terms and conditions of the ECB. (g) Change in the name of Lender AD Category-I banks may permit changes in the name of the lender of ECB after satisfying themselves with the bonafides of the transactions and ensuring that the ECB continues to be in compliance with applicable .....

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t to ensuring that the proposed end-use is permissible under the automatic route as per the extant ECB guidelines, there is no change in the other terms and conditions of the ECB, and the monthly ECB-2 returns till date in respect of the LRN have been submitted to DSIM. However, change in the end-use of ECBs availed under the approval route will continue to be referred to the Foreign Exchange Department, Central Office, Reserve Bank of India, as hitherto. (j) Reduction in amount of ECB Designate .....

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ank ensuring that the revised average maturity period and or all-in-cost is/are in conformity with the applicable ceilings / guidelines and the changes are effected during the tenure of the ECB and the ECB continues to be in compliance with applicable guidelines. ii. If the lender for such ECBs is an overseas branch / subsidiary of an Indian bank, the changes shall be subject to the applicable prudential norms. iii. The changes in the terms and conditions of ECB and / or any other changes allowe .....

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ately. XII. Routing of funds raised abroad to India - It is clarified that: i. Indian companies or their AD Category - I banks are not allowed to issue any direct or indirect guarantee or create any contingent liability or offer any security in any form for such borrowings by their overseas holding / associate / subsidiary / group companies except for the purposes explicitly permitted in the relevant Regulations. ii. Further, funds raised abroad by overseas holding / associate / subsidiary / gro .....

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efer to credits extended for imports, permissible under the extant Foreign Trade Policy, directly by the overseas supplier, bank and financial institution for maturity up to five years. Depending on the source of finance, such trade credits include suppliers credit or buyers credit. Suppliers credit relates to credit for imports into India extended by the overseas supplier, while buyers credit refers to loans for payment of imports into India arranged by the importer from a bank or financial ins .....

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lion equivalent per import transaction. Subject to above conditions, resident importer can also raise Trade Credit in Rupees (INR) for import of permissible items. b) All-in-cost Ceilings The existing all-in-cost ceilings are as under Maturity period All-in-cost ceilings over 6 months LIBOR* Up to one year 350 basis points More than one year and up to three years More than three years and up to five years * for the respective currency of credit or applicable benchmark The all-in-cost ceilings in .....

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t of all non-capital goods permissible under Foreign Trade Policy (except gold, palladium, platinum, rodium, silver etc.) and up to three years for import of capital goods, subject to prudential guidelines issued by Reserve Bank from time to time. The period of such Letters of credit / Guarantees / LoU / LoC has to be co-terminus with the period of credit, reckoned from the date of shipment. The AD banks are not permitted to issue Letters of Credit / Guarantees / Letter of Undertaking (LoU) / Le .....

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eserve Bank of India, Central Office Building, 8th floor, Fort, Mumbai - 400 001 (and in MS-Excel file through email) so as to reach not later than 10th of the following month. Each trade credit may be given a unique identification number by the AD bank. AD banks are required to furnish data on issuance of LCs / Guarantees / LoU / LoC by all its branches, in a consolidated statement, at quarterly intervals (format in Annex V) to the Principal Chief General Manager, Foreign Exchange Department, E .....

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004 2 FEMA.127/2005-RB January 5, 2005 3 FEMA 129/2005-RB January 20, 2005 4 FEMA 142/2005-RB December 6, 2005 5 FEMA 157/2007-RB August 30, 2007 6 FEMA.194/2009-RB June 17, 2009 7 FEMA.197/2009-RB September 22, 2009 8 FEMA.232/2012-RB May 30, 2012 9 FEMA.245/2012-RB November 12, 2012 10 FEMA.246/2012-RB November 27, 2012 11 FEMA.250/2012-RB December 06, 2012 12 FEMA.256/2013-RB February 6, 2013 13 FEMA.270/2013-RB March 19, 2013 14 FEMA.281/2013-RB July 19, 2013 15 FEMA.286/2013-RB September 5, .....

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Series) Circular No.15 October 1, 2004 8 A.P.(DIR Series) Circular No.24 November 1, 2004 9 A.P.(DIR Series) Circular No.40 April 25, 2005 10 A.P.(DIR Series) Circular No.5 August 1, 2005 11 A.P.(DIR Series) Circular No.15 November 4, 2005 12 A.P.(DIR Series) Circular No.23 January 23, 2006 13 A.P.(DIR Series) Circular No.34 May 12, 2006 14 A.P.(DIR Series) Circular No.17 December 4, 2006 15 A.P.(DIR Series) Circular No.44 April 30, 2007 16 A.P.(DIR Series) Circular No.60 May 21, 2007 17 A.P.(D .....

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A.P.(DIR Series) Circular No.27 October 27, 2008 28 A.P.(DIR Series) Circular No.39 December 8, 2008 29 A.P.(DIR Series) Circular No.46 January 2, 2009 30 A.P.(DIR Series) Circular No.58 March 13, 2009 31 A.P.(DIR Series) Circular No.64 April 28, 2009 32 A.P.(DIR Series) Circular No.65 April 28, 2009 33 A.P.(DIR Series) Circular No.71 June 30, 2009 34 A.P.(DIR Series) Circular No.19 December 9, 2009 35 A.P.(DIR Series) Circular No.28 January 25, 2010 36 A.P.(DIR Series) Circular No.33 February .....

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23, 2011 47 A.P.(DIR Series) Circular No.26 September 23, 2011 48 A.P.(DIR Series) Circular No.27 September 23, 2011 49 A.P.(DIR Series) Circular No.28 September 26, 2011 50 A.P.(DIR Series) Circular No.29 September 26, 2011 51 A.P.(DIR Series) Circular No.30 September 27, 2011 52 A.P.(DIR Series) Circular No.44 November 15, 2011 53 A.P.(DIR Series) Circular No.51 November 23,2011 54 A.P.(DIR Series) Circular No.52 November 23,2011 55 A.P.(DIR Series) Circular No.59 December 19, 2011 56 A.P.(DI .....

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2012 66 A.P.(DIR Series) Circular No.119 May 07, 2012 67 A.P.(DIR Series) Circular No.134 June 25, 2012 68 A.P.(DIR Series) Circular No.136 June 26, 2012 69 A.P.(DIR Series) Circular No. 1 July 5, 2012 70 A.P.(DIR Series) Circular No. 20 August 29, 2012 71 A.P.(DIR Series) Circular No.26 September 11, 2012 72 A.P.(DIR Series) Circular No.27 September 11, 2012 73 A.P.(DIR Series) Circular No.28 September 11, 2012 74 A.P.(DIR Series) Circular No.39 October 9, 2012 75 A.P.(DIR Series) Circular No.4 .....

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IR Series) Circular No.87 March 5, 2013 86 A.P.(DIR Series) Circular No.98 April 9, 2013 87 A.P.(DIR Series) Circular No.113 June 24, 2013 88 A.P.(DIR Series) Circular No.114 June 25, 2013 89 A.P.(DIR Series) Circular No.115 June 25, 2013 90 A.P.(DIR Series) Circular No.116 June 25, 2013 91 A.P.(DIR Series) Circular No.117 June 25, 2013 92 A.P.(DIR Series) Circular No.119 June 26, 2013 93 A.P.(DIR Series) Circular No.120 June 26, 2013 94 A.P.(DIR Series) Circular No.6 July 8, 2013 95 A.P.(DIR Se .....

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