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External Commercial Borrowings (ECB) Policy Revised framework

FEMA - 32 - Dated:- 30-11-2015 - RBI/2015-16/255 A.P. (DIR Series) Circular No.32 November 30, 2015 To, All Authorised Dealer Category - I Banks Madam/ Sir External Commercial Borrowings (ECB) Policy - Revised framework Attention of Authorised Dealer Category - I (AD Cat I) banks is invited to A.P. (DIR Series) Circular No. 5 dated August 1, 2005 containing the basic framework under which eligible resident entities can raise External Commercial Borrowings (ECB). Subsequent to issuance of this ci .....

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was operationalised, a need was felt to undertake a review based on the experience gained in administering the ECB regime and the current financing ecosystem which, inter alia, allows issuance of Indian Rupee (INR) denominated bonds overseas by a wide set of borrowers. Accordingly, a draft of the proposed ECB framework was placed in the public domain on September 23, 2015 for wider consultation. Based on the responses received and, in consultation with the Government of India, a revised ECB fra .....

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h as, Insurance Companies, Pension Funds, Sovereign Wealth Funds; iv. Only a small negative list of end-use restrictions applicable in case of long-term ECB and INR denominated ECB; v. Alignment of the list of infrastructure entities eligible for ECB with the Harmonised List of the Government of India. 3. The framework for ECB, as a means to attract flow of funds from abroad will continue to be a major tool to calibrate our policy towards capital account management in response to evolving macroe .....

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fying the parameters and other terms & conditions are set out in the Annex to this Circular. It may be noted that these parameters will apply in totality and not on a standalone basis. Criteria for raising ECB under both the routes, viz., the automatic route where entities do not require the prior approval of the Reserve Bank for raising ECB and the approval route where entities can raise ECB only with the prior approval of the Reserve Bank are also given in the Annex. 6. The primary respons .....

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