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Master Direction - External Commercial Borrowings Trade Credit Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers (Updated as on February 23 2017)

FEMA - 5/2015-16 - Dated:- 1-1-2016 - RBI/FED/2015-16/15 FED Master Direction No.5/2015-16 January 1, 2016 (Updated as on November 15, 2016) (Updated as on October 20, 2016) (Updated as on September 19, 2016) (Updated as on June 30, 2016) (Updated as on May 11, 2016) (Updated as on April 13, 2016) (Updated as on March 30, 2016) To All Authorised Dealer Category - I banks and Authorised Banks Madam / Dear Sir, Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending .....

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ions, 2000, notified vide Notification No. FEMA 3/2000-RB dated May 3, 2000; ii. Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004, notified vide Notification No. FEMA 120/2004-RB dated July 07, 2004; and iii. Foreign Exchange Management (Guarantees) Regulations, 2000, notified vide Notification No. FEMA 8/2000-RB dated May 03, 2000. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through .....

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ompiled in this Master Direction. The document also contains the terms and conditions related to borrowing and lending in foreign currency by authorised dealer and by persons other than authorised dealer. The list of underlying notifications/circulars which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Direction on reporting (Master Direction No. 18 dated January 01, 2016). 4. It may be noted that, whenever necessary, Reserve .....

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n Currency by Authorised Dealers and Persons other than Authorised Dealers Index Para. No. PART I 2 Framework for raising loans through External Commercial Borrowings 2.1 External Commercial Borrowings (ECB) 2.2 Forms of ECB 2.3 Available routes of raising ECB 2.4 Parameters for ECBs 2.4.1 Maturity prescription 2.4.2 Eligible Borrowers 2.4.3 Recognised Lenders 2.4.4 Cost of borrowings 2.4.5 Permitted end-uses 2.4.6 Individual limits 2.4.7 Currency of borrowing 2.5 Hedging requirements 2.5.1 1 Op .....

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ion of ECB into equity 2.10.1 Exchange rate for conversion of ECB dues into equity 2.11 Procedure of raising ECB 2.12 Reporting Requirements 2.12.1 Loan Registration Number (LRN) 2.12.2 Changes in terms and conditions of ECB 2.12.3 Reporting of actual transactions 2.12.4 Reporting on account of conversion of ECB into equity 2.13 Foreign Currency Convertible Bonds (FCCBs) 2.14 Foreign Currency Exchangeable Bonds (FCEBs) 2.15 Refinancing of ECB 2.16 Powers delegated to AD Category I banks to deal .....

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gn exchange earners under the USD 10 billion Scheme 2.22.1.3 ECB facility for low cost affordable housing projects 2.23 2ECB facility for Startups 2.23.1 Eligibility 2.23.2 Maturity 2.23.3 Recognised lenders 2.23.4 Form of borrowing 2.23.5 Currency of borrowing 2.23.6 Amount 2.23.7 All-in-cost 2.23.8 End uses 2.23.9 Conversion into equity 2.23.10 Security 2.23.11 Corporate and personal guarantee 2.23.12 Hedging 2.23.13 Conversion rate 2.23.14 Other provisions 3 Framework for issuance of Rupee de .....

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ng of loans as Trade Credit 5.1 Trade Credit 5.2 Routes and Amount of Trade Credit 5.2.1 Automatic Route 5.2.2 Approval Route 5.3 Maturity prescription 5.4 Cost of raising Trade Credit 5.5 Guarantee for Trade Credit 5.6 Reporting requirements 5.6.1 Monthly reporting 5.6.2 Quarterly reporting Part IV 6 Borrowing and Lending in foreign currency by an Authorised Dealer 6.1 Borrowing in foreign currency by an Authorised Dealer 6.2 Lending in foreign currency by an Authorised Dealer Part V 7 Borrowin .....

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ian Development Bank AFC: Asset Finance Company AIC: All-in-Cost AMP: Average Maturity Period BSE: Bombay Stock Exchange CDC: Commonwealth Development Corporation CIC: Core Investment Company COD: Commercial Operation Date DEPR: Department of Economic and Policy Research DSIM: Department of Statistics and Information Management DTA: Domestic Tariff Area ECB: External Commercial Borrowings FATF: Financial Action Task Force FCCB: Foreign Currency Convertible Bond FCEB: Foreign Currency Exchangeabl .....

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NBFC: Non-Banking Financial Company NGO: Non-Government Organisation NHB: National Housing Bank NMIZ: National Manufacturing Investment Zone NNPA: Net Non-Performing Assets NOF: Net Owned Fund NRE: Non-Resident External NRO: Non-Resident Ordinary NSE: National Stock Exchange OCB: Overseas Corporate Body ODI: Overseas Direct Investment RBI: Reserve Bank of India RoC: Registrar of Companies SEZ: Special Economic Zone SHG: Self-Help Group SIDBI: Small Industries Development Bank of India SME: Small .....

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ng rate plus the applicable spread. 1.2 The term Close relative means a relative as defined under the Companies Act, 1956/2013: Act of 1956 Act of 2013 U/s 6: MEANING OF "RELATIVE" A person shall be deemed to be a relative of another, if, and only if, (a) they are members of a Hindu undivided family ; or (b) they are husband and wife ; or (c) the one is related to the other in the manner indicated in Schedule IA. U/s 2(77) relative , with reference to any person, means anyone who is re .....

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other (including step-brothers) Mother's mother Sister (including step-sister) Mother's father - Son's son - Son's son's wife - Son's daughter - Son's daughter's husband - Daughter's husband - Daughter's son - Daughter's son's wife - Daughter's daughter - Daughter's daughter's husband - Brother (including step-brothers) - Brother's wife - Sister (including step-sister) - Sister's husband - 1.3 Unless the context requires otherwi .....

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er Category I Bank is the bank branch which is designated by the ECB borrower for meeting the reporting requirements including obtention of the Loan Registration Number (LRN) from RBI, exercising the delegated powers under these guidelines and monitoring of ECB transactions. 1.5 The term Foreign Currency Convertible Bonds (FCCBs) refers to foreign currency denominated instruments which are issued in accordance with the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depo .....

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and (c) group company with common overseas parent. 1.8 The term Infrastructure Sector has the same meaning as given in the Harmonised Master List of Infrastructure sub-sectors approved by Government of India vide Notification F. No. 13/06/2009-INF dated March 27, 2012 as amended / updated from time to time. 4For the purpose of ECB, Exploration, Mining and Refinery sectors which are not included in the Harmonised list of infrastructure sector but were eligible to take ECB under the previous ECB f .....

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000. 1.11 The term Indian entity means a company or a body corporate or a firm in India. 1.12 The term Joint Venture abroad means a foreign concern formed, registered or incorporated in a foreign country in accordance with the laws and regulations of that country and in which investment has been made by an Indian entity. 1.13 The term Wholly owned subsidiary abroad means a foreign concern formed, registered or incorporated in a foreign country in accordance with the laws and regulations of that .....

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ing loans through ECB (herein after referred to as the ECB Framework) comprises the following three tracks: Track I : Medium term foreign currency denominated ECB with minimum average maturity of 3/5 years. Track II : Long term foreign currency denominated ECB with minimum average maturity of 10 years. Track III : Indian Rupee (INR) denominated ECB with minimum average maturity of 3/5 years. 2.2 Forms of ECB: The ECB Framework enables permitted resident entities to borrow from recognized non-res .....

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entures (NCDs) in India made by Registered Foreign Portfolio Investors (RFPIs). 2.3 Available routes for raising ECB: Under the ECB framework, ECBs can be raised either under the automatic route or under the approval route. For the automatic route, the cases are examined by the Authorised Dealer Category-I (AD Category-I) banks. Under the approval route, the prospective borrowers are required to send their requests to the RBI through their ADs for examination. While the regulatory provisions are .....

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minimum average maturities for the three tracks are set out as under: Track I Track II Track III i. 3 years for ECB upto USD 50 million or its equivalent. ii. 5 years for ECB beyond USD 50 million or its equivalent. iii 65 years for eligible borrowers under para 2.4.2.vi, irrespective of the amount of borrowing. iv. 75 years for Foreign Currency Convertible Bonds (FCCBs)/ Foreign Currency Exchangeable Bonds (FCEBs) irrespective of the amount of borrowing. The call and put option, if any, for FCC .....

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ank) (only under the approval route). vi.8Companies in infrastructure sector, Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies (CICs). i. All entities listed under Track I. ii. 9Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) coming under the regulatory framework of the Securities and Exchange Board of India (SEBI). i. All entities listed un .....

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sations (NGOs) which are engaged in micro finance activities1. iv. Companies engaged in miscellaneous services viz. research and development (R&D), training (other than educational institutes), companies supporting infrastructure, companies providing logistics services. v. Developers of Special Economic Zones (SEZs)/ National Manufacturing and Investment Zones (NMIZs). Notes: 1. Entities engaged in micro-finance activities to be eligible to raise ECB: (i) should have a satisfactory borrowing .....

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ent owned (either wholly or partially) financial institutions. iv. Export credit agencies. v. Suppliers of equipment. vi. Foreign equity holders. vii. Overseas long term investors such as: a. Prudentially regulated financial entities; b. Pension funds; c. Insurance companies; d. Sovereign Wealth Funds; e. Financial institutions located in International Financial Services Centres in India viii. Overseas branches / subsidiaries of Indian banks2 All entities listed under Track I but for overseas br .....

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on, RBI. Indian banks are not permitted to participate in refinancing of existing ECBs. 3. Overseas Organizations proposing to lend ECB would have to furnish to the authorised dealer bank of the borrower a certificate of due diligence from an overseas bank, which, in turn, is subject to regulation of host-country regulators and such host country adheres to the Financial Action Task Force (FATF) guidelines on anti-money laundering (AML)/ combating the financing of terrorism (CFT). The certificate .....

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wo 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 which do not adhere to FATF guidelines on AML / CFT are not eligible to extend ECB. 2.4.4 All-in-Cost (AIC): The all-in-cost requirements for the three tracks will be as under: Track I Track II Track III The all-in-cost ceiling is prescribed through a spread over the benchm .....

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er the benchmark will be 500 basis points per annum. Remaining conditions will be as given under Track I. The all-in-cost should be in line with the market conditions. 2.4.5 End-use prescriptions: The end-use prescriptions for ECB raised under the three tracks are given in the following table: Track I Track II Track III ECB proceeds can be utilised for capital expenditure in the form of: Import of capital goods including payment towards import of services, technical know-how and license fees, pr .....

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id; Refinancing of existing ECB provided the residual maturity is not reduced. SIDBI can raise ECB only for the purpose of on-lending to the borrowers in the Micro, Small and Medium Enterprises (MSME sector), where MSME sector is as defined under the MSME Development Act, 2006, as amended from time to time5. Units of SEZs can raise ECB only for their own requirements5. Shipping and airlines companies can raise ECB only for import of vessels and aircrafts respectively5. ECB proceeds can be used f .....

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s as per the Director General of Foreign Trade (DGFT) guidelines; On-lending by Exim Bank. 1. The ECB proceeds can be used for all purposes excluding the following: Real estate activities Investing in capital market Using the proceeds for equity investment domestically; On-lending to other entities with any of the above objectives; Purchase of land 132. NBFCs can use ECB proceeds only for: 14On-lending for any activities, including infrastructure sector as permitted by the concerned regulatory d .....

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or for bonafide micro finance activity including capacity building. 4. For other eligible entities under this track, the ECB proceeds can be used for all purposes excluding the following: Real estate activities Investing in capital market Using the proceeds for equity investment domestically; On-lending to other entities with any of the above objectives; Purchase of land Notes: 5. The respective conditions will be applicable for all three tracks. 2.4.6 Individual Limits: The individual limits r .....

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n micro finance activities; and Up to USD 500 million or equivalent for remaining entities. ii. ECB proposals beyond aforesaid limits will come under the approval route. For computation of individual limits under Track III, exchange rate prevailing on the date of agreement should be taken into account. iii. In case the ECB is raised from direct equity holder, aforesaid individual ECB limits will also subject to ECB liability: equity ratio6 requirement. For ECB raised under the automatic route, t .....

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are premium received in foreign currency) as per the latest audited balance sheet can be reckoned for calculating the equity of the foreign equity holder. Where there are more than one foreign equity holders in the borrowing company, the portion of the share premium in foreign currency brought in by the lender(s) concerned shall only be considered for calculating the ratio. 2.4.7 Currency of Borrowing: ECB can be raised in any freely convertible foreign currency as well as in Indian Rupees. Furt .....

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INR can be at the exchange rate prevailing on the date of the agreement between the parties concerned for such change or at an exchange rate which is less than the rate prevailing on the date of agreement if consented to by the ECB lender. 2.5 Hedging Requirements: 16Borrowers eligible in terms of paragraph 2.4.2.vi above shall have a board approved risk management policy and shall keep their ECB exposure hedged 100 per cent at all times. Further, the designated AD Category-I bank shall verify t .....

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ECB borrower will be required to cover principal as well as coupon through financial hedges. The financial hedge for all exposures on account of ECB should start from the time of each such exposure (i.e. the day liability is created in the books of the borrower). ii. Tenor and rollover: A minimum tenor of one year of financial hedge would be required with periodic rollover duly ensuring that the exposure on account of ECB is not unhedged at any point during the currency of ECB. iii. Natural Hedg .....

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y I banks are permitted to allow creation of charge on immovable assets, movable assets, financial securities and issue of corporate 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: the underlying ECB is in compliance with the extant ECB guidelines, there exists a security clause in the Loan Agreement requiring the ECB borrower to create charge, in favour of overseas lender .....

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ecurity co-terminating with underlying ECB, subject to the following: 2.6.1.1 Creation of Charge on Immovable Assets: The arrangement shall be subject to the following: Such security shall be subject to provisions contained in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. The permission should not be construed as a permission to acquire immovable asset (property) in India, by the overseas lender/ security trustee. In the event of enf .....

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the country subject to getting No Objection Certificate from domestic lender/s, if any. 2.6.1.3 Creation of Charge over Financial Securities: The arrangements may be permitted subject to the following: Pledge of shares of the borrowing company held by the promoters as well as in domestic associate companies of the borrower is permitted. Pledge on other financial securities, viz. bonds and debentures, Government Securities, Government Savings Certificates, deposit receipts of securities and units .....

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ve account. In case of invocation of pledge, transfer of financial securities shall be in accordance with the extant FDI/FII policy including provisions relating to sectoral cap and pricing as applicable read with the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. 2.6.1.4 Issue of Corporate or Personal Guarantee: The arrangement shall be subject to the following: A copy of Board Resolution for the issue of corporate guarantee for .....

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t/ they fulfil/s the criteria of recognised lender under extant ECB guidelines. 2.7 Issuance of Guarantee, etc. by Indian banks and Financial Institutions: Issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort by Indian banks, All India Financial Institutions and NBFCs relating to ECB is not permitted. Further, financial intermediaries (viz. Indian banks, All India Financial Institutions, or NBFCs) shall not invest in FCCBs in any manner whatsoever. 2.8 Debt .....

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s (a) 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. 2.9.2 Parking of ECB proceeds domestically: ECB proceeds meant for Rupee expenditure should be repatriated immediately for credit to their Rupee accounts w .....

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ent (FDI) or approval from the Foreign Investment Promotion Board (FIPB), wherever applicable, for foreign equity participation has been obtained as per the extant FDI policy; 19The conversion, which should be with the lender s consent and without any additional cost, will not result in breach of applicable sector cap on the foreign equity holding; Applicable pricing guidelines for shares are complied with; 20Reporting requirements as given at 2.12.4 are fulfilled; If the borrower concerned has .....

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of ECB dues into equity, the exchange rate prevailing on the date of the agreement between the parties concerned for such conversion or any lesser rate can be applied with 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. 2.11 Procedure of raising ECB: For approval route cases, the borrowers may approach the RBI with an application in prescribed format Form ECB for exami .....

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unt recommendation of the Empowered Committee. Entities desirous to raise ECB under the automatic route may approach an AD Category I bank with their proposal along with duly filled in Form 83. Formats of Form ECB and Form 83 are available at Annex I and II respectively of Part V of the Master Directions - Reporting under Foreign Exchange Management Act, 1999. 2.12 Reporting Requirements: Borrowings under ECB Framework are subject to reporting requirements in respect of the following: 2.12.1 Loa .....

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ormation Management (DSIM), Reserve Bank of India, Bandra-Kurla Complex, Mumbai - 400 051, 22Contact numbers 022-26572513 and 022-26573612. Copies of loan agreement for raising ECB are not required to be submitted to the Reserve Bank. 2.12.2 Changes in terms and conditions of ECB: Permitted changes in ECB parameters should be reported to the DSIM through revised Form 83 at the earliest, in any case not later than 7 days from the changes effected. While submitting revised Form 83 the changes shou .....

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xchange Management Act. 2.12.4 Reporting on account of conversion of ECB into equity: In case of partial or full conversion of ECB into equity, the reporting to the RBI will be as under: For partial conversion, the converted portion is to be reported to the concerned Regional Office of the Foreign Exchange Department of RBI in Form FC-GPR prescribed for reporting of FDI flows, while monthly reporting to DSIM in ECB 2 Return will be with suitable remarks "ECB partially converted to equity&qu .....

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Direct Investment guidelines including sectoral cap. In addition to the requirements of (i) minimum maturity of 5 years, (ii) the call & put option, if any, shall not be exercisable prior to 5 years, (iii) issuance without any warrants attached, (iv) the issue related expenses not exceeding 4 per cent of issue size and in case of private placement, not exceeding 2 per cent of the issue size, etc. as required in terms of provisions contained in Regulation 21 of the Foreign Exchange Managemen .....

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d warrants attached to debt instruments. Issuance of FCEBs shall conform to the provisions contained in Regulation 21 of the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000 read with Schedule IV to the Regulations which contain eligibilities in respect of the issuer, offered company, subscriber, permitted end-uses, etc. The all-in-cost of FCEBs should be within the ceiling specified by RBI for ECB. 2.15 Refinancing of ECB: Refinancing of existing ECB wit .....

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anks may approve changes / modifications (irrespective of the number of occasions) in the draw-down and repayment schedules of the ECB whether associated with change in the average maturity period or not and/ or with changes (increase/ decrease) in the all-in-cost. ii. Changes in the Currency of Borrowing: Designated AD Category I banks may allow changes in the currency of borrowing of the ECB to any other freely convertible currency or to INR subject to compliance with other prescribed paramete .....

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er of ECB: Designated AD Category I banks may allow the cases requiring transfer of the ECB from one company to another on account of re-organisation at the borrower s level in the form of merger/ demerger/ amalgamation/ acquisition duly as per the applicable laws/ rules after satisfying themselves that the company acquiring the ECB is an eligible borrower. vi. Change in the recognized lender: Designated ADs Category I may approve the requests from the ECB borrowers for change in the recognized .....

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ing that the ECB continues to be in compliance with applicable guidelines. viii. Prepayment of ECB: Prepayment of ECB may be allowed by AD Category I banks subject to compliance with the stipulated minimum average maturity as applicable to the contracted loan under these guidelines. ix. Cancellation of LRN: The designated AD Category I banks may directly approach DSIM for cancellation of LRN for ECBs contracted, subject to ensuring that no draw down against the said LRN has taken place and the m .....

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irrespective of the number of occasions) with or without any changes in draw-down and repayment schedules, average maturity period and all-in-cost duly ensuring compliance with the applicable ECB guidelines. xii. Change in all-in-cost of ECB: The designated AD Category I banks may approve requests from ECB borrowers for changes (decrease/increase) in all-in-cost of the ECBs irrespective of the number of occasions subject to the applicable ECB norms for automatic route. xiii. Refinancing of exist .....

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ermitted subject to same conditions. 25xiv. Extension of matured but unpaid ECB : The designated AD Category I bank may allow extension of matured but unpaid ECB subject to the consent of lender, without involvement of additional cost and fulfilment of reporting requirements. 2.16.1 Additional Requirements: While permitting changes under the delegated powers, the AD Category I banks should ensure that: 26The revised average maturity and / or all-in-cost is/are in conformity with the applicable c .....

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d by the ADs under the powers delegated and / or changes approved by the Reserve Bank should be reported to the DSIM/RBI through revised Form 83 at the earliest, in any case not later than 7 days from the changes effected. While submitting revised Form 83 to the DSIM/RBI, the changes should be specifically mentioned in the communication. Further, these changes should also get reflected in the ECB 2 returns appropriately. Notes: 7. Changes in the end-use of ECBs raised under the approval route wi .....

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e outcome of such investigations / adjudications / appeals. The borrowing entity shall inform about pendency of such investigation / adjudication / appeal to the AD Cat-I bank / RBI as the case may be. Accordingly, in case of all applications where the borrowing entity has indicated about the pending investigations / adjudications / appeals, the AD Category I Banks / Reserve Bank while approving the proposal shall intimate the agencies concerned by endorsing a copy of the approval letter. 2.18 E .....

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sis, with a lag of one month to which it relates. 2.20 Compliance with the guidelines: The primary responsibility for ensuring that the borrowing is in compliance with the applicable guidelines is that of the borrower concerned. Any contravention of the applicable provisions of ECB guidelines will invite penal action under the FEMA. The designated AD Category I bank is also expected to ensure compliance with applicable ECB guidelines by their constituents. 2.21 ECB raised under the erstwhile USD .....

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Department, ECB Division, Reserve Bank of India, Central Office, Mumbai within seven days of approval and subsequently in ECB 2 Return. 2.22 ECB arrangements prior to December 02, 2015: Entities raising ECB under the framework in force prior to December 02, 2015 can raise the said loans by March 31, 2016 provided the agreement in respect of the loan is already signed by the date the new framework comes into effect. It is clarified that all ECB loan agreements entered into before December 02, 20 .....

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me; and ECB facility for low cost affordable housing projects (low cost affordable housing projects as defined in the extant Foreign Direct Investment policy) 2.22.1 ECB facility for Carve Outs: More information about the ECB facility for carve outs listed above at 2.22 is as under: 2.22.1.1 ECB facility for working capital by airlines companies: Airline companies registered under the Companies Act, 1956 and possessing scheduled operator permit license from DGCA for passenger transportation are .....

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r working capital as well as refinancing of the outstanding working capital Rupee loan(s) availed of from the domestic banking system. ECB availed for working capital/refinancing of working capital as above will not be allowed to be rolled over. The foreign exchange for repayment of ECB should not be accessed from Indian markets and the liability should be extinguished only out of the foreign exchange earnings of the borrowing company. 2.22.1.2 ECB facility for consistent foreign exchange earner .....

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he past three financial years and should not be in the default list/caution list of the Reserve Bank of India. The maximum permissible ECB that can be availed 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 50 per cent of the highest foreign exchange earnings realized in any of the immediate past three financial years, whichever is higher. In case of Special Purpose Vehicles (SPVs), which have comp .....

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orrowing company. 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 USD 3 billion. Within the overall ceilings given above, Indian companies in the aforesaid three sectors which have established Joint Venture (JV)/ Wholly Owned Subsidiary (WOS) / have acquired assets overseas in compliance with extant regulations under FEMA can raise ECB for repayment of all .....

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al 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 outside India registered with the appropriate regulatory authority in the host country. The past earnings in the form of dividend/repatriated profit/ other forex inflows like royalty, technical know-how, fee, etc. from overseas JV/WOS/assets will be reckoned as foreign exchange .....

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ers registered as companies may raise ECB for low cost affordable housing projects provided they have minimum 3 years experience in undertaking residential projects, have good track record in terms of quality and delivery and the project and all necessary clearances from 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 instituti .....

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of RBI, the prospective borrower (builder/developer) will be advised by the NHB to approach RBI for availing ECB through his Authorised Dealer in the prescribed format. The ECB should be swapped into Rupees for the entire maturity on fully hedged basis. Housing Finance Companies (HFCs) registered with the National Housing Bank (NHB) and operating in accordance with the regulatory directions and guidelines issued by NHB are eligible to avail of ECB for financing low cost affordable housing units .....

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0 lakh. 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 low cost affordable housing and ensure that the interest rate spread charged by them to the ultimate buyer is reasonable. NHB is also eligible to raise ECB for financing low cost affordable housing units of individual borrowers. Further, in case, a developer of low cost affordable housing project not being able to raise ECB dire .....

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sonable. Developers/ builders/ HFCs/ NHB will not be permitted to raise Foreign Currency Convertible Bonds (FCCBs) under this scheme. 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. 272.23 ECB facility for Startups : AD Category-I banks are permitted to allow Startups to raise ECB under the automatic route .....

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ATF as: A jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or A jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies Exclusion: Overseas branches/subsidiaries of Indian banks and overseas wholly owned subsidiary / joint venture of an Indian company will not be consi .....

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borrowing per Startup will be limited to USD 3 million or equivalent per financial year either in INR or any convertible foreign currency or a combination of both. 2.23.7 All-in-cost: Shall be mutually agreed between the borrower and the lender. 2.23.8 End uses: For any expenditure in connection with the business of the borrower. 2.23.9 Conversion into equity: Conversion of ECB into equity is freely permitted subject to Regulations applicable for foreign investment in Startups. 2.23.10 Security .....

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Guarantee issued by a non-resident(s) is allowed only if such parties qualify as lender under paragraph 2.23.3 above. Exclusion: Issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort by Indian banks, all India Financial Institutions and NBFCs is not permitted. 2.23.12 Hedging: The overseas lender, in case of INR denominated ECB, will be eligible to hedge its INR exposure through permitted derivative products with AD Category - I banks in India. The lender c .....

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eign currency - INR conversion will be at the market rate as on the date of agreement. 2.23.14 Other Provisions: Other provisions like parking of ECB proceeds, reporting arrangements, powers delegated to AD banks, borrowing by entities under investigation, conversion of ECB into equity will be as included under various paragraphs upto 2.20 above. However, provisions on leverage ratio and ECB liability: Equity ratio will not be applicable. 3. Framework for issuance of Rupee denominated bonds over .....

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d the approval route. Under the automatic route, the amount of borrowing will be up to 28INR 50 billion per financial year. Cases beyond this limit will require prior approval of the Reserve Bank under the approval route. 29Issuance of Rupee denominated bonds overseas will be within the aggregate limit of INR 2443.23 billion for foreign investment in corporate debt. 3.3 Parameters of borrowing by issuance of Rupee denominated bonds: Various parameters for raising loan under the Framework for iss .....

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ssue Rupee denominated bonds overseas by way of the following instruments, subject to conforming to the provisions contained in the Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 01, 2015 on Basel III Capital Regulations and Circular DBOD.BP.BC.No. 25/08.12.014/2014-15 dated July 15, 2014 on Guidelines on Issue of Long Term Bonds by Banks - Financing of Infrastructure and Affordable Housing issued by the Reserve Bank and as amended from time to time: Perpetual Debt Instruments (PDI) .....

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arket regulator is a signatory to the International Organization of Securities Commission's (IOSCO s) Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to bilateral Memorandum of Understanding with the Securities and Exchange Board of India (SEBI) for information sharing arrangements; and iii. should not be a country identified in the public statement of the FATF as: A jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism .....

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ian bank underwriting an issue, its holding cannot be more than 5 per cent of the issue size after 6 months of issue. 35However, underwriting by overseas branches/subsidiaries of Indian banks for issuances by Indian banks will not be allowed. 3.3.4 All-in-Cost: The all-in-cost of borrowing by issuance of Rupee denominated bonds should be commensurate with prevailing market conditions. 3.3.5 End-use Prescriptions: The proceeds of the borrowing can be used for all purposes except for the following .....

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e of transactions undertaken for issue and servicing of the bonds 3.3.7 Hedging: The overseas investors are eligible to hedge their exposure in Rupee through permitted derivative products with AD Category I banks in India. The investors can also access the domestic market through branches / subsidiaries of Indian banks abroad or branches of foreign banks with Indian presence on a back to back basis. 3.3.8 Leverage Ratio: The borrowing by financial institutions under the Framework shall be subjec .....

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reporting will be in addition to the returns filed with the Department of Statistics and Information Management of the Reserve Bank (viz Form 83 and ECB 2 Return) as in the case of availment of ECB. 3.3.10 37Other provisions: Other provisions of ECB framework given under paragraph 2 above, 38obtaining LRN, parking of proceeds, security / guarantee for the borrowings, conversion into equity, corporates under investigation, etc. will be applicable for borrowing under the Framework of issuance of .....

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RT II 4. Routing of funds raised abroad to India: It may be noted that: Indian companies or their ADs 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. Further, funds raised abroad by overseas holding / associate / subsidiary / group companies of Indian compan .....

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nk and financial institution for maturity up to five years for imports into India. Depending on the source of finance, such trade credits include suppliers credit or buyers credit. Suppliers credit relates to the 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 overseas bank or financial institution. Imports should be as permissible under the extant Foreign Trade Policy of the Dire .....

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5.3 Maturity prescription: Maturity prescriptions for trade credit are same under the automatic and approval routes. While for the non-capital goods, the maturity period is up to one year from the date of shipment or the operating cycle whichever is less, for capital goods, the maturity period is up to five year from the date of shipment. For trade credit up to five years, the ab-initio contract period should be 6 (six) months. No roll-over/extension will be permitted beyond the permissible peri .....

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financial institution up to USD 20 million per import transaction for a maximum period up to one year in case of import of non-capital goods (except gold, palladium, platinum, rhodium, silver, etc). For import of capital goods, the period of guarantee/ Letters of Credit/ Letters of Undertaking by AD can be for a maximum period up to three years. The period is reckoned from the date of shipment and the guarantee period should be co-terminus with the period of credit. Further, issuance of guarante .....

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Policy and Research, RBI, Central Office, 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. Format of Form TC is available at Annex IV of Part V of Master Directions - Reporting under Foreign Exchange Management Act. 5.6.2. Quarterly reporting: AD Category I banks are also required to furnish data on issuance of guarantees / Letters of Undertaking / .....

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wing and Lending in foreign currency by an Authorised Dealer 6.1 Borrowing in foreign currency by an Authorised Dealer: An authorised dealer in India may borrow in foreign currency in the circumstances and subject to the conditions mentioned below: The borrowing may be from the Head Office or branch or correspondent outside India of the authorised dealer or any other entity as permitted by RBI. The aggregate amount of borrowing by all branches of authorised dealer from all permitted sources shal .....

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al institution outside India, for the purpose of granting pre-shipment or post-shipment credit to his exporter constituent in India The borrowing shall be subject to compliance with prudential norms, interest rate directives and guidelines, if any, issued by RBI from time to time 6.2 Lending in foreign currency by an Authorised Dealer: An authorised dealer in India or his branch outside India may lend in foreign currency in the circumstances and subject to the conditions mentioned below: The loa .....

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h subsidiary or joint venture is held by the Indian entity and that the credit facilities are in compliance with the Foreign Exchange Management (Transfer and Issue of Foreign Security) Regulations, 2000; Loan may be granted to the constituents maintaining RFC Account, against the security of funds held in such account; Loans may be extended by an authorised dealer or its branch outside India against the security of funds held in NRE/FCNR (B) deposit accounts in accordance with the Foreign Excha .....

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rised dealer: The circumstances and the conditions regarding borrowing in foreign currency by persons other than an authorised dealer are mentioned below: i. For execution of projects outside India and for exports on deferred payment terms: A person resident in India may borrow, whether by way of loan or overdraft or any other credit facility, from a bank situated outside India, for execution outside India of a turnkey project or civil construction contract or in connection with exports on defer .....

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rt Policy of the Government of India in force. iii. Borrowing by resident individual: An individual resident in India may borrow a sum not exceeding US$ 250,000/- or its equivalent from his close relative outside India, subject to the conditions that: the minimum maturity period of the loan is one year; the loan is free of interest; and the amount of loan is received by inward remittance in free foreign exchange through normal banking channels or by debit to the NRE/FCNR account of the non-resid .....

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ort Import Bank of India, Industrial Development Bank of India, Industrial Finance Corporation of India, Industrial Credit and Investment Corporation of India Limited, Small Industries Development Bank of India Limited or any other institution in India may extend loans to their constituents in India out of the foreign currency borrowings raised by these institutions with the approval of the Central Government for the purpose of onward lending. Lending by Indian companies to their employees: Indi .....

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does not attract any provisions of the Foreign Exchange Management Act, 1999. In cases where a Rupee facility which is either fund based or non-fund based (such as letter of credit / guarantee / letter of undertaking / letter of comfort) or is in the form of derivative contract by residents that are subsidiaries of multinational companies, is guaranteed by a non-resident (non resident group entity in case of derivative contracts), there is no transaction involving foreign exchange until the guar .....

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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. General Permission is available to a resident, being a principal debtor to make payment to a person resident outside India, who has met the liability under a guarantee. In cases where the .....

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ied by 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 month following quarter to which the data pertain to. 8.2 Facility of Credit Enhancement: The facility of credit enhancement by eligible non-resident entities (viz. Multilateral financial institutions (such as, IFC, ADB, etc.) / regional financial institutions .....

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truments up to an average maturity period of 3 years; Guarantee fee and other costs in connection with credit enhancement will be restricted to a maximum 2 per cent of the principal amount involved; 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 relevant maturity period of the Trade Credit/ ECB, as per the extant guidel .....

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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 The reporting arrangements as applicable to the ECBs would be applicable to the novated loans. APPENDIX List of notifications/ circulars which have been consolidated in this Master Direction Sl. No. Notification Date 1 FEMA.3/2000-RB May 03, 2000 2 FEMA.60/2002-RB April 29, 2002 3 FEMA .....

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FEMA.250/2012-RB December 06, 2012 18 FEMA.256/2013-RB February 6, 2013 19 FEMA.270/2013-RB March 19, 2013 20 FEMA.281/2013-RB July 19, 2013 21 FEMA.286/2013-RB September 5, 2013 22 FEMA.288/2013-RB September 26, 2013 23 FEMA.358/2015-RB December 02, 2015 24 FEMA.8/2000-RB May 03, 2000 25 FEMA.129/2005-RB January 20, 2005 26 FEMA.206/2012-RB June 01, 2010 27 FEMA.251/2012-RB December 06, 2012 28 FEMA.269/2013-RB March 11, 2013 29 FEMA.120/2004-RB July 07, 2004 30 FEMA.188/2009-RB February 03, 20 .....

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r No.24 November 1, 2004 10 A.P.(DIR Series) Circular No.40 April 25, 2005 11 A.P.(DIR Series) Circular No.5 August 1, 2005 12 A.P.(DIR Series) Circular No.15 November 4, 2005 13 A.P.(DIR Series) Circular No.23 January 23, 2006 14 A.P.(DIR Series) Circular No.34 May 12, 2006 15 A.P.(DIR Series) Circular No.17 December 4, 2006 16 A.P.(DIR Series) Circular No.44 April 30, 2007 17 A.P.(DIR Series) Circular No.60 May 21, 2007 18 A.P.(DIR Series) Circular No.04 August 7, 2007 19 A.P.(DIR Series) Circ .....

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ies) Circular No.39 December 8, 2008 30 A.P.(DIR Series) Circular No.46 January 2, 2009 31 A.P.(DIR Series) Circular No.58 March 13, 2009 32 A.P.(DIR Series) Circular No.64 April 28, 2009 33 A.P.(DIR Series) Circular No.65 April 28, 2009 34 A.P.(DIR Series) Circular No.71 June 30, 2009 35 A.P.(DIR Series) Circular No.19 December 9, 2009 36 A.P.(DIR Series) Circular No.28 January 25, 2010 37 A.P.(DIR Series) Circular No.33 February 9, 2010 38 A.P.(DIR Series) Circular No.38 March 2, 2010 39 A.P.( .....

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9 A.P.(DIR Series) Circular No.27 September 23, 2011 50 A.P.(DIR Series) Circular No.28 September 26, 2011 51 A.P.(DIR Series) Circular No.29 September 26, 2011 52 A.P.(DIR Series) Circular No.30 September 27, 2011 53 A.P.(DIR Series) Circular No.44 November 15, 2011 54 A.P.(DIR Series) Circular No.51 November 23, 2011 55 A.P.(DIR Series) Circular No.52 November 23, 2011 56 A.P.(DIR Series) Circular No.59 December 19, 2011 57 A.P.(DIR Series) Circular No.64 January 05, 2012 58 A.P.(DIR Series) C .....

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DIR Series) Circular No.134 June 25, 2012 69 A.P.(DIR Series) Circular No.136 June 26, 2012 70 A.P.(DIR Series) Circular No. 1 July 5, 2012 71 A.P.(DIR Series) Circular No. 20 August 29, 2012 72 A.P.(DIR Series) Circular No.26 September 11, 2012 73 A.P.(DIR Series) Circular No.27 September 11, 2012 74 A.P.(DIR Series) Circular No.28 September 11, 2012 75 A.P.(DIR Series) Circular No.39 October 9, 2012 76 A.P.(DIR Series) Circular No.40 October 9, 2012 77 A.P.(DIR Series) Circular No.48 November .....

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rcular No.98 April 9, 2013 88 A.P.(DIR Series) Circular No.113 June 24, 2013 89 A.P.(DIR Series) Circular No.114 June 25, 2013 90 A.P.(DIR Series) Circular No.115 June 25, 2013 91 A.P.(DIR Series) Circular No.116 June 25, 2013 92 A.P.(DIR Series) Circular No.117 June 25, 2013 93 A.P.(DIR Series) Circular No.119 June 26, 2013 94 A.P.(DIR Series) Circular No.120 June 26, 2013 95 A.P.(DIR Series) Circular No.6 July 8, 2013 96 A.P.(DIR Series) Circular No.9 July 11, 2013 97 A.P.(DIR Series) Circular .....

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, 2013 107 A.P.(DIR Series) Circular No.78 December 03, 2013 108 A.P.(DIR Series) Circular No.85 January 06, 2014 109 A.P.(DIR Series) Circular No.94 January 16, 2014 110 A.P.(DIR Series) Circular No.105 February 17, 2014 111 A.P.(DIR Series) Circular No.113 March 26, 2014 112 A.P.(DIR Series) Circular No.121 April 10, 2014 113 A.P.(DIR Series) Circular No.122 April 10, 2014 114 A.P.(DIR Series) Circular No.128 May 09, 2014 115 A.P.(DIR Series) Circular No.129 May 09, 2014 116 A.P.(DIR Series) C .....

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5 126 A.P.(DIR Series) Circular No.108 June 11, 2015 127 A.P.(DIR Series) Circular No.109 June 11, 2015 128 A.P.(DIR Series) Circular No.13 September 10, 2015 129 A.P.(DIR Series) Circular No.17 September 29, 2015 130 A.P.(DIR Series) Circular No.32 November 30, 2015 131 A.P.(DIR Series) Circular No.56 March 30, 2016 132 A.P.(DIR Series) Circular No.60 April 13, 2016 133 A.P.(DIR Series) Circular No.80 June 30, 2016 134 A.P.(DIR Series) Circular No.10 October 20, 2016 135 A.P.(DIR Series) Circul .....

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s) Circular No 56 dated March 30, 2016 6 Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 7 Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 8 Inserted vide A.P.(DIR Series) Circular No 56 dated March 30, 2016 9Shifted to/made part of Track I vide A.P. (DIR Series) Circular No 56 dated March 30, 2016. Consequently, under Track II, points (ii) companies in infrastructure sector, (iii) holding companies and (iv) Core Investment Companies (CICs) stand deleted. 10 .....

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56 dated March 30, 2016. Prior to insertion it read as On-lending to the infrastructure sector. 15 Inserted vide A.P.(DIR Series) Circular No. 56 dated March 30, 2016 16 Inserted vide A.P.(DIR Series) Circular No. 56 dated March 30, 2016 17Inserted vide A.P.(DIR Series) Circular No. 15 dated November 7, 2016 18 Inserted vide A.P. (DIR Series) Circular No. 10 dated October 20, 2016 19Modified vide AP (DIR Series) Circular No.10 dated October 20, 2016 prior to modification it read as The foreign .....

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