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External Commercial Borrowings (ECB) Revised framework

FEMA - 56 - Dated:- 30-3-2016 - RBI//2015-16/349 A.P. (DIR Series) Circular No.56 March 30, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) - Revised framework Attention of Authorized Dealer Category-I .....

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ings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers. 2. Taking into account prevailing external funding sources, particularly for long term lending and the critical needs of in .....

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Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies (CICs) will also be eligible to raise ECB under Track I of the framework with m .....

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r the previous ECB framework (c.f. A.P. (DIR Series) Circular No. 48 dated September 18, 2013) will be deemed as in the infrastructure sector, and can access ECB as applicable to infrastructure sector under (i) above. iii. Companies in infrastructure .....

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oceeds only for on-lending to infrastructure Special Purpose Vehicles (SPVs). v. The individual limit of borrowing under the automatic route for aforesaid companies shall be as applicable to the companies in the infrastructure sector (currently USD 7 .....

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ck I should have a Board approved risk management policy. Further, the designated AD Category-I bank shall verify that 100 per cent hedging requirement is complied with during the currency of ECB and report the position to RBI through ECB 2 returns. .....

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amework, provided the refinancing is at lower all-in-cost, the borrower is eligible to raise ECB under the extant ECB framework and residual maturity is not reduced (i.e. it is either maintained or elongated). ii. ECB framework is not applicable in r .....

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5 years irrespective of the amount of borrowing. Further, the call and put option, if any, for FCCBs shall not be exercisable prior to 5 years. iv. Only those NBFCs which are coming under the regulatory purview of the Reserve Bank are permitted to r .....

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