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External Commercial Borrowings (ECB) – Extension and conversion

FEMA - 10 - Dated:- 20-10-2016 - RBI/2016-17/92 A.P. (DIR Series) Circular No. 10 October 20, 2016 To All Category - I Authorised Dealer Banks Madam/Sir, External Commercial Borrowings (ECB) - Extension and conversion Attention of Authorised Dealer C .....

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Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers as amended from time to time. Based on experience gained, it has been decided to simplify the process of dealing with .....

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in-cost are in conformity with applicable ceilings/ norms. To simplify the procedure relating to ECB, it has been decided to delegate the powers to designated AD Category-I banks to approve requests from borrowers for extension of matured but unpaid .....

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nversion of matured but unpaid ECB into equity subject to same conditions as set out in paragraph 2 while ensuring that conversion is within the terms mentioned in paragraph C.14 of Annex to Circular dated November 30, 2015 as referred to above. 4. I .....

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shall be subject to applicable prudential guidelines issued by the Department of Banking Regulation of RBI, including guidelines on restructuring. Further, such conversion into equity shall also be subject to consent of other lenders, if any, to the .....

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