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External Commercial Borrowings (ECB) Clarifications on hedging

FEMA - 15 - Dated:- 7-11-2016 - RBI/2016-17/110 A.P. (DIR Series) Circular No. 15 November 07, 2016 To All Category-I Authorised Dealer Banks Madam / Dear Sir External Commercial Borrowings (ECB) - Clarifications on hedging Attention of Authorized De .....

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rrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers as amended from time to time, on the provisions of hedging in the ECB framework. 2. With a view to provide clarity on the aforesaid directions and .....

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d 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 .....

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financial hedge, will be considered only to the extent of offsetting projected cash flows / revenues in matching currency, net of all other projected outflows. For this purpose, an ECB may be considered naturally hedged if the offsetting exposure ha .....

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