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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 Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.i and 3 of A.P. (DIR Series) Circular No.56 dated March 30, 2016 and paragraph no. 2.5 of Master Direction No.5 dated January 1, 2016 on External Commercial Borrowings, Trade Credit, Bo .....

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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 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 Hedge: Natural hedge, in lieu of .....

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