Regulation 6 [Old Schedule] - Conditions of Raiseing Foreign Currency Loans

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..... 6/2004 dated 13/12/2004 Not Effective Now SCHEDULE [See Regulation 6] Conditions of Raiseing Foreign Currency Loans 1. The borrowing in foreign exchange by a person resident in India may be under any of the Schemes set out in this Schedule. (i) Eligibility (a) Any company registered under the Companies Act, 1956, other than a financial intermediary (such as a bank, financial institution, housing f .....

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..... ctivities shall not exceed USD 5 million or equivalent during a financial year (April - March). (iv) A. (c) (d) any other eligible purpose as specified by the Reserve Bank. 2. The application for the approval of the Reserve Bank under Regulation 6 for borrowing under any of the Schemes shall be made in Form ECB annexed to these Regulations. 3. The borrowing in foreign exchange may be from an overs .....

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..... in India for financing imports into India, by any bank or financial institution outside India, provided the period of maturity of loan/credit is less than three years. ii. Borrowing under US dollar Five Million Scheme Borrowing in foreign exchange upto US$ Five Million or its equivalent by an Indian entity for general corporate purposes at a simple minimum maturity of three years. iii. Borrowing u .....

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..... er/Foreign Exchange Earner Borrowing in foreign exchange by an exporter/foreign exchange earner upto three times of the average amount of his annual foreign exchange earnings during the previous three years subject to a maximum of US$ Ten million or its equivalent, with a minimum average maturity of three years. c. Long term Borrowings Borrowing for general corporate purposes at the minimum averag .....

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..... ess activity but not for carrying on agricultural/plantation activities, purchase of immovable property or shares/debentures/bonds issued by companies in India or for re-lending. Explanation: 'Close relative' means relatives as defined in Section 6 of the Companies Act, 1956. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management .....

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