External Commercial Borrowings – Crystallisation of Liability

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..... Commercial Borrowings - Crystallisation of Liability Corporates in India, at times, raise External Commercial Borrowings (ECBs) against a guarantee/letter of comfort from a bank in India. In certain cases the loan liability of the corporates gets devolved on banks. 2. With a view to providing greater freedom and flexibility to banks in their fund management, it has been decided to grant perm .....

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..... uthorised Dealer concerned and other relevant factors. 4. Authorised Dealers may bring the contents of this Circular to the notice of their constituents concerned. 5. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager - Circul .....

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