External Commercial Borrowings (ECBs) - Prepayment

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s (ECBs) - Prepayment Attention of authorised dealers is invited to A.P.(DIR Series) circular No.8 dated August 5, 2002 regarding introduction of an 'automatic route' for prepayment of ECBs. 2. Under the automatic route prepayment of ECBs was permitted, without any limit, out of foreign exchange inflow through either fresh equity or out of balances held in Exchange Earners' Foreign Currency .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... not exceed USD 100 million. 4. Authorised dealers may, therefore, allow remittances not exceeding USD 100 million for prepayment of ECBs after obtaining a certificate from the company secretary/auditors of the borrower, indicating that the borrower - has availed and utilised the loan in accordance with all relevant Acts, RBI/Government Rules, Regulations and Guidelines, and has submitted a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... application to the Reserve Bank of India, Central Office, Mumbai with full particulars, namely, terms of the prepayment, the period over which the prepayment is to be made and also whether `in principle' contract for prepayment has been negotiated with the lender. Further, corporates desirous of obtaining `in principle' approval from the Bank before negotiating the prepayment contract may also ap .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X