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TMI BlogExternal Commercial Borrowings (ECBs)X X X X Extracts X X X X X X X X Extracts X X X X ..... tention of Authorised Dealers is invited to A.P. (DIR Series) Circulars Nos.10 and 23 dated September 5, 2000 and September 17, 2002 respectively and Press Release F.No.4(35)/2003-ECB dated November 12, 2003 issued by Government of India (Ministry of Finance). 2. Accordingly, we advise the following revisions in the existing ECB Policy for a temporary period, until further review. i. Eligibi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . a bank, DFI or NBFC will be allowed access to ECBs, either under Automatic Route, or RBI Route or Government Route. ii. Guarantees No financial intermediary (viz. a bank, DFI or NBFC) will be allowed to provide guarantees in favour of overseas lenders, on behalf of their constituents for ECBs being raised by them. Revisions in all-in-cost ceiling All ECBs shall be subject to the foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c. Railways d. Road including Bridges e. Ports f. Industrial Parks g. Urban infrastructure - Water Supply, Sanitation and Sewage Projects Existing guidelines on end-use will be applicable for ECBs under the Automatic Route. v. Hedging In cases where ECBs have been raised for meeting rupee expenditure under Automatic Route the Authorised Dealer has to ensure at the time of dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concerned. 6. 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, F.R.Joseph Chief General Manager - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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