External Commercial Borrowings (ECB) – Clarifications

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..... B) guidelines were revised vide A.P. (DIR Series) Circular No.60 datedJanuary 31, 2004. The Reserve Bank has been receiving a number of queries relating to various aspects of the ECB guidelines. Our clarifications on these issues are set out below : 2. End-use - Prior to February 1, 2004, eligible borrowers were permitted to raise ECB under the Automatic Route equivalent to USD 50 million pe .....

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..... -Kurla Complex, Bandra (East), Mumbai - 400 051 within seven working days from the close of month to which it relates. It is clarified that all existing borrowers are also required to submit ECB -2 Return on a monthly basis from January 2004 onwards as mentioned above. 5. Compliance with ECB Guidelines - The primary responsibility to ensure that ECB raised/utilised are in conformity with the R .....

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..... ule along with the Loan Key/Loan Registration Number should be initially communicated to the Chief General Manager, Foreign Exchange Department, Reserve Bank of India, Central Office, ECB Division, Mumbai within seven days of approval and subsequently in ECB - 2. 7. Authorised Dealers may bring the contents of this Circular to the notice of their constituents concerned. 8. The directions conta .....

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