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TMI BlogExternal Commercial Borrowings (ECB) PolicyX X X X Extracts X X X X X X X X Extracts X X X X ..... banks is invited to the A.P. (DIR Series) Circular No. 46 dated January 2, 2009 relating to External Commercial Borrowings (ECB). 2. On a review, it has been decided to modify some aspects of the ECB policy as indicated below: (i) ECB for Integrated Township As per the extant policy, corporates, engaged in the development of integrated township, as defined in Press Note 3 (2002 Series) d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Approval route, subject, inter-alia, to the condition that the direct lending portfolio of these lenders vis-à-vis their total ECB lending to NBFCs, at any point of time, should not be less than 3:1. It has now been decided to dispense with this condition with effect from July 1, 2009. The proposals will, however, continue to be examined by the Reserve Bank under the Approval route, as hithert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... development of integrated township and commercial real estate within the SEZ. (iv) Corporates under Investigation Currently, the ECB policy is not explicit about accessing of ECB by the corporates, which have violated the extant ECB policy and are under investigation by the Reserve Bank and / or Directorate of Enforcement. It is clarified that corporates, which have violated the extant ECB po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are being issued separately. 5. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 6. The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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