External Commercial Borrowings (ECB) Policy - Utilization of ECB proceeds for Rupee expenditure.

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..... tion of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 5 dated August 1, 2005 and A.P. (DIR Series) Circular No. 52 dated November 23, 2011 relating to External Commercial Borrowings. 2. As per the extant guidelines, ECB proceeds can be utilized for permissible foreign currency expenditure and Rupee expenditure. On a review, it has been decide .....

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..... mediately after drawdown. 4. The modifications to the ECB policy will come into force with immediate effect and subject to review. All other aspects of the ECB policy shall remain unchanged. 5. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers. 6. The directions contained in this circular have been issued under sections 10(4) an .....

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