External Commercial Borrowings (ECB) Policy - Non-Banking Finance Company – Asset Finance Companies (NBFC - AFCs)

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ies (NBFC - AFCs) Attention 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. 69 dated January 7, 2013 relating to External Commercial Borrowings (ECB). 2. As per the extant guidelines, non-banking financial companies (NBFCs) are allowed to avail of ECB under approval route from mult .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lowing conditions: (i) NBFC-AFCs are allowed to avail of ECB under the automatic route from all recognised lenders as per the extant ECB guidelines with minimum average maturity period of five years in order to finance the import of infrastructure equipment for leasing to infrastructure projects; (ii) in cases, where the NBFC-AFCs avail of ECB in the form of Foreign Currency Bonds from interna .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... guidelines 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) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other la .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X