External Commercial Borrowings (ECB) Policy - Refinance / Repayment of Rupee loans raised from domestic banking system

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..... aised from domestic banking system Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 28 dated January 25, 2010 , A.P. (DIR Series) Circular No. 04 dated July 22, 2010 , A.P. (DIR Series) Circular No. 25 dated September 23, 2011 , A.P. (DIR Series) Circular No. 111 dated April 20, 2012 , A.P. (DIR Series) Circular No. 134 dated Jun .....

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..... overseas branches / subsidiaries of Indian banks is not permitted. 3. The issue has been examined and it has been decided that eligible Indian companies will not be permitted to raise ECB from overseas branches / subsidiaries of Indian banks for the purpose of refinance / repayment of the Rupee loans raised from the domestic banking system in respect of the following: a. Scheme of take-out .....

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..... ontents 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 law. Yours faithfully, (Rudra Narayan Kar) Chief General Manage .....

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