External Commercial Borrowings (ECB) denominated in Indian Rupees (INR) – Mobilisation of INR

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..... on of Authorized Dealers Category I (AD Cat I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 [ Notification No. FEMA 25/RB-2000 dated May 3, 2000 ], as amended from time to time, A.P. (DIR Series) Circular No.63 dated December 29, 2011 and A.P. (DIR Series) Circular No. 25 dated September 3, 2014 . 2. In .....

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..... . (ii) The overseas bank, in turn, approaches an AD Cat-I bank for a swap rate along with documentation furnished by the customer that will enable the AD bank in India to satisfy itself that there is an underlying ECB in INR (scanned copies would be acceptable). (iii) A KYC certification on the end client shall also be taken by the AD bank in India as a one-time document from the overseas ba .....

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..... rned AD Cat-I bank shall keep on record all related documentation for verification by Reserve Bank. 3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers. 4. 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 prejud .....

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