EXTERNAL
COMMERCIAL BORROWINGS (ECB) POLICY – REPAYMENT OF RUPEE LOANS AND/OR FRESH RUPEE CAPITAL EXPENDITURE – USD 10 BILLION SCHEME
Notification
No.RBI/2012-13/387
Date: 22nd
January, 2013
Attention of Authorized Dealer Category - I
(AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 134 dated
June 25, 2012 and A.P. (DIR Series) Circular No. 26 dated September 11, 2012.
As per the extant guidelines, Indian
companies in the manufacturing and infrastructure sector (as defined under the
extant ECB policy), which are consistent foreign exchange earners, are allowed
to avail of ECBs for repayment of outstanding Rupee loan(s) availed of from the
domestic banking system and / or for fresh Rupee capital expenditure.
On a review, it has been decided to include
Indian companies in the hotel sector (with a total project cost of INR 250
crore or more), irrespective of geographical location as eligible borrowers
under this scheme. AD may certify the project cost at the time of forwarding
the ECB application to the Reserve Bank.
All other aspects of the scheme shall remain
unchanged and the amended ECB policy will come into force with immediate effect
and is subject to review based on the experience gained in this regard.
Regards
CA.
Mona Singhal
Partner
Arpit
Gupta & Associates
Chartered
Accountants
701,
Nirmal Tower,
26,
Barakhamba Road,
Connaught
Place, Delhi-110001
Mobile:-
+91-9873082769
Website:-
www.caaga.co.in
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