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January 2013

A. P. (DIR Series) Circular No. 63 dated 20th December, 2012 External Commercial Borrowings (ECB) for Micro Finance Institutions (MFIs) and Non-Government Organizations (NGOs) – engaged in micro finance activities under Automatic Route

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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This circular requires Banks to ensure, at the time of drawn down of ECB, that the foreign exchange exposure of Micro Finance Institutions and Non-Government Organisations engaged in micro finance activities is fully hedged.
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