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Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars
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Legal Considerations for Start-Ups – Are you overlooking some?
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October 2014

A. P. (DIR Series) Circular No. 25 dated 3rd September, 2014

By Gaurang Gandhi Chartered Accountant

Reading Time 1 mins

External Commercial Borrowings (ECB) in Indian Rupees

This circular permits eligible lenders of ECB to lend in Indian Rupees, subject to the following terms and conditions: –

a. The lender must mobilise Indian Rupees through swaps undertaken with a bank in India.

b. The ECB contract must comply with all other conditions applicable to the automatic and approval routes, as the case may be.

c. The all-in-cost of such ECB must be commensurate with prevailing market conditions.

The recognised lender, for the purpose of executing swaps for ECB denominated in Indian Rupees, can set up a representative office in India and also hedging their rupee exposures.

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October 2014

A. P. (DIR Series) Circular No. 25 dated 3rd September, 2014

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A. P. (DIR Series) Circular No. 23 dated 2nd September, 2014

[2014] 46 taxmann.com 135 (New Delhi – CESTAT) Hema Engg. Indus. Ltd. vs. CST, New Delhi.

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October 2014

A. P. (DIR Series) Circular No. 25 dated 3rd September, 2014

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A. P. (DIR Series) Circular No. 23 dated 2nd September, 2014

[2014] 46 taxmann.com 135 (New Delhi – CESTAT) Hema Engg. Indus. Ltd. vs. CST, New Delhi.