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November 2011

A.P. (DIR Series) Circular No. 30, dated 27-9-2011 — External Commercial Borrowings (ECB) in Renminbi (RMB).

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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This Circular permits Indian companies which are in the infrastructure sector, to avail of ECB in Renminbi (RMB), under the approval route, subject to an annual cap of US $ 1 billion. This approval of RBI will be valid for a period of three months from the date of issue of the approval letter and the loan agreement must be executed within this period.

Application in Form 83 for allotment of loan registration number (LRN) must be made within 7 days from the date of signing the loan agreement. In case the borrower fails to obtain LRN within the above period, the approval granted by RBI will stand cancelled.

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