A. P. (DIR Series) Circular No. 33, dated February 09, 2010

Presently, any change in the terms and conditions
of ECB after obtaining Loan Registration Number (LRN) requires prior permission
from the RBI.

This circular has delegated powers to authorized
banks, with immediate effect, to approve requests for changes in the following
cases, subject to specified conditions:

Changes / modifications in the drawdown / repayment
schedule of the ECB already availed, both under the approval and the automatic
routes, may be permitted subject to the condition that the average maturity
period, as declared while obtaining the LRN, is maintained. The changes in the
drawdown / repayment schedule should be promptly reported to the DSIM, Reserve
Bank through Form 83. However, any elongation / rollover in the repayment on
expiry of the original maturity of the ECB would require the prior approval of
the Reserve Bank.

Change in the currency of borrowing, if so desired,
by the borrower company, in respect of ECB availed of both under the automatic
and the approval routes, may be permitted subject to all other terms and
conditions of the ECB remaining unchanged. Designated AD banks should, however,
ensure that the proposed currency of borrowing is freely convertible.

Change of the existing designated AD bank by the
borrower company for effecting its transactions pertaining to the ECB may be
permitted subject to a No-Objection Certificate (NOC) from the existing
designated AD bank, and after due diligence.

Changes in the name of the borrower company may be
permitted subject to production of supporting documents evidencing the change in
the name from the Registrar of Companies.