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June 2010

A.P. (DIR Series) Circular No. 50, dated 4-5- 2010 — External Commercial Borrowings (ECB) Policy.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part B : Indirect Taxes


Part C : RBI/FEMA

46 A.P. (DIR Series) Circular No. 50, dated 4-5- 2010 —
External Commercial Borrowings (ECB) Policy.

Presently, Infrastructure Finance Companies (IFC) are
permitted to avail of ECB for on-lending to infrastructure sector, subject to
certain conditions, under the Approval Route.

This Circular now permits, subject to certain conditions IFC
to avail ECB (including outstanding ECB) up to 50% of their owned funds under
the Automatic Route. ECB exceeding the above limit can be availed under the
Approval Route.


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