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January 2013

A. P. (DIR Series) Circular No. 61 dated 17th December, 2012

By Gaurang Gandhi, Chartered Accountant
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External Commercial Borrowings (ECB) Policy – Review of all-in-cost ceiling This circular permits availing of ECB up to INR62 billion for low cost housing projects under the Approval Route by: –

1. Developers/Builders for construction of low cost affordable housing projects.

2. Housing Finance Companies (HFC) / National Housing Bank (NHB) for financing prospective owners of low cost affordable housing units. NHB can also, in special cases, on-lend to developers of low cost affordable housing projects. ECB cannot be used for acquisition of land. Similarly, borrowing by way of issue of Foreign Currency Convertible Bonds (FCCB) is also not permitted under the scheme. Detailed guidelines are contained in this circular.

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