Existing ECB Borrowers can Raise Fresh ECB at Higher All-in-Cost under Approval Route Till 30 Sept 2013

[RBI Circular No. 10 dated 11^th July 2013]

Sub: External Commercial Borrowings (ECB) Policy – Refinancing / Rescheduling of ECB

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 112 dated April 20, 2012 relating to ECB.

2. On a review, it has been decided that the instructions contained in the above mentioned circular will continue to be applicable till September 30, 2013 and is subject to review thereafter.

3. All other aspects of ECB policy remain unchanged and AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers.

4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.