{"id":212051,"date":"2019-03-14T20:00:51","date_gmt":"2019-03-14T14:30:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212051"},"modified":"2019-03-14T17:55:59","modified_gmt":"2019-03-14T12:25:59","slug":"external-commercial-borrowings-ecb-policy-new-ecb-framework","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/14\/external-commercial-borrowings-ecb-policy-new-ecb-framework\/","title":{"rendered":"External Commercial Borrowings (ECB) Policy \u2013 New ECB Framework"},"content":{"rendered":"

The salient features of the new framework are as under:<\/p>\n

    \n
  1. Merging of Tracks:<\/span>\u00a0Merging of Tracks I and II as \u201cForeign Currency denominated ECB\u201d and merging of Track III and Rupee Denominated Bonds framework as \u201cRupee Denominated ECB\u201d.<\/li>\n
  2. Eligible Borrowers:<\/span>\u00a0This has been expanded to include all entities eligible to receive FDI. Additionally, Port Trusts, Units in SEZ, SIDBI, EXIM Bank, registered entities engaged in micro-finance activities, viz., registered not for profit companies, registered societies\/trusts\/cooperatives and non-government organisations can also borrow under this framework.<\/li>\n
  3. Recognised Lender:<\/span> The lender should be resident of FATF or IOSCO compliant country. Multilateral and Regional Financial Institutions, Individuals and Foreign branches\/subsidiaries of Indian banks can also be lenders.<\/li>\n
  4. Minimum Average Maturity Period (MAMP):<\/span>\u00a0MAMP will be 3 years for all ECBs. However, for ECB raised from foreign equity holder and utilised for specific purposes, as detailed in the Annex, the MAMP would be 5 years. Similarly, for ECB up to USD 50 million per financial year raised by the manufacturing sector, which has been given a special dispensation, the MAMP would be 1 year.<\/li>\n
  5. Late Submission Fee (LSF) for the delay in Reporting:<\/span>\u00a0Any borrower, who is otherwise in compliance of ECB guidelines, except for delay in reporting drawdown of ECB proceeds before obtaining LRN or Form ECB 2 returns, can regularize the delay by payment of LSF as per the laid down procedure.<\/li>\n<\/ol>\n

    4. ECB up to USD 750 million or equivalent per financial year, which otherwise are in compliance with the parameters and other terms and conditions set out in the new ECB framework, will be permitted under the automatic route not requiring prior approval of the Reserve Bank. The designated AD Category I bank while considering the ECB proposal is expected to ensure compliance with applicable ECB guidelines by their constituents. Any contravention of the applicable provisions will invite penal action or adjudication under the Foreign Exchange Management Act, 1999.<\/p>\n

    5. Lending and borrowing under the ECB framework by Indian banks and their branches\/subsidiaries outside India will be subject to prudential guidelines issued by the Department of Banking Regulation of the Reserve Bank. Further, other entities raising ECB are required to follow the guidelines issued, if any, by the concerned sectoral or prudential regulator.<\/p>\n

    6. The amended policy will come into force with immediate effect.<\/p>\n

    Detailed notification can be refrred here: NOTIFICATION<\/strong><\/span><\/a><\/p>\n

    RBI\/2018-19\/109\u00a0<\/strong>
    \nA.P. (DIR Series) Circular No. 17<\/strong><\/p>\n

    [Notification Dated: 16-01-2019]<\/p>\n

    Reserve Bank of India<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    The salient features of the new framework are as under: Merging of Tracks:\u00a0Merging of Tracks I and II as \u201cForeign Currency denominated <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[34375,34376],"class_list":["post-212051","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-external-commercial-borrowings-ecb-policy","tag-new-policy"],"yoast_head":"\nExternal Commercial Borrowings (ECB) Policy \u2013 New ECB Framework | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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2018","format":false,"excerpt":"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 Refinancing of External Commercial Borrowings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A.P. 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