The RBI undertook a review of the prevailing macro-economic scenario in international financial markets and decided to partially modify the external commercial borrowing (ECB) policy w.e.f. January 01, 2009. Accordingly, where Loan Agreements have been signed on or after January1, 2010, the all-in-cost ceilings, under the approval route, for the ECBs will be as newly stipulated. Eligible borrowers proposing to avail of ECB after December 31, 2009, where the Loan Agreement has been signed on or before December 31, 2009 and where the all-in-cost exceed the above ceilings, need to furnish a copy of the Loan Agreement to RBI. In this way, these proposals would continue to be considered under the approval route.
Other changes deal with the following sectors:
Ø ECB for Integrated townships.
Ø Buyback of the Foreign Currency Convertible Bonds (FCCBs).
Ø ECB for NBFC sector financing infrastructure projects.
Ø ECB for Spectrum in the Telecommunication Sector.
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