Reserve bank of India
A.P. (DIR Series) Circular No. 117
June 25, 2013
To,
All Authorized Dealer Category - I Banks
Madam / Sir
External Commercial Borrowings (ECB) in Renminbi
(RMB)
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to
A.P. (DIR Series) Circular No. 30 dated September 27, 2011 on the captioned
subject in terms of which Indian companies in the infrastructure sector are
allowed to avail of ECB in Renminbi (RMB) under approval route subject to an
annual cap of USD one billion pending further review.
- It has been observed that the facility of ECB in Renminbi (RMB) had
remained unused so far. Accordingly, the scheme of ECB in Renminbi has been
reviewed and it has been decided that this scheme may be discontinued from
the date of issue of this circular.
- AD Category-I banks may bring the contents of this circular to the
notice of their constituents and customers.
- 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.
Yours faithfully
(Rudra Narayan Kar)
Chief General Manager in-Charge
RBI/2012-13/546