RBI/2013-2014/429
A.P. (DIR Series) Circular No. 85
January 6, 2014
To
All Category - I Authorised Dealer banks
Madam/Sir,
External Commercial Borrowings (ECB) Policy – Liberalisation of definition of
Infrastructure Sector
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited
to the
Notification No. FEMA.281/2013-RB dated July 19, 2013 published in the
Gazette of India vide G.S.R. No. 627 (E) dated September 12, 2013 and to the
A.P. (DIR Series) Circular No. 48 dated September 18, 2013 in terms of which
definition of infrastructure sector for the purpose of raising ECB was expanded
taking into account the Harmonised Master List of Infrastructure sub-sectors and
Institutional Mechanism for its updation approved by Government of India vide
Notification F.No.13/06/2009-INF dated March 27, 2012.
- On a review, it has been decided that, for the purpose of ECB, ‘Maintenance,
Repairs and Overhaul’ (MRO) will also be treated as a part of airport
infrastructure. Accordingly, MRO, as distinct from the related services which
are other than infrastructure, will be considered as part of the sub-sector of
Airport in the Transport Sector of Infrastructure.
- All other aspects of ECB policy shall remain unchanged.
- 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