RBI/2013-14/12
Master Circular No. 12/2013-14
July 1, 2013
To,
All Authorised Dealer Category – I banks and Authorised banks
Madam / Sir,
Master Circular on External Commercial Borrowings and Trade Credits
External Commercial Borrowings and Trade Credits availed of by residents are
governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange
Management Act, 1999 read with Notification No. FEMA 3/ 2000-RB viz. Foreign
Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations,
2000, dated May 3, 2000, as amended from time to time.
- This Master Circular consolidates the existing instructions on the subject of
"External Commercial Borrowings and Trade Credits" at one place. The list of
underlying circulars / notifications, consolidated in this Master Circular, is
furnished in the Appendix.
- This circular will stand withdrawn on July 1, 2014 and be replaced by an
updated Master Circular on the subject.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager-in-Charge
INDEX
PART I
EXTERNAL COMMERCIAL BORROWINGS (ECB)
At present, Indian companies are allowed to access funds from abroad in the
following methods:
(i) External Commercial Borrowings (ECB) refer to commercial loans in the form
of bank loans, buyers’ credit, suppliers’ credit, securitized instruments (e.g.
floating rate notes and fixed rate bonds, non-convertible, optionally
convertible or partially convertible preference shares) availed of from
non-resident lenders with a minimum average maturity of 3 years.
(ii) Foreign Currency Convertible Bonds (FCCBs) mean a bond issued by an Indian
company expressed in foreign currency, and the principal and interest in respect
of which is payable in foreign currency. Further, the bonds are required to be
issued in accordance with the scheme viz., "Issue of Foreign Currency
Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism)
Scheme, 1993”, and subscribed by a non-resident in foreign currency and
convertible into ordinary shares of the issuing company in any manner, either in
whole, or in part, on the basis of any equity related warrants attached to debt
instruments. The ECB policy is applicable to FCCBs. The issue of FCCBs is also
required to adhere to the provisions of
Notification FEMA No. 120/RB-2004 dated
July 7, 2004, as amended from time to time.
(iii) Preference shares (i.e. non-convertible, optionally convertible or
partially convertible) for issue of which, funds have been received on or after
May 1, 2007 would be considered as debt and should conform to the ECB policy.
Accordingly, all the norms applicable for ECB, viz. eligible borrowers,
recognised lenders, amount and maturity, end use stipulations, etc. shall apply.
Since these instruments would be denominated in Rupees, the rupee interest rate
will be based on the swap equivalent of LIBOR plus the spread as permissible for
ECBs of corresponding maturity.
(iv) Foreign Currency Exchangeable Bond (FCEB) means a bond expressed in foreign
currency, the principal and interest in respect of which is payable in foreign
currency, issued by an Issuing Company and subscribed to by a person who is a
resident outside India, in foreign currency and exchangeable into equity share
of another company, to be called the Offered Company, in any manner, either
wholly, or partly or on the basis of any equity related warrants attached to
debt instruments. The FCEB must comply with the “Issue of Foreign Currency
Exchangeable Bonds (FCEB) Scheme, 2008”, notified by the Government of India,
Ministry of Finance, Department of Economic Affairs vide Notification
G.S.R.89(E) dated February 15, 2008. The guidelines, rules, etc. governing ECBs
are also applicable to FCEBs.
ECB can be accessed under two routes, viz., (i) Automatic Route outlined in
paragraph I (A) and (ii) Approval Route outlined in paragraph I (B).
ECB for investment in real sector-industrial sector, infrastructure sector and
specified service sectors in India as indicated under para I (A) (i) (a) are
under Automatic Route, i.e. do not require Reserve Bank / Government of India
approval. In case of doubt as regards eligibility to access the Automatic Route,
applicants may take recourse to the Approval Route.
I. (A) AUTOMATIC ROUTE
The following types of proposals for ECBs are covered under the Automatic Route.
i) Eligible Borrowers
(a) Corporates, including those in the hotel, hospital, software sectors
(registered under the Companies Act, 1956) and Infrastructure Finance Companies
(IFCs) except financial intermediaries, such as banks, financial institutions
(FIs), Housing Finance Companies (HFCs) and Non-Banking Financial Companies
(NBFCs),other than those specifically allowed by Reserve Bank, are eligible to
raise ECB. Individuals, Trusts (other than those engaged in Micro-finance
activities) and Non-Profit making organizations are not eligible to raise ECB.
(b) Units in Special Economic Zones (SEZ) are allowed to raise ECB for their own
requirement. However, they cannot transfer or on-lend ECB funds to sister
concerns or any unit in the Domestic Tariff Area (DTA).
(c) Non-Government Organizations (NGOs) engaged in micro finance activities are
eligible to avail of ECB.
(d) Micro Finance Institutions (MFIs) engaged in micro finance activities are
eligible to avail of ECBs. MFIs registered under the Societies Registration Act,
1860, MFIs registered under Indian Trust Act, 1882, MFIs registered either under
the conventional state-level cooperative acts, the national level multi-state
cooperative legislation or under the new state-level mutually aided cooperative
acts (MACS Act) and not being a co-operative bank, Non-Banking Financial
Companies (NBFCs) categorized as ‘Non Banking Financial Company-Micro Finance
Institutions’ (NBFC-MFIs) and complying with the norms prescribed as per
circular DNBS.CC.PD.No. 250/03.10.01/2011-12 dated December 02, 2011 and
Companies registered under Section 25 of the Companies Act, 1956 and are
involved in micro finance activities.
(e) NGOs engaged in micro finance and MFIs registered as societies, trusts and
co-operatives and engaged in micro finance (i) should have a satisfactory
borrowing relationship for at least 3 years with a scheduled commercial bank
authorized to deal in foreign exchange in India and (ii) would require a
certificate of due diligence on `fit and proper’ status of the Board/ Committee
of management of the borrowing entity from the designated AD bank.
(f) Small Industries Development Bank of India (SIDBI) can avail of ECB for
on-lending to MSME sector, as defined under the Micro, Small and Medium
Enterprises Development (MSMED) Act, 2006.
ii) Recognised Lenders
Borrowers can raise ECB from internationally recognized sources, such as (a)
international banks, (b) international capital markets, (c) multilateral
financial institutions (such as IFC, ADB, CDC, etc.) / regional financial
institutions and Government owned development financial institutions, (d) export
credit agencies, (e) suppliers of equipments, (f) foreign collaborators and (g)
foreign equity holders [other than erstwhile Overseas Corporate Bodies (OCBs)].
NGOs engaged in micro finance and MFIs registered as societies, trusts and
co-operatives can avail of ECBs from (a) international banks, (b) multilateral
financial institutions, (c) export credit agencies (d) overseas organisations
and (e) individuals.
NBFC-MFIs will be permitted to avail of ECBs from multilateral institutions,
such as IFC, ADB etc./ regional financial institutions/international banks /
foreign equity holders and overseas organizations.
Companies registered under Section 25 of the Companies Act,1956 and are engaged
in micro finance will be permitted to avail of ECBs from international banks,
multilateral financial institutions, export credit agencies, foreign equity
holders, overseas organizations and individuals.
A "foreign equity holder" to be eligible as “recognized lender” under the
automatic route would require minimum holding of paid-up equity in the borrower
company as set out below:
- For ECB up to USD 5 million - minimum paid-up equity of 25 per cent held
directly by the lender,
- For ECB more than USD 5 million - minimum paid-up equity of 25 per cent held
directly by the lender and ECB liability-equity ratio not exceeding 4:1
Besides the paid-up capital, free reserves (including the share premium received
in foreign currency) as per the latest audited balance sheet shall be reckoned
for the purpose of calculating the ‘equity’ of the foreign equity holder in the
term ECB liability-equity ratio. Where there are more than one foreign equity
holder in the borrowing company, the portion of the share premium in foreign
currency brought in by the lender(s) concerned shall only be considered for
calculating the ECB liability-equity ratio for reckoning quantum of permissible
ECB.
For calculating the ‘ECB liability’, not only the proposed borrowing but also
the outstanding ECB from the same foreign equity holder lender shall be
reckoned.
Overseas organizations and individuals providing ECB need to comply with the
following safeguards:
- Overseas Organizations proposing to lend ECB would have to furnish to the AD
bank of the borrower a certificate of due diligence from an overseas bank,
which, in turn, is subject to regulation of host-country regulator and adheres
to the Financial Action Task Force (FATF) guidelines. The certificate of due
diligence should comprise the following (i) that the lender maintains an account
with the bank for at least a period of two years, (ii) that the lending entity
is organised as per the local laws and held in good esteem by the business/local
community and (iii) that there is no criminal action pending against it.
- Individual Lender has to obtain a certificate of due diligence from an overseas
bank indicating that the lender maintains an account with the bank for at least
a period of two years. Other evidence /documents such as audited statement of
account and income tax return which the overseas lender may furnish need to be
certified and forwarded by the overseas bank. Individual lenders from countries
wherein banks are not required to adhere to Know Your Customer (KYC) guidelines
are not eligible to extend ECB.
iii) Amount and Maturity
- The maximum amount of ECB which can be raised by a corporate other than those in
the hotel, hospital and software sectors is USD 750 million or its equivalent
during a financial year.
- Corporates in the services sector viz. hotels, hospitals and software sector are
allowed to avail of ECB up to USD 200 million or its equivalent in a financial
year for meeting foreign currency and/ or Rupee capital expenditure for
permissible end-uses. The proceeds of the ECBs should not be used for
acquisition of land.
- NGOs engaged in micro finance activities and Micro Finance Institutions (MFIs)
can raise ECB up to USD 10 million or its equivalent during a financial year.
Designated AD bank has to ensure that at the time of drawdown the forex exposure
of the borrower is fully hedged.
- SIDBI can avail of ECB to the extent of 50 per cent of their owned funds
including the outstanding ECB, subject to a ceiling of USD 500 million per
financial year.
- ECB up to USD 20 million or its equivalent in a financial year with minimum
average maturity of three years. An illustration of average maturity period
calculation is provided at Annex VI.
- ECB above USD 20 million or equivalent and up to USD 750 million or its
equivalent with a minimum average maturity of five years.
- ECB up to USD 20 million or equivalent can have call/put option provided the
minimum average maturity of three years is complied with before exercising
call/put option.
- All eligible borrowers can avail of ECBs designated in INR from ‘foreign equity
holders’ as per the extant ECB guidelines.
- NGOs engaged in micro finance activities can avail of ECBs designated in INR,
from overseas organizations and individuals as per the extant guidelines.
iv) All-in-cost ceilings
All-in-cost includes rate of interest, other fees and expenses in foreign
currency except commitment fee, pre-payment fee, and fees payable in Indian
Rupees. The payment of withholding tax in Indian Rupees is excluded for
calculating the all-in-cost. The existing all-in-cost ceilings for ECB are as
under:
Average Maturity Period |
All-in-cost Ceilings over 6 month LIBOR* |
Three years and up to five years |
350 basis points |
More than five years |
500 basis points |
* for the respective currency of borrowing or applicable benchmark
In the case of fixed rate loans, the swap cost plus margin should be the
equivalent of the floating rate plus the applicable margin.
v) End-use
- ECB can be raised for investment such as import of capital goods (as classified
by DGFT in the Foreign Trade Policy), new projects, modernization/expansion of
existing production units in real sector - industrial sector including small and
medium enterprises (SME), infrastructure sector and specified service sectors,
namely, hotel, hospital and software in India. Infrastructure sector is defined
as (i) power, (ii) telecommunication, (iii) railways, (iv) roads including
bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban
infrastructure (water supply, sanitation and sewage projects), (viii) mining,
exploration and refining and (ix) cold storage or cold room facility, including
for farm level pre-cooling, for preservation or storage of agricultural and
allied produce, marine products and meat.
- Overseas Direct Investment in Joint Ventures (JV)/ Wholly Owned Subsidiaries
(WOS) subject to the existing guidelines on Indian Direct Investment in JV/ WOS
abroad.
- Utilization of ECB proceeds is permitted for first stage acquisition of shares
in the disinvestment process and also in the mandatory second stage offer to the
public under the Government’s disinvestment programme of PSU shares.
- Interest During Construction (IDC) for Indian companies which are in the
infrastructure sector, where “infrastructure” is defined as per the extant ECB
guidelines, subject to IDC being capitalized and forming part of the project
cost.
- For lending to self-help groups or for micro-credit or for bonafide micro
finance activity including capacity building by NGOs engaged in micro finance
activities.
- Infrastructure Finance Companies (IFCs) i.e. Non-Banking Financial Companies
(NBFCs) categorized as IFCs by the Reserve Bank, are permitted to avail of ECBs,
including the outstanding ECBs, up to 75 per cent of their owned funds, for
on-lending to the infrastructure sector as defined under the ECB policy, subject
to their complying with the following conditions: i) compliance with the norms
prescribed in the DNBS Circular DNBS.PD.CCNo.168/03.02.089/2009-10 dated
February 12, 2010 ii) Hedging requirement for currency risk should be 75 per
cent of the exposure. Designated Authorised Dealer (AD) should ensure compliance
with the extant norms while certifying the ECB application.
- Maintenance and operations of toll systems for roads and highways for capital
expenditure provided they form part of the original project
- SIDBI can on lend to the borrowers in the MSME sector for permissible end uses,
having natural hedge by way of foreign exchange earnings. SIDBI may on-lend
either in INR or in foreign currency (FCY). In case of on-lending in INR, the
foreign currency risk shall be fully hedged by SIDBI.
- Refinancing of Bridge Finance (including buyers’ / suppliers’ credit) availed of
for import of capital goods by companies in Infrastructure Sector
- Import of services, technical know-how and payment of license fees:
The
companies in the manufacturing and infrastructure sectors may import services,
technical know-how and payment of license fees as part of import of capital
goods subject to certain conditions.
vi) Payment for Spectrum Allocation
(a) Relaxation for the successful Bidders of 2G spectrum Re-auction
(i) to make the upfront payment initially out of Rupee loans availed of from the
domestic lenders and refinance such Rupee loans with a long-term ECB provided
such ECB is raised within a period of 18 months from the date of sanction of
such Rupee loans for the stated purpose from the domestic lenders. (ii) Availing
of short term foreign currency loan in the nature of bridge finance for the
purpose of making upfront payment and replace the same with a long term ECB
subject to condition that the long term ECB is raised within a period of 18
months from the date of drawdown of the bridge finance. (iii) ECB can be availed
of from their ultimate parent company without any maximum ECB liability-equity
ratio subject to the condition that the lender holds minimum paid-up equity of
25 per cent in the borrower company, either directly or indirectly.
vii) End-uses not permitted
Other than the purposes specified hereinabove, the borrowings shall not be
utilized for any other purpose including the following purposes, namely:
(a) For on-lending or investment in capital market or acquiring a company (or a
part thereof) in India by a corporate [investment in Special Purpose Vehicles
(SPVs), Money Market Mutual Funds (MMMFs), etc., are also considered as
investment in capital markets].
(b) for real estate sector,
(c) for working capital, general corporate purpose and repayment of existing
rupee loans.
viii) Guarantees
Issuance of guarantee, standby letter of credit, letter of undertaking or letter
of comfort by banks, Financial Institutions and Non-Banking Financial Companies
(NBFCs) from India relating to ECB is not permitted.
ix) Security
The choice of security to be provided to the lender/supplier is left to the
borrower. However, creation of charge over immoveable assets and financial
securities, such as shares, in favour of the overseas lender is
subjecttoRegulation 8 of
Notification No. FEMA 21/RB-2000 dated May 3, 2000 and
Regulation 3 of
Notification No. FEMA 20/RB-2000 dated May 3, 2000,
respectively, as amended from time to time. AD Category - I banks have been
delegated powers to convey ‘no objection’ under the Foreign Exchange Management
Act (FEMA), 1999 for creation of charge on immovable assets, financial
securities and issue of corporate or personal guarantees in favour of overseas
lender / security trustee, to secure the ECB to be raised by the borrower.
Before according ‘no objection’ under FEMA, 1999, AD Category - I banks should
ensure and satisfy themselves that (i) the underlying ECB is strictly in
compliance with the extant ECB guidelines, (ii) there exists a security clause
in the loan agreement requiring the borrower to create charge on immovable
assets / financial securities / furnish corporate or personal guarantee, (iii)
the loan agreement has been signed by both the lender and the borrower and (iv)
the borrower has obtained Loan Registration Number (LRN) from the Reserve Bank.
On compliance with the above conditions, AD Category - I banks may convey their
‘no objection’, under FEMA, 1999 for creation of charge on immovable assets,
financial securities and issue of personal or corporate guarantee, subject to
the conditions indicated below:
a) The ‘no objection’ for creation of charge on immovable assets may be conveyed
under FEMA, 1999 either in favour of the lender or the security trustee, subject
to the following conditions:
- ‘No objection’ shall be granted only to a resident ECB borrower.
- The period of such charge on immovable assets has to be co-terminus with the
maturity of the underlying ECB.
- Such ‘no objection’ should not be construed as a permission to acquire immovable
asset (property) in India, by the overseas lender / security trustee.
- In the event of enforcement / invocation of the charge, the immovable asset
(property) will have to be sold only to a person resident in India and the sale
proceeds shall be repatriated to liquidate the outstanding ECB.
b) AD Category – I banks may convey their 'no objection' under FEMA, 1999 to the
resident ECB borrower for pledge of shares of the borrowing company held by
promoters as well as in domestic associate companies of the borrower to secure
the ECB subject to the following conditions:
- The period of such pledge shall be co-terminus with the maturity of the
underlying ECB.
- In case of invocation of pledge, transfer shall be in accordance with the extant
FDI policy.
- A certificate from the Statutory Auditor of the company that the ECB proceeds
have been / will be utilized for the permitted end-use/s.
c) The ‘no objection’ to the resident ECB borrower for issue of corporate or
personal guarantee under FEMA, 1999 may be conveyed after obtaining:
(i) Board Resolution for issue of corporate guarantee from the company issuing
such guarantees, specifying names of the officials authorised to execute such
guarantees on behalf of the company or in individual capacity.
(ii) Specific requests from individuals to issue personal guarantee indicating
details of the ECB.
(iii) Ensuring that the period of such corporate or personal guarantee is
co-terminus with the maturity of the underlying ECB.
AD Category – I banks may invariably specify that the ‘no objection’ is issued
from the foreign exchange angle under the provisions of FEMA, 1999 and should
not be construed as an approval by any other statutory authority or Government
under any other law/ regulation. If further approval or permission is required
from any other regulatory / statutory authority or Government under the relevant
laws / regulations, the applicant should take the approval of the authority
concerned before undertaking the transaction. Further, the 'no objection' should
not be construed as regularizing or validating any irregularities, contravention
or other lapses, if any, under the provisions of FEMA or any other laws or
regulations.
x) Parking of ECB proceeds
Borrowers are permitted to either keep ECB proceeds abroad or to remit these
funds to India, pending utilization for permissible end-uses.
The proceeds of the ECB raised abroad meant for Rupee expenditure in India, such
as, local sourcing of capital goods, on-lending to Self-Help Groups or for micro
credit, payment for spectrum allocation, etc. should be repatriated immediately
for credit to the borrowers’ Rupee accounts with AD Category I banks in India.
In other words, ECB proceeds meant only for foreign currency expenditure can be
retained abroad pending utilization. The rupee funds, however, will not be
permitted to be used for investment in capital markets, real estate or for
inter-corporate lending.
ECB proceeds parked overseas can be invested in the following liquid assets (a)
deposits or Certificate of Deposit or other products offered by banks rated not
less than AA (-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s (b) Treasury
bills and other monetary instruments of one year maturity having minimum rating
as indicated above, and (c) deposits with overseas branches / subsidiaries of
Indian banks abroad. The funds should be invested in such a way that the
investments can be liquidated as and when funds are required by the borrower in
India.
The primary responsibility to ensure that the ECB proceeds meant for Rupee
expenditure in India are repatriated to India for credit to their Rupee accounts
with AD Category- I banks in India is that of the borrower concerned and any
contravention of the ECB guidelines will be viewed seriously and will invite
penal action under the Foreign Exchange Management Act (FEMA), 1999. The
designated AD bank is also required to ensure that the ECB proceeds meant for
Rupee expenditure are repatriated to India immediately after drawdown.
xi) Prepayment
Prepayment of ECB up to USD 500 million may be allowed by AD banks without prior
approval of Reserve Bank subject to compliance with the stipulated minimum
average maturity period as applicable to the loan.
xii) Refinancing of an existing ECB
The existing ECB may be refinanced by raising a fresh ECB subject to the
condition that the fresh ECB is raised at a lower all-in-cost and the
outstanding maturity of the original ECB is maintained.
An existing ECB may, however, be refinanced by raising a fresh ECB at a higher
all-in-cost under the approval route.
xiii) Debt Servicing
The designated AD bank has the general permission to make remittances of
installments of principal, interest and other charges in conformity with the ECB
guidelines issued by Government / Reserve Bank of India from time to time.
xiv) Corporates Under Investigation
All entities against which investigations / adjudications / appeals by the law
enforcing agencies are pending may avail of ECBs as per the current norms, if
they are otherwise eligible, notwithstanding the pending investigations /
adjudications / appeals, without prejudice to the outcome of such investigations
/ adjudications / appeals. Accordingly, in case of all applications where the
borrowing entity has indicated about the pending investigations / adjudications
/ appeals, Authorised Dealers while approving the proposal shall intimate the
concerned agencies by endorsing the copy of the approval letter.
xv) Procedure
Borrowers may enter into loan agreement complying with the ECB guidelines with
recognised lender for raising ECB under Automatic Route without the prior
approval of the Reserve Bank. The borrower must obtain a Loan Registration
Number (LRN) from the Reserve Bank of India before drawing down the ECB. The
procedure for obtaining LRN is detailed in para III (i) (b).
I.(B) APPROVAL ROUTE
i) Eligible Borrowers
The following types of proposals for ECB are covered under the Approval Route:
- On lending by the EXIM Bank for specific purposes will be considered on a case
by case basis.
- Banks and financial institutions which had participated in the textile or steel
sector restructuring package as approved by the Government are also permitted to
the extent of their investment in the package and assessment by the Reserve Bank
based on prudential norms. Any ECB availed for this purpose so far will be
deducted from their entitlement.
- ECB with minimum average maturity of 5 years by Non-Banking Financial Companies
(NBFCs) from multilateral financial institutions, reputable regional financial
institutions, official export credit agencies and international banks to finance
import of infrastructure equipment for leasing to infrastructure projects.
- Infrastructure Finance Companies (IFCs) i.e. Non-Banking Financial Companies
(NBFCs), categorized as IFCs, by the Reserve Bank, are permitted to avail of
ECBs, including the outstanding ECBs, beyond 75 per cent of their owned funds,
for on-lending to the infrastructure sector as defined under the ECB policy,
subject to their complying with the following conditions: i) compliance with the
norms prescribed in the DNBS Circular DNBS.PD.CCNo.168 / 03.02.089 / 2009-10
dated February 12, 2010 ii) hedging of the currency risk in full. Designated
Authorised Dealer should ensure compliance with the extant norms while
certifying the ECB application. While forwarding such proposals to the Reserve
Bank of India, designated AD Category – I banks should certify the leverage
ratio (i.e. outside liabilities/owned funds) of IFCs.
- Foreign Currency Convertible Bonds (FCCBs) by Housing Finance Companies
satisfying the following minimum criteria: (i) the minimum net worth of the
financial intermediary during the previous three years shall not be less than
Rs. 500 crore, (ii) a listing on the BSE or NSE, (iii) minimum size of FCCB is
USD 100 million and (iv) the applicant should submit the purpose / plan of
utilization of funds.
- Special Purpose Vehicles, or any other entity notified by the Reserve Bank, set
up to finance infrastructure companies / projects exclusively, will be treated
as Financial Institutions and ECB by such entities will be considered under the
Approval Route.
- Multi-State Co-operative Societies engaged in manufacturing activity and
satisfying the following criteria i) the Co-operative Society is financially
solvent and ii) the Co-operative Society submits its up-to-date audited balance
sheet.
- SEZ developers can avail of ECBs for providing infrastructure facilities within
SEZ, as defined in the extant ECB policy like (i) power, (ii) telecommunication,
(iii) railways, (iv) roads including bridges, (v) sea port and airport, (vi)
industrial parks, (vii) urban infrastructure (water supply, sanitation and
sewage projects), (viii) mining, exploration and refining and (ix) cold storage
or cold room facility, including for farm level pre-cooling, for preservation or
storage of agricultural and allied produce, marine products and meat.
- Developers of National Manufacturing Investment Zones (NMIZs) can avail of ECB
for providing infrastructure facilities within SEZ, as defined in the extant ECB
policy like (i) power, (ii) telecommunication, (iii) railways, (iv) roads
including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban
infrastructure (water supply, sanitation and sewage projects), (viii) mining,
exploration and refining and (ix) cold storage or cold room facility, including
for farm level pre-cooling, for preservation or storage of agricultural and
allied produce, marine products and meat.
- Eligible borrowers under the automatic route other than corporates in the
services sector viz. hotel, hospital and software can avail of ECB beyond USD
750 million or equivalent per financial year.
- Corporates in the services sector viz. hotels, hospitals and software sector can
avail of ECB beyond USD 200 million or equivalent per financial year.
- Service sector units, other than those in hotels, hospitals and software,
subject to the condition that the loan is obtained from foreign equity holders.
This would facilitate borrowing by training institutions, R & D, miscellaneous
service companies, etc.
- Small Industries Development Bank of India (SIDBI) is eligible to avail of ECB
for on-lending to MSME sector, as defined under the Micro, Small and Medium
Enterprises Development (MSMED) Act, 2006, beyond 50 per cent of their owned
funds, subject to a ceiling of USD 500 million per financial year provided such
on-lending by SIDBI shall be to the borrowers’ for permissible end-use and
having natural hedge by way of foreign exchange earnings. SIDBI may on-lend
either in INR or in foreign currency (FCY). In case of on-lending in INR, the
foreign currency risk shall be fully hedged by SIDBI.
- Low Cost Affordable Housing Projects: Developers/builders / Housing Finance
Companies (HFCs) / National Housing Bank (NHB) may avail of ECB for low cost
affordable housing projects [refer to para I B (vii) ibid].
- Corporates Under Investigation: All entities against which investigations /
adjudications / appeals by the law enforcing agencies are pending, may avail of
ECBs as per the current norms, if they are otherwise eligible, notwithstanding
the pending investigations / adjudications / appeals, without prejudice to the
outcome of such investigations / adjudications / appeals. Accordingly, in case
of all applications where the borrowing entity has indicated about the pending
investigations / adjudications / appeals, the Reserve Bank of India while
approving the proposal shall intimate the concerned agencies by endorsing the
copy of the approval letter.
- Import of services, technical know-how and payment of license fees: The
companies in the manufacturing and infrastructure sectors may import services,
technical know-how and payment of license fees as part of import of capital
goods subject to certain conditions.
- Cases falling outside the purview of the automatic route limits and maturity
period are indicated at paragraph I A (iii).
ii) Recognised Lenders
(a) Borrowers can raise ECB from internationally recognised sources, such as (i)
international banks, (ii) international capital markets, (iii) multilateral
financial institutions (such as IFC, ADB, CDC, etc.)/ regional financial
institutions and Government owned development financial institutions, (iv)
export credit agencies, (v) suppliers' of equipment, (vi) foreign collaborators
and (vii) foreign equity holders (other than erstwhile OCBs).
(b) A "foreign equity holder" to be eligible as “recognized lender” under the
approval route would require minimum holding of paid-up equity in the borrower
company as set out below:
(i) For ECB up to USD 5 million - minimum paid-up equity of 25 per cent held
directly by the lender;
(ii) For ECB more than USD 5 million - minimum paid-up equity of 25 per cent
held directly by the lender and ECB liability-equity ratio not exceeding 7:1;
(c) ECB from indirect equity holders provided the indirect equity holding by the
lender in the Indian company is at least 51 per cent;
(d) ECB from a group company provided both the borrower and the foreign lender
are subsidiaries of the same parent.
Besides the paid-up capital, free reserves (including the share premium received
in foreign currency) as per the latest audited balance sheet shall be reckoned
for the purpose of calculating the ‘equity’ of the foreign equity holder in the
term ECB liability-equity ratio. Where there are more than one foreign equity
holder in the borrowing company, the portion of the share premium in foreign
currency brought in by the lender(s) concerned shall only be considered for
calculating the ECB liability-equity ratio for reckoning quantum of permissible
ECB.
For calculating the ‘ECB liability’, not only the proposed borrowing but also
the outstanding ECB from the same foreign equity holder lender shall be
reckoned.
The total outstanding stock of ECBs (including the proposed ECBs) from a foreign
equity lender should not exceed seven times the equity holding, either directly
or indirectly of the lender (in case of lending by a group company, equity
holdings by the common parent would be reckoned).
iii) Amount and Maturity
Eligible borrowers under the automatic route other than corporates in the
services sector viz. hotel, hospital and software can avail of ECB beyond USD
750 million or equivalent per financial year. Corporates in the services sector
viz. hotels, hospitals and software sector are allowed to avail of ECB beyond
USD 200 million or its equivalent in a financial year for meeting foreign
currency and/ or Rupee capital expenditure for permissible end-uses. The
proceeds of the ECBs should not be used for acquisition of land.
An illustration of average maturity period calculation is provided at Annex VI.
iv) All-in-cost ceilings
All-in-cost includes rate of interest, other fees and expenses in foreign
currency except commitment fee, pre-payment fee and fees payable in Indian
Rupees. The payment of withholding tax in Indian Rupees is excluded for
calculating the all-in-cost.The existing all-in-cost ceilings for ECB are as
under:
Average Maturity Period |
All-in-cost Ceilings over 6 month LIBOR* |
Three years and up to five years |
350 basis points |
More than five years |
500 basis points |
* for the respective currency of borrowing or applicable benchmark
In the case of fixed rate loans, the swap cost plus the margin should be the
equivalent of the floating rate plus the applicable margin.
v) End-use
a. ECB can be raised only for investment [such as import of capital goods (as
classified by DGFT in the Foreign Trade Policy), implementation of new projects,
modernization/expansion of existing production units] in real sector -
industrial sector including small and medium enterprises (SME) and
infrastructure sector - in India. Infrastructure sector is defined as (i) power
(ii) telecommunication (iii) railways (iv) roads including bridges (v) sea port
and airport (vi) industrial parks (vii) urban infrastructure (water supply,
sanitation and sewage projects) (viii) mining, exploration and refining and (ix)
cold storage or cold room facility, including for farm level pre-cooling, for
preservation or storage of agricultural and allied produce, marine products and
meat.
b. Overseas Direct Investment in Joint Ventures (JV)/Wholly Owned Subsidiaries
(WOS) subject to the existing guidelines on Indian Direct Investment in JV/WOS
abroad.
c. Interest During Construction (IDC) for Indian companies which are in the
infrastructure sector, as defined under the extant ECB guidelines subject to IDC
being capitalized and forming part of the project cost.
d. The payment by eligible borrowers in the Telecom sector, for spectrum
allocation may, initially, be met out of Rupee resources by the successful
bidders, to be refinanced with a long-term ECB, under the approval route,
subject to the following conditions:
- The ECB should be raised within 12 months from the date of payment of the final
instalment to the Government;
- The designated AD - Category I bank should monitor the end-use of funds;
- Banks in India will not be permitted to provide any form of guarantees;and
- All other conditions of ECB, such as eligible borrower, recognized lender,
all-in-cost, average maturity, etc. should be complied with.
e. The first stage acquisition of shares in the disinvestment process and also
in the mandatory second stage offer to the public under the Government’s
disinvestment programme of PSU shares.The first stage acquisition of shares in
the disinvestment process and also in the mandatory second stage offer to the
public under the Government’s disinvestment programme of PSU shares.
f. Repayment of Rupee loans availed of from domestic banking system: Indian
companies which are in the infrastructure sector ( except companies in the power
sector), as defined under the extant ECB guidelines , are permitted to utilise
25 per cent of the fresh ECB raised by them towards refinancing of the Rupee
loan/s availed by them from the domestic banking system, subject to the
following conditions:
(i) at least 75 per cent of the fresh ECB proposed to be raised should be
utilised for capital expenditure towards a 'new infrastructure' project(s)
(ii) in respect of remaining 25 per cent, the refinance shall only be utilized
for repayment of the Rupee loan availed of for 'capital expenditure' of earlier
completed infrastructure project(s); and
(iii) the refinance shall be utilized only for the Rupee loans which are
outstanding in the books of the financing bank concerned.
Companies in the power sector are permitted to utilize up to 40 per cent of the
fresh ECB raised by them towards refinancing of the Rupee loan/s availed by them
from the domestic banking system subject to the condition that at least 60 per
cent of the fresh ECB proposed to be raised should be utilized for fresh capital
expenditure for infrastructure project(s).
g. Bridge Finance: Indian companies which are in the infrastructure sector, as
defined under the extant ECB policy are permitted to import capital goods by
availing of short term credit (including buyers’ / suppliers’ credit) in the
nature of 'bridge finance', with RBI’s prior approval provided the bridge
finance shall be replaced with a long term ECB as per extant ECB guidelines.
h. ECB for working capital for civil aviation sector: Airline companies
registered under the Companies Act, 1956 and possessing scheduled operator
permit license from DGCA for passenger transportation are eligible to avail of
ECB for working capital. Such ECBs will be allowed based on the cash flow,
foreign exchange earnings and the capability to service the debt and the ECBs
can be raised with a minimum average maturity period of three years.
The overall ECB ceiling for the entire civil aviation sector would be USD one
billion and the maximum permissible ECB that can be availed by an individual
airline company will be USD 300 million. This limit can be utilized for working
capital as well as refinancing of the outstanding working capital Rupee loan(s)
availed of from the domestic banking system. ECB availed for working
capital/refinancing of working capital as above will not be allowed to be rolled
over. The foreign exchange for repayment of ECB should not be accessed from
Indian markets and the liability should be extinguished only out of the foreign
exchange earnings of the borrowing company. The scheme will be available upto
December 31, 2013.
vi) Repayment of Rupee loans and/or fresh Rupee capital expenditure for
companies with consistent forex earnings
Indian companies in the manufacturing, infrastructure sector and hotel sector
(with a total project cost of INR 250 crore or more irrespective of geographical
location for hotel sector), can avail of ECBs for repayment of outstanding Rupee
loans availed of for capital expenditure from the domestic banking system and/or
fresh Rupee capital expenditure provided they are consistent foreign exchange
earners during the past three financial years and not in the default
list/caution list of the Reserve Bank of India. The overall limit for such ECBs
is USD 10 billion and the maximum ECB that can be availed by an individual
company or group, as a whole, under this scheme will be restricted to USD 3
billion. Further, the maximum permissible ECB that can be availed of by an
individual company will be limited to 75 per cent of the average annual export
earnings realized during the past three financial years or 50 per cent of the
highest foreign exchange earnings realized in any of the immediate past three
financial years, whichever is higher. In case of Special Purpose Vehicles
(SPVs), which have completed at least one year of existence from the date of
incorporation and do not have sufficient track record/past performance for three
financial years, the maximum permissible ECB that can be availed of will be
limited to 50 per cent of the annual export earnings realized during the past
financial year.
The foreign exchange for repayment of ECB should not be accessed from Indian
markets and the liability arising out of ECB should be extinguished only out of
the foreign exchange earnings of the borrowing company.
vii) ECB for Low Cost Affordable Housing
(a) For the purpose of ECB, a low cost
affordable housing project is a project in which at least 60 per cent of the
permissible FSI would be for units having maximum carpet area up to 60 square
meters. Slum rehabilitation projects will also be eligible under the low cost
affordable housing scheme, the eligibility of which would be based on the
parameters to be set by the Central Sanctioning and Monitoring Committee of the
Affordable Housing in Partnership Scheme (AHP) constituted for the purpose. ECB
proceeds shall be utilized only for low cost affordable housing projects and
shall not be utilized for acquisition of land.
(b) Developers/builders may avail
of ECB for low cost affordable housing projects provided they are companies
registered under the Companies Act, 1956, having minimum 3 years’ experience in
undertaking residential projects, have good track record in terms of quality and
delivery and the project and all necessary clearances from various bodies
including Revenue Department with respect to land usage/environment clearance,
etc., are available on record. They should also not have defaulted in any of
their financial commitments to banks/ financial institutions or any other
agencies and the project should not be a matter of litigation. The ECB should be
swapped into Rupees for the entire maturity on fully hedged basis.
(c) Housing
Finance Companies (HFCs) / National Housing Bank (NHB) can also avail of ECB for
financing prospective owners of low cost affordable housing units provided such
HFCs are registered with the National Housing Bank (NHB) and operating in
accordance with the regulatory directions and guidelines issued by NHB. The
minimum Net Owned Funds (NOF) for the past three financial years should not be
less than INR 300 crore. Borrowing through ECB should be within overall
borrowing limit of 16 (sixteen) times of their Net Owned Fund (NOF) and the net
non-performing assets (NNPA) should not exceed 2.5 % of the net advances. The
maximum loan amount sanctioned to the individual buyer will be capped at INR 25
lakh subject to the condition that the cost of the individual housing unit shall
not exceed INR 30 lakh. The ECB should be swapped into Rupees for the entire
maturity on fully hedged basis. HFCs while making the applications, shall submit
a certificate from NHB that the availment of ECB is for financing prospective
owners of individual units for the low cost affordable housing and ensure that
the interest rate spread charged by them to the ultimate buyer is reasonable.
(d) NHB is also eligible to raise ECB for financing low cost affordable housing
units of individual borrowers. Further, in case, a developer of low cost
affordable housing project not being able to raise ECB directly as envisaged
above, National Housing Bank is permitted to avail of ECB for on-lending to such
developers which satisfy the conditions prescribed to developers / builders
subject to the interest rate spread set by RBI. ECB proceeds shall be utilized
only for low cost affordable housing projects and shall not be utilized for
acquisition of land.(e) Interest rate spread to be charged by NHB may be decided
by NHB taking into account cost and other relevant factors. NHB shall ensure
that interest rate spread for HFCs for on-lending to prospective owners’ of
individual units under the low cost affordable housing scheme is reasonable. (f)
Builders / developers meeting the eligibility criteria shall have to apply to
the National Housing Bank (NHB) in the prescribed format. NHB shall act as the
nodal agency for deciding a project’s eligibility as a low cost affordable
housing project, and on being satisfied, forward the application to the Reserve
Bank for consideration under the approval route. Once NHB decides to forward an
application for consideration of RBI, the prospective borrower
(builder/developer) will be advised by the NHB to approach RBI for availing ECB
through his Authorised Dealer in the prescribed format. (g) Developers /
builders / HFCs / NHB will not be permitted to raise Foreign Currency
Convertible Bonds (FCCBs) under this scheme. (h) An aggregate limit of USD
1(one) billion each for the financial year 2013-14 and 2014-15 is fixed for ECB
under the low cost affordable housing scheme which includes ECBs to be raised by
developers/builders and NHB/specified HFCs. .
viii) 3G Spectrum Allocation
The payment for 3G spectrum allocation, initially met out of Rupee resources
raised domestically from banks by the successful bidders and are still
outstanding in telecom operator’s books of account is allowed to be refinanced
with a long-term ECB, till March 31, 2014.
ix) End-uses not permitted
Other than the purposes specified hereinabove, the borrowings shall not be
utilised for any other purpose including the following purposes, namely:
(a) For on-lending or investment in capital market or acquiring a company (or a
part thereof) in India by a corporate except Infrastructure Finance Companies
(IFCs), banks and financial institutions eligible under paragraph I (B) (i) (a),
(b), (d), (e), (f), (m) and (n).
(b) For real estate.
(c) For working capital [except as stated at I(B)(v)(h)] and general corporate
purpose and repayment of existing Rupee loans [except as stated at I(B)(v) (d),
(f) and (vi)].
x) Guarantee
Issuance of guarantee, standby letter of credit, letter of undertaking or letter
of comfort by banks, financial institutions and NBFCs relating to ECB is not
normally permitted. Applications for providing guarantee/standby letter of
credit or letter of comfort by banks, financial institutions relating to ECB in
the case of SME will be considered on merit subject to prudential norms.
With a view to facilitating capacity expansion and technological upgradation in
Indian textile industry, issue of guarantees, standby letters of credit, letters
of undertaking and letters of comfort by banks in respect of ECB by textile
companies for modernization or expansion of textile units will be considered
under the Approval Route subject to prudential norms.
xi) Security
The choice of security to be provided to the lender / supplier is left to the
borrower. However, creation of charge over immovable assets and financial
securities, such as shares, in favour of the overseas lender is subject to
Regulation 8 of Notification No. FEMA 21/RB-2000 dated May 3, 2000 and
Regulation 3 of Notification No. FEMA 20/RB-2000 dated May 3, 2000 as amended
from time to time, respectively. Powers have been delegated to Authorised Dealer
Category I banks to issue necessary NOCs under FEMA as detailed in paragraph I
(A) (x) ibid.
xii) Parking of ECB proceeds
Borrowers are permitted to either keep ECB proceeds abroad or to remit these
funds to India, pending utilization for permissible end-uses.
The proceeds of the ECB raised abroad meant for Rupee expenditure in India, such
as, local sourcing of capital goods, on-lending to Self-Help Groups or for micro
credit, payment for spectrum allocation, repayment of rupee loan availed from
domestic banks, etc. should be repatriated immediately for credit to their Rupee
accounts with AD Category I banks in India. In other words, ECB proceeds meant
only for foreign currency expenditure can be retained abroad pending
utilization. The rupee funds, however, will not be permitted to be used for
investment in capital markets, real estate or for inter-corporate lending.
ECB proceeds parked overseas can be invested in the following liquid assets (a)
deposits or Certificate of Deposit or other products offered by banks rated not
less than AA (-) by Standard and Poor/ Fitch IBCA or Aa3 by Moody’s; (b)
Treasury bills and other monetary instruments of one year maturity having
minimum rating as indicated above and (c) deposits with overseas branches /
subsidiaries of Indian banks abroad. The funds should be invested in such a way
that the investments can be liquidated as and when funds are required by the
borrower in India.
The primary responsibility to ensure that the ECB proceeds meant for Rupee
expenditure in India are repatriated to India for credit to their Rupee accounts
with AD Category- I banks in India is that of the borrower concerned and any
contravention of the ECB guidelines will be viewed seriously and will invite
penal action under the Foreign Exchange Management Act (FEMA), 1999. The
designated AD bank is also required to ensure that the ECB proceeds meant for
Rupee expenditure are repatriated to India immediately after drawdown.
xiii) Prepayment
(a) Prepayment of ECB up to USD 500 million may be allowed by the AD bank
without prior approval of the Reserve Bank subject to compliance with the
stipulated minimum average maturity period as applicable to the loan.
(b) Pre-payment of ECB for amounts exceeding USD 500 million would be considered
by the Reserve Bank under the Approval Route.
xiv) Refinancing/rescheduling of an existing ECB
Existing ECB may be refinanced by raising a fresh ECB at a higher all-in-cost
subject to the condition that the enhanced all-in-cost does not exceed the
all-in-cost ceiling prescribed as per the extant guidelines.
An existing ECB can be rescheduled at a higher all-in-cost subject to the
condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling
prescribed as per the extant guidelines.
xv) Debt Servicing
The designated AD bank has general permission to make remittances of
installments of principal, interest and other charges in conformity with the ECB
guidelines issued by Government / Reserve Bank from time to time.
xvi) Procedure
Applicants are required to submit an application in form ECB through designated
AD bank to the Chief General Manager-in-Charge, Foreign Exchange Department,
Reserve Bank of India, Central Office, External Commercial Borrowings Division,
Mumbai – 400 001, along with necessary documents.
xvii) Foreign Currency Exchangeable Bonds
Foreign Currency Exchangeable Bond (FCEB) means a bond expressed in foreign
currency, the principal and interest in respect of which is payable in foreign
currency, issued by an Issuing Company and subscribed to by a person who is a
resident outside India, in foreign currency and exchangeable into equity share
of another company, to be called the Offered Company, in any manner, either
wholly, or partly or on the basis of any equity related warrants attached to
debt instruments. The FCEB may be denominated in any freely convertible foreign
currency.
Eligible Issuer: The Issuing Company shall be part of the promoter group of the
Offered Company and shall hold the equity share/s being offered at the time of
issuance of FCEB.
Offered Company: The Offered Company shall be a listed company, which is engaged
in a sector eligible to receive Foreign Direct Investment and eligible to issue
or avail of Foreign Currency Convertible Bond (FCCB) or External Commercial
Borrowings (ECB).
Entities not eligible to issue FCEB : An Indian company, which is not eligible
to raise funds from the Indian securities market, including a company which has
been restrained from accessing the securities market by the SEBI shall not be
eligible to issue FCEB.
Eligible subscriber : Entities complying with the Foreign Direct Investment
policy and adhering to the sectoral caps at the time of issue of FCEB can
subscribe to FCEB. Prior approval of the Foreign Investment Promotion Board,
wherever required under the Foreign Direct Investment policy, should be
obtained.
Entities not eligible to subscribe to FCEB : Entities prohibited to buy, sell or
deal in securities by the SEBI will not be eligible to subscribe to FCEB.
End-use of FCEB proceeds:
Issuing Company:
(i) The proceeds of FCEB may be invested by the issuing company overseas by way
of direct investment including in Joint Ventures or Wholly Owned Subsidiaries
abroad, subject to the existing guidelines on overseas investment in Joint
Ventures / Wholly Owned Subsidiaries.
(ii) The proceeds of FCEB may be invested by the issuing company in the promoter
group companies.
Promoter Group Companies: Promoter group companies receiving investments out of
the FCEB proceeds may utilize the amount in accordance with end-uses prescribed
under the ECB policy.
End-uses not permitted: The promoter group company receiving such investments
will not be permitted to utilise the proceeds for investments in the capital
market or in real estate in India.
All-in-cost : The rate of interest payable on FCEB and the issue expenses
incurred in foreign currency shall be within the all-in-cost ceiling as
specified by Reserve Bank under the ECB policy.
Pricing of FCEB: At the time of issuance of FCEB the exchange price of the
offered listed equity shares shall not be less than the higher of the following
two:
(i) The average of the weekly high and low of the closing prices of the shares
of the offered company quoted on the stock exchange during the six months
preceding the relevant date; and
(ii) The average of the weekly high and low of the closing prices of the shares
of the offered company quoted on a stock exchange during the two week preceding
the relevant date.
Average Maturity: Minimum maturity of FCEB shall be five years. The exchange
option can be exercised at any time before redemption. While exercising the
exchange option, the holder of the FCEB shall take delivery of the offered
shares. Cash (Net) settlement of FCEB shall not be permissible.
Parking of FCEB proceeds abroad : The proceeds of FCEB may be retained and / or
deployed overseas by the issuing / promoter group companies in accordance with
the policy for the ECB or repatriated to India for credit to the borrowers’
Rupee accounts with AD Category I banks in India pending utilization for
permissible end-uses. It shall be the responsibility of the issuing company to
ensure that the proceeds of FCEB are used by the promoter group company only for
the permitted end-uses prescribed under the ECB policy. The issuing company
should also submit audit trail of the end-use of the proceeds by the issuing
company / promoter group companies to the Reserve Bank duly certified by the
designated AD bank.
Operational Procedure – Issuance of FCEB shall require prior approval of the
Reserve Bank under the Approval Route for raising ECB. The Reporting arrangement
for FCEB shall be as per the extant ECB policy.
xviii) Empowered Committee
Reserve Bank has set up an Empowered Committee to consider proposals coming
under the Approval Route.
II. Redemption of FCCBs
A. FCCBs are governed by the ‘Issue of Foreign Currency Convertible Bonds and
Ordinary Shares (through Depositary Receipt Mechanism) Scheme, 1993’ as amended
from time to time and
FEMA Notification No.120/RB-2004 dated July 7, 2004. The
issuance of FCCBs was brought under the ECB guidelines in August 2005 and FCCBs
are also subject to all the regulations which are applicable to ECBs.
Keeping in view the need to provide a window to facilitate refinancing of FCCBs
by the Indian companies which may be facing difficulty in meeting the redemption
obligations, Designated AD Category - I banks have been permitted to allow
Indian companies to refinance the outstanding FCCBs, under the automatic route,
subject to compliance with the terms and conditions set out hereunder: -
- Fresh ECBs/ FCCBs shall be raised with the stipulated average maturity period
and applicable all-in-cost being as per the extant ECB guidelines;
- The amount of fresh ECB/FCCB shall not exceed the outstanding redemption value
at maturity of the outstanding FCCBs;
- The fresh ECB/FCCB shall not be raised six months prior to the maturity date of
the outstanding FCCBs ;
- The purpose of ECB/FCCB shall be clearly mentioned as ‘Redemption of outstanding
FCCBs’ in Form 83 at the time of obtaining Loan Registration Number from the
Reserve Bank;
- The designated AD - Category I bank should monitor the end-use of funds;
- ECB / FCCB beyond USD 500 million for the purpose of redemption of the existing
FCCB will be considered under the approval route; and
- ECB / FCCB availed of for the purpose of refinancing the existing outstanding
FCCB will be reckoned as part of the limit of USD 750 million available under
the automatic route as per the extant norms.
Restructuring of FCCBs involving change in the existing conversion price is not
permissible. Proposals for restructuring of FCCBs not involving change in
conversion price will, however, be considered under the approval route depending
on the merits of the proposal.
B. Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)
The proposal of Buyback / prepayment of FCCBs from Indian Companies may be
considered subject to condition that the buyback value of the FCCBs shall be at
a minimum discount of five per cent on the accreted value. In case the Indian
company is planning to raise a foreign currency borrowing for buyback of the
FCCBs, all FEMA rules/ regulations relating to foreign currency borrowing shall
be complied with. The entire process of buyback should be completed by December
31, 2013 after which the scheme will stand discontinued.
III. REPORTING ARANGEMENTS AND DISSEMINATION OF INFORMATION
i) Reporting Arrangements
- With a view to simplifying the procedure, submission of copy of loan agreement
is dispensed with.
- For allotment of Loan Registration Number (LRN), borrowers are required to
submit Form 83, in duplicate, certified by the Company Secretary (CS) or
Chartered Accountant (CA) to the designated AD bank. One copy is to be forwarded
by the designated AD bank to the Director, Balance of Payments Statistics
Division, Department of Statistics and Information Management (DSIM), Reserve
Bank of India, Bandra-Kurla Complex, Mumbai – 400 051.
(Note: copies of loan agreement and offer documents for FCCB are not required to
be submitted with Form 83).
- The borrower can draw-down the loan only after obtaining the LRN from DSIM,
Reserve Bank.
- Borrowers are required to submit ECB-2 Return certified by the designated AD
bank on monthly basis so as to reach DSIM, Reserve Bank within seven working
days from the close of month to which it relates.
[Note: All previous returns relating to ECB viz. ECB 3 – ECB 6 have been
discontinued with effect from January 31, 2004].
ii) Dissemination of Information
For providing greater transparency, information with regard to the name of the
borrower, amount, purpose and maturity of ECB under both Automatic and Approval
routes are put on the Reserve Bank’s website, on a monthly basis, with a lag of
one month to which it relates.
IV. STRUCTURED OBLIGATIONS
Borrowing and lending in Indian Rupees between two residents does not attract
any provisions of the Foreign Exchange Management Act, 1999. In cases where a
Rupee loan [fund based as well as non-fund based such as Letter of Credit /
Guarantee / Letter of Undertaking (LoU) / Letter of Comfort] is granted against
the guarantee provided by a non-resident, there is no transaction involving
foreign exchange until the guarantee is invoked and the non-resident guarantor
is required to meet the liability under the guarantee. The non-resident
guarantor may discharge the liability by i) payment out of rupee balances held
in India or ii) by remitting the funds to India or iii) by debit to his
FCNR(B)/NRE account maintained with an AD bank in India. In such cases, the
non-resident guarantor may enforce his claim against the resident borrower to
recover the amount and on recovery he may seek repatriation of the amount if the
liability is discharged either by inward remittance or by debit to FCNR(B)/NRE
account. However, in case the liability is discharged by payment out of Rupee
balances, the amount recovered can be credited to the NRO account of the
non-resident guarantor.
The Reserve Bank vide its
Notification No. FEMA.29/ RB-2000 dated September 26,
2000 has granted general permission to a resident, being a principal debtor to
make payment to a person resident outside India, who has met the liability under
a guarantee. Accordingly, in cases where the liability is met by the
non-resident out of funds remitted to India or by debit to his FCNR(B)/NRE
account, the repayment may be made by credit to the FCNR(B)/NRE/NRO account of
the guarantor provided, the amount remitted/credited shall not exceed the rupee
equivalent of the amount paid by the non-resident guarantor against the invoked
guarantee.
AD Category-I banks are required to furnish such details by all its branches, in
a manner specified by the Reserve Bank of India (RBI) to the Chief General
Manager, Foreign Exchange Department, ECB Division, Reserve Bank of India,
Central Office Building, 11th floor, Fort, Mumbai – 400 001 so as to reach the
Department not later than 10th day of the following month.
The facility of credit enhancement by eligible non-resident entities to domestic
debt raised through issue of capital market instruments, such as Rupee
denominated bonds and debentures, is available to all borrowers eligible to
raise ECB under automatic route subject to the following conditions:
i) credit enhancement should be provided by eligible non-resident entities;
ii) the underlying debt instrument should have a minimum average maturity of
three years;
iii) prepayment and call / put options are not permissible for such capital
market instruments up to an average maturity period of 3 years;
iv) guarantee fee and other costs in connection with credit enhancement will be
restricted to a maximum 2 per cent of the principal amount involved;
v) on invocation of the credit enhancement, if the guarantor meets the liability
and if the same is permissible to be repaid in foreign currency to the eligible
non-resident entity, the all-in-cost ceilings, as applicable to the relevant
maturity period of the Trade Credit / ECBs, as per the extant guidelines, is
applicable to the novated loan.
vi) In case of default and if the loan is serviced in Indian Rupees, the
applicable rate of interest would be the coupon of the bonds or 250 bps over the
prevailing secondary market yield of 5 years Government of India Security, as on
the date of novation, whichever is higher;
vii) IFCs proposing to avail of the credit enhancement facility should comply
with the eligibility criteria and prudential norms laid down in the circular
DNBS.PD.CC No.168/03.02.089/2009-10 dated February 12, 2010 and in case the
novated loan is designated in foreign currency, the IFC should hedge the entire
foreign currency exposure; and
viii) The reporting arrangements as applicable to the ECBs would be applicable
to the novated loans.
V. TAKE-OUT FINANCE
Keeping in view the special funding needs of the infrastructure sector, a scheme
of take-out finance has been put in place. Accordingly, take-out financing
arrangement through ECB, under the approval route, has been permitted for
refinancing of Rupee loans availed of from the domestic banks by eligible
borrowers in the sea port and airport, roads including bridges and power sectors
for the development of new projects, subject to the following conditions:
i. The corporate developing the infrastructure project should have a tripartite
agreement with domestic banks and overseas recognized lenders for either a
conditional or unconditional take-out of the loan within three years of the
scheduled Commercial Operation Date (COD). The scheduled date of occurrence of
the take-out should be clearly mentioned in the agreement.
ii. The loan should have a minimum average maturity period of seven years.
iii. The domestic bank financing the infrastructure project should comply with
the extant prudential norms relating to take-out financing.
iv. The fee payable, if any, to the overseas lender until the take-out shall not
exceed 100 bps per annum.
v. On take-out, the residual loan agreed to be taken out by the overseas lender
would be considered as ECB and the loan should be designated in a convertible
foreign currency and all the extant norms relating to ECB should be complied
with.
vi. Domestic banks / Financial Institutions will not be permitted to guarantee
the take-out finance.
vii. The domestic bank will not be allowed to carry any obligation on its
balance sheet after the occurrence of the take-out event.
viii. Reporting arrangement as prescribed under the ECB policy should be adhered
to.
VI. COMPLIANCE WITH ECB GUIDELINES
The primary responsibility to ensure that ECB raised/utilised are in conformity
with the ECB guidelines and the Reserve Bank regulations / directions is that of
the borrower concerned and any contravention of the ECB guidelines will be
viewed seriously and will invite penal action under FEMA 1999. The designated AD
bank is also required to ensure that raising / utilisation of ECB is in
compliance with ECB guidelines at the time of certification.
VII. CONVERSION OF ECB INTO EQUITY
(i) Conversion of ECB into equity is permitted subject to the following
conditions:
- The activity of the company is covered under the Automatic Route for Foreign
Direct Investment or Government (FIPB) approval for foreign equity participation
has been obtained by the company, wherever applicable.
- The foreign equity holding after such conversion of debt into equity is within
the sectoral cap, if any,
- Pricing of shares is as per the pricing guidelines issued under FEMA, 1999 in
the case of listed/ unlisted companies.
(ii) Conversion of ECB may be reported to the Reserve Bank as follows:
- Borrowers are required to report full conversion of outstanding ECB into equity
in the form FC-GPR to the Regional Office concerned of the Reserve Bank as well
as in form ECB-2 submitted to the DSIM, RBI within seven working days from the
close of month to which it relates. The words "ECB wholly converted to equity"
should be clearly indicated on top of the ECB-2 form. Once reported, filing of
ECB-2 in the subsequent months is not necessary.
- In case of partial conversion of outstanding ECB into equity, borrowers are
required to report the converted portion in form FC-GPR to the Regional Office
concerned as well as in form ECB-2 clearly differentiating the converted portion
from the unconverted portion. The words "ECB partially converted to equity"
should be indicated on top of the ECB-2 form. In subsequent months, the
outstanding portion of ECB should be reported in ECB-2 form to DSIM.
VIII. CRYSTALLISATION OF ECB
AD banks desiring to crystallize their foreign exchange liability arising out of
guarantees provided for ECB raised by corporates in India into Rupees, may make
an application to the Chief General Manager-in-Charge, Foreign Exchange
Department, External Commercial Borrowings Division, Reserve Bank of India,
Central Office, Mumbai 400 001, giving full details viz., name of the borrower,
amount raised, maturity, circumstances leading to invocation of guarantee
/letter of comfort, date of default, its impact on the liabilities of the
overseas branch of the AD bank concerned and other relevant factors.
IX. ECB UNDER THE ERSTWHILE USD 5 MILLION SCHEME
Designated AD banks are permitted to approve elongation of repayment period for
loans raised under the erstwhile USD 5 Million Scheme, provided there is a
consent letter from the overseas lender for such reschedulement without any
additional cost. Such approval with existing and revised repayment schedule
along with the Loan Key/Loan Registration Number should be initially
communicated to the Chief General Manager-in-Charge, Foreign Exchange
Department, ECB Division Reserve Bank of India, Central Office, Mumbai within
seven days of approval and subsequently in ECB - 2.
X. RATIONALIZATION OF PROCEDURES - DELEGATION OF POWERS TO AD
Any changes in the terms and conditions of the ECB after obtaining LRN from
DSIM, RBI required the prior approval of RBI. The powers have been delegated to
the designated AD Category-I banks to approve the following requests from the
ECB borrowers, subject to specified conditions:
(a) Changes/modifications in the drawdown/repayment schedule
Designated AD Category-I banks may approve changes/modifications in the
drawdown/repayment schedule of the ECBs already availed, both under the approval
and the automatic routes, subject to the condition that the average maturity
period, as declared while obtaining the LRN, is maintained.
Designated AD Category-I bank may also approve requests from ECB borrowers for
changes/modifications in the drawdown schedule resulting in the original average
maturity period undergoing change in respect of ECBs availed both under the
automatic and approval routes, subject to ensuring that there are no
changes/modifications in the repayment schedule of the ECB, the average maturity
period of the ECB is reduced as against the original average maturity period
stated in the Form 83 at the time of obtaining the LRN, such reduced average
maturity period complies with the stipulated minimum average maturity period as
per the extant ECB guidelines, the change in all-in-cost is only due to the
change in the average maturity period and the ECB complies with the extant
guidelines and the monthly ECB-2 returns in respect of the LRN have been
submitted to DSIM.
The changes in the drawdown/repayment schedule should be promptly reported to
the DSIM, RBI in Form 83. However, any elongation/rollover in the repayment on
expiry of the original maturity of the ECB would require the prior approval of
the Reserve Bank.
(b) Changes in the currency of borrowing
Designated AD Category-I banks may allow changes in the currency of borrowing,
if so desired, by the borrower company, in respect of ECBs availed of both under
the automatic and the approval routes, subject to all other terms and conditions
of the ECB remaining unchanged. Designated AD banks should, however, ensure that
the proposed currency of borrowing is freely convertible. The changes should be
promptly reported to the Department of Statistics and Information Management,
Reserve Bank of India in Form 83.
(c) Change of the AD bank
Designated AD Category-I banks may allow change of the existing designated AD
bank by the borrower company for effecting its transactions pertaining to the
ECBs subject to No-Objection Certificate (NOC) from the existing designated AD
bank and after due diligence. The changes should be promptly reported to the
Department of Statistics and Information Management, Reserve Bank of India in
Form 83.
(d) Changes in the name of the Borrower Company
Designated AD Category-I banks may allow changes in the name of the borrower
company subject to production of supporting documents evidencing the change in
the name from the Registrar of Companies. The changes should be promptly
reported to the Department of Statistics and Information Management, Reserve
Bank of India in Form 83.
(e) Change in the recognized lender
Designated AD Category-I banks may approve the request from the ECB borrowers
with respect to change in the recognized lender when the original lender is an
international bank or a multilateral financial institution (such as IFC, ADB,
CDC, etc.) or a regional financial institution or a Government owned development
financial institution or an export credit agency or supplier of equipment and
the new lender also belongs to any one of the above mentioned categories,
subject to the Authorised Dealer ensuring that the new lender is a recognized
lender as per the extant ECB norms, there is no change in the other terms and
conditions of the ECB and the ECB is in compliance with the extant guidelines.
The changes in the recognized lender should be promptly reported to the
Department of Statistics and Information Management, Reserve Bank of India in
Form 83
However, changes in the recognized lender in case of foreign equity holder and
foreign collaborator would require the prior approval of the Reserve Bank.
(f) Cancellation of LRN
The designated AD Category-I bank may directly approach DSIM for cancellation of
LRN for ECBs availed, both under the automatic and approval routes, subject to
ensuring that no draw down for the said LRN has taken place and the monthly
ECB-2 returns till date in respect of the LRN have been submitted to DSIM.
(g) Change in the end-use of ECB proceeds
The designated AD Category-I bank may approve requests from ECB borrowers for
change in end-use in respect of ECBs availed under the automatic route, subject
to ensuring that the proposed end-use is permissible under the automatic route
as per the extant ECB guidelines, there is no change in the other terms and
conditions of the ECB, the ECB continues to comply with the extant guidelines
and the monthly ECB-2 returns till date in respect of the LRN have been
submitted to DSIM. The changes in the end-use should be promptly reported to the
Department of Statistics and Information Management, Reserve Bank of India in
Form 83.
However, change in the end-use of ECBs availed under the approval route will
continue to be referred to the Foreign Exchange Department, Central Office,
Reserve Bank of India, as hitherto.
(h) Reduction in amount of ECB
The designated AD Category-I bank may approve requests from ECB borrowers for
reduction in loan amount in respect of ECBs availed under the automatic route,
subject to ensuring that the consent of the lender for reduction in loan amount
has been obtained, the average maturity period of the ECB is maintained, the
monthly ECB-2 returns in respect of the LRN have been submitted to the DSIM; and
there are no changes in the other terms and conditions of the ECB. The changes
should be promptly reported to the Department of Statistics and Information
Management, Reserve Bank of India in Form 83.
(i) Reduction in the all-in-cost of ECB
The designated AD Category-I bank may approve requests from ECB borrowers for
reduction in all-in-cost, in respect of ECBs availed both under the automatic
and approval routes, subject to ensuring that the consent of the lender has been
obtained, there are no other changes in the terms and conditions of the ECB and
the monthly ECB-2 returns in respect of the LRN have been submitted to DSIM.
PART-II
TRADE CREDITS FOR IMPORTS INTO INDIA
Trade Credits (TC) refer to credits extended for imports directly by the
overseas supplier, bank and financial institution for maturity of less than
three years. Depending on the source of finance, such trade credits include
suppliers’ credit or buyers’ credit. Suppliers’ credit relates to credit for
imports into India extended by the overseas supplier, while buyers’ credit
refers to loans for payment of imports into India arranged by the importer from
a bank or financial institution outside India for maturity of less than three
years. It may be noted that buyers’ credit and suppliers’ credit for three years
and above come under the category of External Commercial Borrowings (ECB) which
are governed by ECB guidelines.
a) Amount and Maturity
(i) AD banks are permitted to approve trade credits for imports into India up to
USD 20 million per import transaction for imports permissible under the current
Foreign Trade Policy of the DGFT with a maturity period up to one year (from the
date of shipment). For import of capital goods as classified by DGFT, AD banks
may approve trade credits up to USD 20 million per import transaction with a
maturity period of more than one year and less than three years (from the date
of shipment). No roll-over/extension will be permitted beyond the permissible
period.
(ii) The companies in the infrastructure sector, where “infrastructure” is as
defined under the extant guidelines on External Commercial Borrowings (ECB) have
been allowed to avail of trade credit up to a maximum period of five years for
import of capital goods as classified by DGFT subject to conditions that the
trade credit must be abinitio contracted for a period not less than fifteen
months and should not be in the nature of short-term roll overs. However, the
condition of 'abinitio' buyers'credit would be for 6 (six) months only for trade
credits availed of on or before December 14, 2012. AD banks shall not approve
trade credit exceeding USD 20 million per import transaction.
b) All-in-cost Ceilings
The existing all-in-cost ceilings are as under
Maturity period |
All-in-cost ceilings over 6 months LIBOR* |
Up to one year |
350 basis points |
More than one year and upto three years
|
More than three years and upto five years
|
* for the respective currency of credit or applicable benchmark
The all-in-cost ceilings include arranger fee, upfront fee, management fee,
handling/ processing charges, out of pocket and legal expenses, if any.
c) Guarantee
AD banks are permitted to issue Letters of Credit/guarantees/Letter of
Undertaking (LoU) /Letter of Comfort (LoC) in favour of overseas supplier, bank
and financial institution, up to USD 20 million per transaction for a period up
to one year for import of all non-capital goods permissible under Foreign Trade
Policy (except gold, palladium, platinum, Rodium, silver etc.) and up to three
years for import of capital goods, subject to prudential guidelines issued by
Reserve Bank from time to time. The period of such Letters of credit /
guarantees / LoU / LoC has to be co-terminus with the period of credit, reckoned
from the date of shipment.
In respect of companies in the infrastructure sector as mentioned at para (a)
(ii) above, AD banks are not permitted to issue Letters of
Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) in favour
of overseas supplier, bank and financial institution for the extended period
beyond three years. (as amended vide AP DIR Circular No.28 dated 11.9.2012)
d) Reporting Arrangements
AD banks are required to furnish details of approvals, drawal, utilisation, and
repayment of trade credit granted by all its branches, in a consolidated
statement, during the month, in form TC (format in Annex IV) from April 2004
onwards to the Director, Division of International Finance, Department of
Economic Policy and Research, Reserve Bank of India, Central Office Building,
8th floor, Fort, Mumbai – 400 001 (and in MS-Excel file through email) so as to
reach not later than 10th of the following month. Each trade credit may be given
a unique identification number by the AD bank.
AD banks are required to furnish data on issuance of LCs / Guarantees / LoU /
LoC by all its branches, in a consolidated statement, at quarterly intervals
(format in Annex V) to the Chief General Manager-in-Charge, Foreign Exchange
Department, ECB Division, Reserve Bank of India, Central Office Building, 11th
floor, Fort, Mumbai – 400 001 (and in MS-Excel file through email) from December
2004 onwards so as to reach the Department not later than 10th of the following
month.
Appendix
List of Notification/ A.P. (DIR Series) Circulars consolidated in the Master
Circular on External Commercial Borrowings and Trade Credits
Sl. No. |
Notification / Circular |
Date |
Amendment to FEMA 3/2000 – RB dated May 3, 2000
|
|
|
1 |
FEMA 3/2000-RB |
May 3, 2000 |
2 |
FEMA 126/2004-RB |
December 13, 2004 |
3 |
FEMA 127/2005-RB |
January 5, 2005 |
4 |
FEMA 129/2005-RB |
January 20, 2005 |
5 |
FEMA 142/2005-RB |
December 6, 2005 |
6 |
FEMA.157/2007-RB |
August 30, 2007 |
7 |
FEMA.194/2009-RB |
June 17, 2009 |
8 |
FEMA.197/2009-RB |
September 22, 2009 |
9 |
FEMA.232/2012-RB |
May 30, 2012 |
10 |
FEMA.245/2012-RB |
November 12, 2012 |
11 |
FEMA.246/2012-RB |
November 27, 2012 |
12 |
FEMA.250/2012-RB |
December 06, 2012 |
13 |
Doe |
|
Amendment to FEMA 8/2000 – RB dated May 3, 2000
|
|
|
1 |
FEMA.206/2012-RB |
June 01, 2010 |
2 |
FEMA.251/2012-RB |
December 06, 2012 |
1 |
A.P.(DIR Series) Circular No.41 |
April 29, 2002 |
2 |
A.P.(DIR Series) Circular No.29 |
October 18, 2003 |
3 |
A.P.(DIR Series) Circular No.60 |
January 31, 2004 |
4 |
A.P.(DIR Series) Circular No.75 |
February 23, 2004 |
5 |
A.P.(DIR Series) Circular No.82 |
April 1, 2004 |
6 |
A.P.(DIR Series) Circular No.87 |
April 17, 2004 |
7 |
A.P.(DIR Series) Circular No.15 |
October 1, 2004 |
8 |
A.P.(DIR Series) Circular No.24 |
November 1, 2004 |
9 |
A.P.(DIR Series) Circular No.40 |
April 25, 2005 |
10 |
A.P.(DIR Series) Circular No.5 |
August 1, 2005 |
11 |
A.P.(DIR Series) Circular No.15 |
November 4, 2005 |
12 |
A.P.(DIR Series) Circular No.23 |
January 23, 2006 |
13 |
A.P.(DIR Series) Circular No.34 |
May 12, 2006 |
14 |
A.P.(DIR Series) Circular No.17 |
December 4, 2006 |
15 |
A.P.(DIR Series) Circular No.44 |
April 30, 2007 |
16 |
A.P.(DIR Series) Circular No.60 |
May 21, 2007 |
17 |
A.P.(DIR Series) Circular No.04 |
August 7, 2007 |
18 |
A.P.(DIR Series) Circular No.10 |
September 26, 2007 |
19 |
A.P.(DIR Series) Circular No.42 |
May 28, 2008 |
20 |
A.P.(DIR Series) Circular No.43 |
May 29, 2008 |
21 |
A.P.(DIR Series) Circular No.46 |
June 2, 2008 |
22 |
A.P.(DIR Series) Circular No.1 |
July 11, 2008 |
23 |
A.P.(DIR Series) Circular No.16 |
September 22, 2008 |
24 |
A.P.(DIR Series) Circular No.17 |
September 23, 2008 |
25 |
A.P.(DIR Series) Circular No.20 |
October 8, 2008 |
26 |
A.P.(DIR Series) Circular No.26 |
October 22, 2008 |
27 |
A.P.(DIR Series) Circular No.27 |
October 27, 2008 |
28 |
A.P.(DIR Series) Circular No.39 |
December 8, 2008 |
29 |
A.P.(DIR Series) Circular No.46 |
January 2, 2009 |
30 |
A.P.(DIR Series) Circular No.58 |
March 13, 2009 |
31 |
A.P.(DIR Series) Circular No.64 |
April 28, 2009 |
32 |
A.P.(DIR Series) Circular No.65 |
April 28, 2009 |
33 |
A.P.(DIR Series) Circular No.71 |
June 30, 2009 |
34 |
A.P.(DIR Series) Circular No.19 |
December 9, 2009 |
35 |
A.P.(DIR Series) Circular No.28 |
January 25, 2010 |
36 |
A.P.(DIR Series) Circular No.33 |
February 9, 2010 |
37 |
A.P.(DIR Series) Circular No.38 |
March 2, 2010 |
38 |
A.P.(DIR Series) Circular No.39 |
March 2, 2010 |
39 |
A.P.(DIR Series) Circular No.40 |
March 2, 2010 |
40 |
A.P.(DIR Series) Circular No.44 |
March 29, 2010 |
41 |
A.P.(DIR Series) Circular No.51 |
May 12, 2010 |
42 |
A.P.(DIR Series) Circular No.04 |
July 22, 2010 |
43 |
A.P.(DIR Series) Circular No.08 |
August 12, 2010 |
44 |
A.P.(DIR Series) Circular No.01 |
July 04, 2011 |
45 |
A.P.(DIR Series) Circular No.11 |
September 07, 2011 |
46 |
A.P.(DIR Series) Circular No.25 |
September 23, 2011 |
47 |
A.P.(DIR Series) Circular No.26 |
September 23, 2011 |
48 |
A.P.(DIR Series) Circular No.27 |
September 23, 2011 |
49 |
A.P.(DIR Series) Circular No.28 |
September 26, 2011 |
50 |
A.P.(DIR Series) Circular No.29 |
September 26, 2011 |
51 |
A.P.(DIR Series) Circular No.30 |
September 27, 2011 |
52 |
A.P.(DIR Series) Circular No.44 |
November 15, 2011 |
53 |
A.P.(DIR Series) Circular No.51 |
November 23,2011 |
54 |
A.P.(DIR Series) Circular No.52 |
November 23,2011 |
55 |
A.P.(DIR Series) Circular No.59 |
December 19, 2011 |
56 |
A.P.(DIR Series) Circular No.64 |
January 05, 2012 |
57 |
A.P.(DIR Series) Circular No.69 |
January 25, 2012 |
58 |
A.P.(DIR Series) Circular No.70 |
January 25, 2012 |
59 |
A.P.(DIR Series) Circular No.75 |
February 07, 2012 |
60 |
A.P.(DIR Series) Circular No.85 |
February 29, 2012 |
61 |
A.P.(DIR Series) Circular No.99 |
March 30, 2012 |
62 |
A.P.(DIR Series) Circular No.100 |
March 30, 2012 |
63 |
A.P.(DIR Series) Circular No.111 |
April 20, 2012 |
64 |
A.P.(DIR Series) Circular No.112 |
April 20, 2012 |
65 |
A.P.(DIR Series) Circular No.113 |
April 24, 2012 |
66 |
A.P.(DIR Series) Circular No.119 |
May 07, 2012 |
67 |
A.P.(DIR Series) Circular No.134 |
June 25, 2012 |
68 |
A.P.(DIR Series) Circular No.136 |
June 26, 2012 |
69 |
A.P.(DIR Series) Circular No. 1 |
July 5, 2012 |
70 |
A.P.(DIR Series) Circular No. 20 |
August 29, 2012 |
71 |
A.P.(DIR Series) Circular No.26 |
September 11, 2012 |
72 |
A.P.(DIR Series) Circular No.27 |
September 11, 2012 |
73 |
A.P.(DIR Series) Circular No.28 |
September 11, 2012 |
74 |
A.P.(DIR Series) Circular No.39 |
October 9, 2012 |
75 |
A.P.(DIR Series) Circular No.40 |
October 9, 2012 |
76 |
A.P.(DIR Series) Circular No.48 |
November 6, 2012 |
77 |
A.P.(DIR Series) Circular No.54 |
November 26, 2012 |
78 |
A.P.(DIR Series) Circular No.58 |
December 14, 2012 |
79 |
A.P.(DIR Series) Circular No.59 |
December 14, 2012 |
80 |
A.P.(DIR Series) Circular No.60 |
December 14, 2012 |
81 |
A.P.(DIR Series) Circular No.61 |
December 17, 2012 |
81 |
A.P.(DIR Series) Circular No.63 |
December 20, 2012 |
83 |
A.P.(DIR Series) Circular No.69 |
January 7, 2013 |
84 |
A.P.(DIR Series) Circular No.78 |
January 21, 2013 |
85 |
A.P.(DIR Series) Circular No.87 |
March 5, 2013 |
86 |
A.P.(DIR Series) Circular No.98 |
April 9, 2013 |
87 |
A.P.(DIR Series) Circular No.113 |
June 24, 2013 |
88 |
A.P.(DIR Series) Circular No.114 |
June 25, 2013 |
89 |
A.P.(DIR Series) Circular No.115 |
June 25, 2013 |
90 |
A.P.(DIR Series) Circular No.116 |
June 25, 2013 |
91 |
A.P.(DIR Series) Circular No.117 |
June 25, 2013 |
92 |
A.P.(DIR Series) Circular No.119 |
June 26, 2013 |
93 |
A.P.(DIR Series) Circular No.120 |
June 26, 2013 |
|