RBI/2013-14/537
A.P.(DIR Series) Circular No.113
March 26, 2014
To
All Category – I Authorised Dealer Banks
Madam / Sir,
External Commercial Borrowings (ECB) for Civil Aviation Sector
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited
to
A.P. (DIR Series) Circular No. 113 dated April 24, 2012 in terms of which
External Commercial Borrowings (ECB) can be raised by airline companies for
working capital as a permissible end-use, under the approval route, subject to
the conditions stipulated in the said Circular. The scheme was extended till
December 31, 2013 vide
A.P. (DIR Series) Circular No. 116 dated June 25, 2013.
- On a review, it has been decided that this scheme of raising ECB for working
capital for Civil Aviation Sector will continue till March 31, 2015.
- All other conditions stipulated in aforesaid Circular dated April 24, 2012
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 required, if any, under any
other law.
Yours faithfully
(Rudra Narayan Kar)
Chief General Manager-In-Charge