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External Commercial Borrowings (ECBs) - Prepayment out of the EEFC
Accounts
A.P. (DIR Series) Circular No. 26 dated
1st March 2002
Authorised Dealers are aware that ECBs
can be prepaid by corporate borrowers to the extent of the balances in their
Exchange Earner's Foreign Currency (EEFC) accounts, with the approval of Reserve
Bank. Authorised Dealers are also aware that in term of Notification No. FEMA
30/ 2000/ RB dated 17th November 2000, Corporates who are export
oriented units and others can credit up to 70% and 50% of their foreign exchange
earnings to their EEFC accounts, respectively.
2. To enable the
corporates to take advantage of lower interest rates and prepay the ECBs it has
now been decided to allow them to credit higher than above percentages of export
proceeds to their EEFC account on a case by case basis. Application for the
purpose may be made to the Chief General Manager, Exchange Control department,
Reserve Bank of India, Central Office, Central Office Building, Post Box No.
1055, Mumbai - 400 001. A proforma of the application is annexed.
3. Authorised Dealers
may bring the contents of this circular to the notice of their concerned
constituents.
4. The directions
contained in this circular have been issued under Section 10(4) and Section
11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Application for prepayment of outstanding ECB out of EEFC
Account
i)
Name and address of the Borrower
: ______________________________
ii)
Name and address of the Lender
: ______________________________
iii)
Details of loan
a) Approval
number and date
: ______________________________
b) GOI/
RBI loan key number
: ______________________________
c) RBI
Registration Number
: ______________________________
d) Purpose
of ECB/ Utilisation certified by CA :
______________________________
e) Amount
of ECB
: ______________________________
f) Amount
of drawn
: ______________________________
g) Amount
outstanding
: ______________________________
h) Maturity
of loan/ Residual maturity of loan
: ______________________________
iv)
Details of the Current balance in the EEFC Account:
______________________________
v)
Details of export bills to be realised as on date :
______________________________
vi)
Percentage of export proceeds proposed
to be credited to the EEFC Account
: ______________________________
vii) ECB-2 statement till
_______________ month have been submitted to the _______________ office of the
Reserve Bank of India.
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Date:
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Stamp
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Signature of the authorised official of
the company
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We have verified the above particulars
and have found the same to be in order:
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Date:
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Stamp
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Signature of the authorised official
Name of the Bank/ Branch
AD Code No.
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