| Date: |
17-09-2002
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| Notification No: |
RBI A P D (Series)Circular No 23/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
External Commercial Borrowings (ECBs)
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|
External Commercial Borrowings (ECBs)
A.P.
(DIR Series) Circular No. 23 dated 17th September 2002
Attention
of authorised dealers is invited to A.P. (DIR Series) Circular No.10 dated
September 5, 2000, operationalising the 'Automatic Route' for ECBs up to USD 50
million. In terms of paragraph 3 of the circular under the Automatic Route ECBs
can be raised by any legal entity registered under the Company's Act, Societies
Registration Act, Co-operative Societies Act including proprietorship/
partnership concerns.
2.
It is clarified that individuals, Trusts and Non-Profit making
Organisations are not eligible to raise ECBs.
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).
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