External Commercial Borrowing (ECB) Policy — Review of all-in-cost ceiling

Atten­tion of Autho­rized Deal­er Category‑I (AD Category‑I) banks is invit­ed to A.P. (DIR Series) Cir­cu­lar No. 17 dat­ed July 28, 2014 relat­ing to the all-in-cost ceil­ing for ECB.

2. On a review, it has been decid­ed that the all-in-cost ceil­ing as spec­i­fied under para­graph 2 of A.P. (DIR Series) Cir­cu­lar No. 99 dat­ed March 30, 2012 will con­tin­ue to be applic­a­ble till March 31, 2015 and is sub­ject to review there­after. All oth­er aspects of ECB pol­i­cy remain unchanged.

3. AD Category‑I banks may bring the con­tents of this cir­cu­lar to the notice of their con­stituents and cus­tomers concerned.

4. The direc­tions con­tained in this cir­cu­lar have been issued under Sec­tions 10(4) and 11(1) of the For­eign Exchange Man­age­ment Act, 1999 (42 of 1999) and are with­out prej­u­dice to per­mis­sions / approvals, if any, required under any oth­er law.

Yours faith­ful­ly

(B. P. Kanungo)
Prin­ci­pal Chief Gen­er­al Manager