Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Latest Circulars »
 Monitoring of Foreign Investment under PIS in Indian Companies – M/s The Byke Hospitality Limited - 1. Increase in FIIs/FPIs Investment limit under Portfolio Investment Scheme from 24% to 40% Removal from the FIIs/ FPIs Caution List
 RBI's Monthly Bulletin for July 2017
 Financial Action Task Force (FATF) Public Statement dated June 23, 2017
 All-India House Price Index (HPI) recorded marginal increase in Q4:2016-17
 Auction of Government of India Dated Securities July 17, 2017
 RBI-Interest rates for Small Savings Schemes
 Priority Sector Lending – Status, Issues and Future Agenda (Shri S S Mundra, Deputy Governor - June 27, 2017 - at the ”Conference on Credit flow to Priority Sector – Policy and Implementation” held at College of Agricultural Banking, Pune1)
 Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman
 Investment in plant and machinery for the purpose of classification as Micro, Small and Medium Enterprises – documents to be relied upon
 RBI-Recording of Details of Transactions in Passbook/Statement of Account by Co-operative Banks
 Financial Literacy by FLCs (Financial Literacy Centres) and rural branches - Revision in funding limits, Audio-visual content and provision of hand held projectors

RBI-Refinancing of ECB at lower all-in-cost Simplification of procedure
August, 28th 2014

RBI/2014-15/196
A.P. (DIR Series) Circular No.21

August 27, 2014

To
All Category - I Authorised Dealer Banks

Madam / Sir,

Refinancing of ECB at lower all-in-cost – Simplification of procedure

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 5 dated August 01, 2005 as amended from time to time in terms of which refinancing of existing ECB by raising fresh ECB at lower all-in-cost is permitted subject to the condition that the outstanding maturity of the original loan is maintained. The cases, where the Average Maturity Period (AMP) of the fresh ECB is more than the residual maturity of existing ECB, are examined by the Reserve Bank under the approval route.

2. On a review, it has been decided to simplify the procedure by delegating powers to the AD Category – I banks to approve even those cases where the AMP of the fresh ECB is exceeding the residual maturity of the existing ECB under the automatic route subject to the following conditions:

  1. Both the existing and fresh ECBs should be in compliance with the applicable guidelines;

  2. All-in-cost of fresh ECB should be less than that of the all-in-cost of existing ECB;

  3. Consent of the existing lender is available;

  4. Refinancing is to be undertaken before the maturity of the existing ECB;

  5. Borrower should not be in the default / Caution List of RBI and should not be under the investigation of the Directorate of Enforcement (DoE);

  6. Overseas branches / subsidiaries of Indian banks will not be permitted to extend ECB for refinancing an existing ECB; and

  7. All requirements in respect of reporting arrangements like filing of revised Form 83, etc. are followed.

3. This facility will be available even in those cases where existing ECBs were raised under the approval route subject to the amount of new ECBs being eligible to be raised under the automatic route.

4. All other aspects of the ECB policy like eligible borrower, recognized lender, permitted end-use, amount of ECB, all-in-cost, average maturity period, reporting arrangements, etc. shall remain unchanged.

5. The modification to the ECB policy will come into force with immediate effect.

6. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers.

7. 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

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions