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External Commercial Borrowings Policy - Liberalisation- October 2008
October 22, 2008: Based on a review, Reserve Bank of India has decided to modify some aspects of the ECB policy as indicated below:
2. Henceforth, ECB up to USD 500 million per borrower per financial year would be permitted for Rupee expenditure and / or foreign currency expenditure for permissible end - uses under the Automatic Route. Accordingly, the requirement of minimum average maturity period of seven years for ECB more than USD 100 million for Rupee capital expenditure by the borrowers in the infrastructure sector has been dispensed with.
3. In order to further develop the telecom sector in the country, payment for obtaining license/permit for 3G Spectrum will be considered an eligible end - use for the purpose of ECB.
4. At present, ECB proceeds are required to be parked overseas until actual requirem