Last month, this column discussed the recent modifications by the Reserve Bank of India (RBI) to the External Commercial Borrowings (ECB) policy.
Trilegal
To summarize, the RBI on 7 Augustnov 2007 revised the policy restricting ECB use for incurring foreign currency expenditure.
Further, as regards ECB for rupee expenditure, a limit of US$20 million has been provided and there is an additional requirement that RBI approval has to be sought in advance of any borrowings.
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Next month Abhishek Saxena and Jyotika Khilnani will look at the practical impact of the modified ECB policy. Trilegal is a full service law firm that advises on corporate and commercial law in India and provides commercially-oriented legal advice and services in relation to all sectors of the economy. The firm has offices in Delhi, Mumbai, Bangalore and Hyderabad and has over 80 lawyers, some of whom have experience in law firms in the United States, United Kingdom and Japan.
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