In February 2010, the Reserve Bank of India (RBI) made significant amendments to simplify the norms for external commercial borrowing (ECB).
It did away with the obligation cast on Indian entities to obtain the consent of the RBI prior to amending the terms of ECBs raised by them.
In addition, as per the relaxed norms, the RBI delegated its powers to authorized dealer banks to approve the specified changes in the terms and conditions of the ECBs available.
Thus, Indian corporates could modify the drawdown and repayment schedules as also change the currency of the loan both under the automatic and the approval routes, subject to approval from the authorized dealer banks.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
Shardul Thacker is a partner with Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
Mulla & Mulla & Craigie Blunt & Caroe
Mulla House, 51 MG Road
Fort, Mumbai 400 001
India
Tel: +91 22 2204 4960, 2262 3191
Fax: +91 22 2204 0246, 6634 5497
Email: info@mullaandmulla.com
