The Reserve Bank of India’s (RBI) statement on developmental and regulatory policies for December proposed “rationalizing” the external commercial borrowing (ECB) framework “with a view to improving the ease of doing business”. While the statement served as a forewarning, no draft regulations were placed on the RBI’s website for public comments.
On 17 December, the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, were notified, superseding the previous regulations.
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The RBI issued further directions on 16 January. The revised framework comprising these directions and the 2018 regulations simplifies the “tracks” for raising ECBs. Tracks I and II (for foreign currency-denominated ECBs) of the previous ECB framework are now merged into a single “foreign currency-denominated ECB” track. Track III (for rupee-denominated ECBs) and rupee-denominated bonds are now merged into a “rupee-denominated ECB” track.
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Sawant Singh and Aditya Bhargava are partners at the Mumbai office of Phoenix Legal.
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