A.P. (DIR Series) Circular No. 58
September 30, 2013
To, All Authorized Dealer Category – I Banks
Madam / Sir
External Commercial Borrowings (ECB) Policy ” Review of all-in-cost ceiling
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 11 dated July 11, 2013 relating to the all-in-cost ceiling for ECB.
2. On a review, it has been decided that the all-in-cost ceiling as specified under paragraph 2 of A.P. (DIR Series) Circular No. 99 dated March 30, 2012 will continue to be applicable till March 31, 2014 and subject to review thereafter. All other aspects of ECB policy remain unchanged.
3. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers.
4. 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.
(C. D. Srinivasan)
Chief General Manager