A

Report

On

External Commercial Borrowing of Public Sector Companies

International Financial Management

Group No: 18

Prepared by

Manisha P Pipaliya

Submitted to:

Mr. Hiren K Patel

1

Index

Sr.no Particulars Page.no

1 External Commercial Borrowing 3

2 External Commercial Borrowing Policy 4

3 Format of information 16

4 External Commercial Borrowing of public sector companies

19

5 Bibliography 23

2

External Commercial Borrowing

External Commercial Borrowing (ECB) refers to commercial loans [in the form

of bank loans, buyers’ credit, suppliers’ credit, securitized instruments (e.g.

floating rate notes and fixed rate bonds)] availed from non-resident lenders

with minimum average maturity of 3 years.

In India, External Commercial Borrowings are permitted by the Government

for providing an additional source of funds to Indian corporate and Public

Sector Units for financing the expansion of existing capacity and as well as for

fresh investment, to augment the resources available domestically. They can

be used for any purpose (rupee-related expenditure as well as imports)

except for investment in stock market and speculation in real estate. The term

external commercial borrowings in fact refer to the total debt that a sovereign

entity has borrowed outside the country in commercial terms. It is defined to

include

1. Commercial bank loans

2. Buyers credit

3. Suppliers credit

4. Securitized instruments such as floating rate notes, fixed rate bonds etc.

5. Credit from official export credit agencies

6. Commercial borrowings from the private sector window of multilateral

financial institutions such as IFC, ADB, AFIC, CDC etc.

7. Investment by Foreign Institutional Investors (FIIs) in dedicated debt funds.

Applicants are free to raise ECB from any internationally recognized source

like:

3

a. Banks

b. Export credit agencies

c. Suppliers of equipment

d. Foreign collaborations

e. Foreign equity holders

f. International capital markets etc.

The department of Economic Affairs, Ministry of Finance and Government of

India with support of Reserve Bank of India monitors and regulates Indian

firms access to global capital markets. From time to time, they announce

guidelines on policies and procedures for External Commercial Borrowings.

External Commercial Borrowing Policy

ECB can be accessed under two routes, viz., (1) Automatic Route

outlined (2) Approval Route

ECB for investment in real sector -industrial sector, especially

infrastructure sector-in India, are under Automatic Route, i.e. do not

require RBI / Government approval. In case of doubt as regards

eligibility to access Automatic Route, applicants may take recourse to

the Approval Route.

1. AUTOMATIC ROUTE

I ) Eligible Borrowers : (a) Corporate (registered under the Companies Act

except financial intermediaries (such as banks, financial institutions (FIs),

housing finance companies and NBFCs) are eligible to raise ECB. Individuals,

Trusts and Non-Profit making Organizations are not eligible to raise ECB.

4

(b) Units in Special Economic Zones (SEZ) are allowed to raise ECB for their

own requirement. However, they cannot transfer or on-lend ECB funds to

sister concerns or any unit in the Domestic Tariff Area.

ii) Recognized Lenders:

Borrowers can raise ECB from internationally recognized sources such as (i)

international banks, (ii) international capital markets, (iii) multilateral financial

institutions (such as IFC, ADB, CDC, etc.,), (iv) export credit agencies, (v)

suppliers of equipment, (vi) foreign collaborators and (vii) foreign equity

holders (other than erstwhile OCBs). A "foreign equity holder" to be eligible as

“recognized lender” under the automatic route would require minimum holding

of equity in the borrower company as set out below:

(i) For ECB up to USD 5 million - minimum equity of 25 per cent held directly

by the lender,

(ii) For ECB more than USD 5 million - minimum equity of 25 per cent held

directly by the lender and debt-equity ratio not exceeding 4:1 (i.e. the

proposed ECB not exceeding four times the direct foreign equity holding).

iii) Amount and Maturity

(a) The maximum amount of ECB which can be raised by a corporate is USD

500 million or equivalent during a financial year.

(b) ECB up to USD 20 million or equivalent in a financial year with minimum

average maturity of three years.

(c) ECB above USD 20 million and up to USD 500 million or equivalent with a

minimum average maturity of five years.

(d) ECB up to USD 20 million can have call/put option provided the minimum

average maturity of three years is complied with before exercising call/put

option.

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iv) All-in-cost ceilings

All-in-cost includes rate of interest, other fees and expenses in foreign

currency except commitment fee, pre-payment fee, and fees payable in

Indian Rupees. Moreover, the payment of withholding tax in Indian Rupees is

excluded for calculating the all-in-cost.

The all-in-cost ceilings for ECB are reviewed from time to time. The following

ceilings are valid till reviewed:

Average Maturity Period All-in-cost Ceilings over 6 month

LIBOR*

Three years and up to five

years

200 basis points

More than five years 350 basis points

v) End-use

a) Investment e.g., import of capital goods (as classified by DGFT in the

Foreign Trade Policy), by new or existing production units, in real sector -

industrial sector including small and medium enterprises (SME) and

infrastructure sector - in India. Infrastructure sector is defined as (i) power, (ii)

telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and

airport, (vi) industrial parks, and (vii) urban infrastructure (water supply,

sanitation and sewage projects);

(b) Overseas direct investment in Joint Ventures (JV)/Wholly Owned

Subsidiaries (WOS) subject to the existing guidelines on Indian Direct

Investment in JV/WOS abroad.

vi) End-uses not permitted

(a) Utilization of ECB proceeds is not permitted for on-lending or investment

in capital market or acquiring a company (or a part thereof) in India by a

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corporate,

(b) Utilization of ECB proceeds is not permitted in real estate,

(c ) Utilization of ECB proceeds is not permitted for working capital,

general corporate purpose and repayment of existing Rupee loans.

vii) Guarantees

Issuance of guarantee, standby letter of credit, letter of undertaking or letter of

comfort by banks, Financial Institutions and Non-Banking Financial

Companies (NBFCs) relating to ECB is not permitted.

viii) Security

The choice of security to be provided to the lender/supplier is left to the

borrower. However, creation of charge over immoveable assets and financial

securities, such as shares, in favour of the overseas lender is subject to

Regulation 8 of Notification No. FEMA 21/RB-2000 dated May 3, 2000 and

Regulation 3 of Notification No. FEMA 20/RB-2000 dated May 3, 2000,

respectively, as amended from time to time.

ix) Parking of ECB proceeds overseas

ECB raised for foreign currency expenditure for permissible end-uses shall be

parked overseas and not to be remitted to India. ECB proceeds parked

overseas can be invested in the following liquid assets (a)deposits or

Certificate of Deposit or other products offered by banks rated not less than

AA(-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s; (b)deposits with

overseas branch of an Authorised Dealer in India; and (c)Treasury bills and

other monetary instruments of one year maturity having minimum rating as

indicated above. The funds should be invested in such a way that the

investments can be liquidated as and when funds are required by the

borrower in India.

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x) Prepayment

Prepayment of ECB up to USD 500 million may be allowed by AD banks

without prior approval of RBI subject to compliance with the stipulated

minimum average maturity period as applicable to the loan.

xi) Refinancing of an existing ECB

The existing ECB may be refinanced by raising a fresh ECB subject to the

condition that the fresh ECB is raised at a lower all-in-cost and the

outstanding maturity of the original ECB is maintained.

xii) Debt Servicing

The designated Authorised Dealer (AD bank)has the general permission to

make remittances of instalments of principal, interest and other charges in

conformity with ECB guidelines issued by Government / Reserve Bank of

India from time to time.

xiii) Procedure

Borrowers may enter into loan agreement complying with ECB guidelines with

recognised lender for raising ECB under Automatic Route without prior

approval of RBI. The borrower must obtain a Loan Registration Number

(LRN) from the Reserve Bank of India before drawing down the ECB. The

procedure for obtaining LRN is detailed in para II (i) (b).

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2. APPROVAL ROUTE

I) Eligible Borrowers

a) Financial institutions dealing exclusively with infrastructure or export

finance such as IDFC, IL&FS, Power Finance Corporation, Power Trading

Corporation, IRCON and EXIM Bank are considered on a case by case basis.

b) Banks and financial institutions which had participated in the textile or steel

sector restructuring package as approved by the Government are also

permitted to the extent of their investment in the package and assessment by

Reserve Bank based on prudential norms. Any ECB availed for this purpose

so far will be deducted from their entitlement.

c) ECB with minimum average maturity of 5 years by Non-Banking Financial

Companies (NBFCs) from multilateral financial institutions, reputable regional

financial institutions, official export credit agencies and international banks to

finance import of infrastructure equipment for leasing to infrastructure

projects.

d) Foreign Currency Convertible Bonds (FCCBs) by housing finance

companies satisfying the following minimum criteria: (i) the minimum net

worth of the financial intermediary during the previous three years shall not be

less than Rs. 500 crore, (ii) a listing on the BSE or NSE, (iii) minimum size of

FCCB is USD 100 million, (iv) the applicant should submit the purpose / plan

of utilization of funds.

e) Special Purpose Vehicles, or any other entity notified by the Reserve Bank,

set up to finance infrastructure companies / projects exclusively, will be

treated as Financial Institutions and ECB by such entities will be considered

under the Approval Route.

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f) Multi-State Co-operative Societies engaged in manufacturing activity

satisfying the following criteria i) the Co-operative Society is financially solvent

and ii) the Co-operative Society submits its up-to-date audited balance sheet.

g) Corporates engaged in industrial sector and infrastructure sector in India

can avail ECB for Rupee expenditure for permissible end-uses.

h) Non-Government Organisations (NGOs) engaged in micro finance

activities are eligible to avail ECB for Rupee expenditure for permissible end-

uses. Such NGO

ii) Recognized Lenders

(I) should have a satisfactory borrowing relationship for at least 3

years with a scheduled commercial bank authorized to deal in

foreign exchange and

(II) Would require a certificate of due diligence on `fit and proper’

status of the board/committee of management of the borrowing

entity from the designated AD bank.

iii) Amount and Maturity

Cases falling outside the purview of the automatic route limits and maturity

period indicated at paragraph I A (iii).

(a) Borrowers can raise ECB from internationally recognized sources such as

(i) international banks, (ii) international capital markets, (iii) multilateral

financial institutions (such as IFC, ADB, CDC etc.,), (iv) export credit

agencies, (v) suppliers' of equipment, (vi) foreign collaborators and (vii)

foreign equity holders (other than erstwhile OCBs).

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(b) From 'foreign equity holder' where the minimum equity held directly by the

foreign equity lender is 25 per cent but debt-equity ratio exceeds 4:1(i.e. the

proposed ECB exceeds four times the direct foreign equity holding).

(c) Overseas organizations and individuals complying with following

safeguards may provide ECB to Non-Government Organizations (NGOs)

engaged in micro finance activities.

(I) Overseas Organizations proposing to lend ECB would have to furnish a

certificate of due diligence from an overseas bank which in turn is subject to

regulation of host-country regulator and adheres to Financial Action Task

Force (FATF) guidelines to the AD bank of the borrower. The certificate of

due diligence should comprise the following

(I) That the lender maintains an account with the bank for at least a period of

two years,

(ii) That the lending entity is organized as per the local law and held in good

esteem by the business/local community and

(iii) That there is no criminal action pending against it.

(Ii) Individual Lender has to obtain a certificate of due diligence from an

overseas bank indicating that the lender maintains an account with the bank

for at least a period of two years. Other evidence /documents such as audited

statement of account and income tax return which the overseas lender may

furnish need to be certified and forwarded by the overseas bank. Individual

lenders from countries wherein banks are not required to adhere to Know

Your Customer (KYC) guidelines are not eligible to extend ECB.

(a) Corporate can avail of ECB of an additional amount of USD 250 million with

average maturity of more than 10 years under the approval route, over and

above the existing limit of USD 500 million under the automatic route, during a

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financial year. Other ECB criteria such as end-use, all-in-cost ceiling,

recognised lender, etc. need to be complied with. Prepayment and call/put

options, however, would not be permissible for such ECB up to a period of 10

years.

(b) Corporate in infrastructure sector {as defined in paragraph 1(A) (v) (a)} can

avail ECB up to USD 100 million and corporate in industrial sector can avail

ECB up to USD 50 million for Rupee capital expenditure for permissible end-

uses within the overall limit of USD 500 million per borrower, per financial year,

under Automatic Route.

(c) NGOs engaged in micro finance activities can raise ECB up to USD 5

million during a financial year. Designated AD bank has to ensure that at the

time of drawdown the forex exposure of the borrower is hedged.

(d) Corporate in the services sector viz. hotels, hospitals and software companies

can avail ECB up to USD 100 million, per borrower, per financial year, for import

of capital goods.

iv) All-in-cost ceilings

All-in-cost includes rate of interest, other fees and expenses in foreign currency

except commitment fee, pre-payment fee, and fees payable in Indian Rupees.

Moreover, the payment of withholding tax in Indian Rupees is excluded for

calculating the all-in-cost.The current all-in-cost ceilings are as under:

The following ceilings are valid till reviewed:

Average Maturity Period All-in-cost Ceilings over 6 month LIBOR*

Three years and up to five years200 basis points

More than five years 350 basis points

12

v) End-use

a) Investment [such as import of capital goods (as classified by DGFT in the

Foreign Trade Policy), implementation of new projects, modernization/expansion

of existing production units] in real sector - industrial sector including small and

medium enterprises (SME) and infrastructure sector - in India. Infrastructure

sector is defined as (i) power, (ii) telecommunication, (iii) railways, (iv) road

including bridges, (v) sea port and airport (vi) industrial parks and (vii) urban

infrastructure (water supply, sanitation and sewage projects);

b) Overseas direct investment in Joint Ventures (JV)/Wholly Owned Subsidiaries

(WOS) subject to the existing guidelines on Indian Direct Investment in JV/WOS

abroad.

c) The first stage acquisition of shares in the disinvestment process and also in

the mandatory second stage offer to the public under the Government’s

disinvestment programme of PSU shares.

d) Import of capital goods by corporate in the service sector, viz., hotels,

hospitals and software companies.

vi) End-uses not permitted

(a) Utilization of ECB proceeds is not permitted for on-lending or investment

in capital market or acquiring a company (or a part thereof) in India by a

corporate except banks and financial institutions eligible under paragraph

I (B) (i) (a) and I (B) (i) (b)

(b) Utilization of ECB proceeds is not permitted in real estate,

(c) Utilization of ECB proceeds is not permitted for working capital, general

corporate purpose and repayment of existing Rupee loans.

vii) Guarantee

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Issuance of guarantee, standby letter of credit, and letter of undertaking or

letter of comfort by banks, financial institutions and NBFCs relating to ECB is

not normally permitted. Applications for providing guarantee/standby letter of

credit or letter of comfort by banks, financial institutions relating to ECB in the

case of SME will be considered on merit subject to prudential norms. With a

view to facilitating capacity expansion and technological up gradation in

Indian Textile industry, issue of guarantees, standby letters of credit, letters of

undertaking and letters of comfort by banks in respect of ECB by textile

companies for modernization or expansion of textile units will be considered

under the Approval Route subject to prudential norms.

viii) Security

The choice of security to be provided to the lender / supplier is left to the

borrower. However, creation of charge over immovable assets and financial

securities, such as shares, in favour of the overseas lender is subject to

Regulation 8 of Notification No. FEMA 21/RB-2000 dated May 3, 2000 and

Regulation 3 of Notification No. FEMA 20/RB-2000 dated May 3, 2000 as

amended from time to time, respectively.

ix) Parking of ECB proceeds overseas

ECB raised for foreign currency expenditure for permissible end-uses shall be

parked overseas and not remitted to India and ECB raised for Rupee

expenditure for permissible end-uses shall be parked overseas until actual

requirement in India. ECB proceeds parked overseas can be invested in the

following liquid assets (a) deposits or Certificate of Deposit or other products

offered by banks rated not less than AA (-) by Standard and Poor/Fitch IBCA

or Aa3 by Moody’s; (b) deposits with overseas branch of an AD bank in India;

and (c) Treasury bills and other monetary instruments of one year maturity

having minimum rating as indicated above. The funds should be invested in

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such a way that the investments can be liquidated as and when funds are

required by the borrower in India.

x) Prepayment

(a) Prepayment of ECB up to USD 500 million may be allowed by the AD

bank without prior approval of Reserve Bank subject to compliance with

the stipulated minimum average maturity period as applicable to the loan.

(b) Pre-payment of ECB for amounts exceeding USD 500 million would be

considered by the Reserve Bank under the Approval Route

xi) Refinancing of an existing ECB

Existing ECB may be refinanced by raising a fresh ECB subject to the

condition that the fresh ECB is raised at a lower all-in-cost and the

outstanding maturity of the original ECB is maintained.

xii) Debt Servicing

The designated AD bank has general permission to make remittances of

installments of principal, interest and other charges in conformity with ECB

guidelines issued by Government / Reserve Bank from time to time.

xiii) Procedure

Applicants are required to submit an application in form ECB through

designated AD bank to the Chief General Manager-in-Charge, Foreign

Exchange Department, Reserve Bank of India, Central Office, External

Commercial Borrowings Division, Mumbai – 400 001, along with necessary

documents.

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FORMAT FOR PROVIDING INFORMATION TO DEPARTMENT OF

ECONOMIC AFFAIRS, MINISTRY OF FINANCE FOR SEEKING ECB

APPROVAL

1. (i) Name of the Company;

(ii) Private Sector/Joint Sector/Public Sector, etc.

(iii) Activities, in brief :

2. In case (i) is a subsidiary, then name of the Group Company

3. (i) Name of the Project :

(ii) Whether new/expansion/up gradation

4. Location of the project (Address) :

5. Total Project cost ;

(i) in USD equivalent

(ii) in Rs. crores

6. Overall financing plan : USD Million Rs. crore

(i) Debt

Domestic: Commercial Banks

Financial Institutions

Others (please specify)

Foreign : Loans

FRNs/Bonds

FCCBs

Others

(ii) Equity

Domestic: Promoter's

Public

Corporate

Financial Institutions

Others (please specify)

16

Foreign : Promoter's

Others (please specify)

(iii) Grand Total (i.e. total project cost as in item 5 above):

7. Date of commissioning of the project :

8. Amount of ECB proposed to be availed :

(i) In Foreign Currency

(ii) In USD equivalent

9. Nature of ECB :

(i) Supplier's Credit

(ii) Buyer's Credit

(iii) Syndicated Loan

(iv) Export Credit

(v) Loan from foreign collaborator/equity-holder

(vi) FRN/Bonds

(vii) Others (please specify)

10.Name of Lender/Supplier :

11.Terms and Conditions in brief :

(i) Rate of Interest

(ii) All-in-cost

(iii) Repayment schedule

(iv) Average maturity

12.Purpose of raising ECB :

(i) For financing capital goods (please attach a list of the items :

a. Imports

b. Indigenous

(ii) For general corporate objectives

(iii) if (I) (a), then a confirmation that they

are not in the negative list of

Export-Import Policy.

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13.Expected schedule of drawdown, with date of first drawdown :

14.Whether the project has been appraised by a Financial Institution/ Bank:

Yes/No (if yes, a copy thereof to be enclosed).

15.Financial ratios ;

(i) Foreign debt to foreign equity ratio :

(ii) Total debt to total equity ratio :

(iii) Total ECB as a percentage of total Project cost :

16.Export performance of the Company (in USD equivalent; with evidence) if

any :(i) During current and last 3 years;

17.ECB availed by the Company during the current and the last 3 year :

Amount Year of approval Purpose (USD eq.)

18.ECB availed by other Group Companies during the current and the last 3

year ;

Name of the Co. Amount Year of approval Purpose (USD eq.)

Please attach a certificate from Statutory Auditor regarding the amount

utilized.

19.Details of contact person (such as name, designation, postal address,

tele/fax number), to enable quick references for information/clarifications

required, if any, relating to the application.

20.Certified that the information given above is true to the best of my

knowledge.

Place:

Authorized signatory

(Name of the Company)

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External Commercial Borrowing of public sector companies

like…

(a) “NTPC is in advanced stage of negotiations for loans amounting to $1.2

billion with various multilateral and bilateral funding agencies such as

JBIC, ADB and NIB and the revised ECB guidelines are likely to impact

not only these arrangements but NTPC’s future borrowing programme as

well,” Mr Sankaralingam said. Domestic borrowings are being pegged at

Rs45,199 crore while external commercial borrowings (ECB) are being

tentatively pegged at Rs60,309 crore

(b) Oil and Natural Gas Corporation (ONGC) plans to tap the external

commercial borrowing (ECB) route to raise funds to acquire oil equity

abroad through its subsidiary ONGC Videsh (OVL). Sources said ONGC

has an investment commitment of around Rs 20,000 crore in overseas

projects through OVL. The largest profit-making oil production major is

currently working on various possibilities, including ECB, to meet its future

investment needs. “Although it is at a premature level, one can expect that

about 50 per cent of the total investment needs will be generated from the

ECB route. Given the oil major’s international reputation, it will not be a

problem to fulfill its needs,” a senior ONGC official said.

(c) Public sector company SCI, which has already placed orders for 32 ships

worth $1.87 billion, will now be inviting bids for its $3 billion order of 40

ships. “Though the liquidity crunch has affected the borrowing rate, we’ll

able to sustain the orders. We plan to 25% through internal accruals and

rest 75% through external commercial borrowings (ECB),” said S Hajara,

chairman & MD, SCI. The company, however, has spread out the period

of the order over three years (2008-11).

(d) “None of the public sector oil companies, including BPCL, are facing any

kind of liquidity problem,” Mr. Pandey (official) told. “BPCL has informed

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that out of the current ECB level of $300 million, around $100 million is

due for repayment in October 2009 and the balance in March 2012,”

(e) Heavy Engineering Corp, BHEL to start joint venture ... ($452.4 million)

through external commercial borrowing (ECB) or bond issue

(f) SAIL has charted out capex plans of Rs 37,000 crore for scaling up its

capacity to 22 million tonnes per annum (mtpa) from the current level of

14 mtpa over the next five years. The company is looking to raise money

from overseas market through external commercial borrowing (ECB) to

part finance this project.

(g) Mr R.K. Goel, Director (Finance) GAIL, said that expanding the pipeline

infrastructure to 12,000 km will cost about Rs 20,000 crore by 2011-12.

“Of the total borrowings of Rs 6,000-7,000 crore, around 30 per cent will

be through foreign loans and remaining through the domestic market,” He,

however, said that if the Government relaxes the external commercial

borrowings (ECB) norms for public sector undertakings, the company may

consider raising 40 per cent through this route.

(h) Refining major, Hindustan Petroleum Corporation has signed an

agreement to raise Japanese yen equivalent of $200 million through the

external commercial borrowings route.

(i) In 2008-09, the National Aviation Company of India Ltd, the government-

owned company formed after the merger of Air India and Indian Airlines,

was supposed to raise Rs 9,572.42 crore (Rs 95.72 billion) from internal

resources and external commercial borrowings

(j) Bharat Sanchar Nigam Ltd (BSNL) hopes to raise Rs3, 000 crore from

debt market to part-finance its cellular, wireless-in- local-loop, broadband

and international long-distance (ILD) projects. BSNL may go for a

combination of rupee loans and foreign debt through the external

commercial borrowing (ECB). The board.

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Modifications in external commercial borrowing policy

Modified (and liberalized?) guidelines

On 29th May 2008 a few decisions were made which came into effect

immediately. At present, borrowers proposing to avail ECB up to USD 20

million for rupee expenditure for permissible end-uses require prior approval

of the Reserve Bank under the Approval Route.

It has been decided that, henceforth:

Borrowers in infrastructure sector may avail up to USD 100 million for

Rupee expenditure for permissible end-uses under the Approval

Route.

In the case of other borrowers, the existing limit of USD 20 million for

Rupee expenditure for permissible end-uses under the Approval Route

has been enhanced to USD 50 million

.  The all-in-cost ceilings in respect of ECB are modified as follows:

  Average Maturity Period All-in-Cost ceilings over 6 Months

Three years and up to five years  150 bps (Existing)   200 bps

(Revised)

More than five years  250 bps (Existing)   350 bps (Revised)

The above changes will apply to ECB both under the automatic route and the

approval route.

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Under the modified ECB guidelines, borrowers in the services sector are not

eligible to avail ECB under the Automatic Route. The government decided on

2 June 2008 to allow entities in the service sector viz. hotels, hospitals and

software companies to avail ECB up to USD 100 million, per financial year,

for the purpose of import of capital goods under the Approval Route. All other

aspects of ECB policy shall remain unchanged.

The RBI also clarified that the existing guidelines on trade credit, allowing

companies including those in the services sector, to avail trade credit up to

USD 20 million per import transaction, for a period less than 3 years, for

import of capital goods, shall continue.

Another element of this policy was:

to eliminate external commercial borrowing by government,

increase scrutiny of borrowing by public sector companies, and

to increase the share of private sector in ECB.

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Bibliography

(a) http://iic.nic.in/iic3_f24.htm

(b) http://www.moneycontrol.com/india/news/economy/ecb-norms-for-

core-sector-raised-to-36500m/12/37/357665

(c) http://www.domainb.com/companies/companies_n/

National_Thermal_Power/20080826_overseas_bonds.html

(d) http://www.ongcvidesh.com/display1.asp?

fol_name=News&file_name=news76&get_pic=ovl_news&p_title=&curr

_f=76&tot_file=156

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