|
and conditions under advice to the concerned authorised dealer. The borrowers, hould thereafter, report the details of drawals, utilisation, repayments and outstandings under the foreign currency loan/credit in respect of each approval granted by Reserve Bank, every month in form ECB 5, (in duplicate); one copy of ECB 5 alongwith the Annexure thereto duly duly countersigned by the concerned authorised dealer and supported by a complete set of documents such as Exchange Control copy of the import licence/s [where applicable], original invoice and Exchange Control copy/ies of Bill/s of Entry for home consumption evidencing import of goods for which the loan/credit was obtained should be submitted to the concerned Regional Office of Reserve Bank, and another copy without the Annexure/documents should be submitted to the Chief General Manager, Exchange Control Department, (IMD), Reserve Bank of India, Central Office, Mumbai 400 001, by the 10th of the month following the month to which it relates. In case the loan/credit has not been drawn, a "NIL" statement in form ECB 5 should be submitted. In the event of default in timely submission of the statement in form ECB 5, the borrowers shall be liable for such action as may be deemed necessary by Reserve Bank under FERA, 1973. |