FOREIGN EXCHANGE MANAGEMENT

With the transition to a market-based system for determining the external value of the Indian rupee the foreign exchange market in India gained importance in the early reform period.

Notifications

(29 kb)
Date : Jun 11, 2015
External Commercial Borrowings (ECB) for low cost affordable housing projects

RBI/2014-15/637
A. P. (DIR Series) Circular No. 108

June 11, 2015

To

All Authorised Dealer Category – I Banks

Madam/ Sir

External Commercial Borrowings (ECB) for low cost affordable housing projects

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 61 dated December 17, 2012 and A.P. (DIR Series) Circular No. 113 dated June 24, 2013 in terms of which External Commercial Borrowings (ECB) can be raised by eligible borrowers, for low cost affordable housing projects, under the approval route.

2. On a review, it has been decided that the scheme of raising ECB for low cost affordable housing projects will continue for the financial year 2015-16 with the same terms and conditions as mentioned in the above A.P. (DIR Series) Circulars.

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 required, if any, under any other law.

Yours faithfully

(B. P. Kanungo)
Principal Chief General Manager

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