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June 2012

A.P. (DIR Series) Circular No. 119, dated 7-5-2012 — External Commercial Borrowings (ECB) Policy — Utilisation of ECB proceeds for Rupee expenditure.

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, ECB proceeds can be utilised for permissible foreign currency expenditure as well as Rupee expenditure.

This Circular requires borrowers to provide bifurcation of the utilisation of the ECB proceeds towards foreign currency and Rupee expenditure in Form-83 at the time of availing Loan Registration Number (LRN). Borrowers must repatriate to India, immediately after drawn down, for credit to their Rupee accounts proceeds meant for Rupee expenditure in India. Any contravention will be viewed seriously and will invite penal action under FEMA.

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June 2012

A.P. (DIR Series) Circular No. 119, dated 7-5-2012 — External Commercial Borrowings (ECB) Policy — Utilisation of ECB proceeds for Rupee expenditure.

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June 2012

A.P. (DIR Series) Circular No. 119, dated 7-5-2012 — External Commercial Borrowings (ECB) Policy — Utilisation of ECB proceeds for Rupee expenditure.

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You May Also Like

(2011) TIOL 1508 (CESTAT-Del.) — Microsoft Corporation (I) (P.) Ltd. v. Commissioner of Sales Tax, New Delhi.

(2011) 24 STR 553 (Tri.-Mumbai.) — Texport Industries Pvt. Ltd. v. Commissioner of Sales Tax, Mumbai-IV.