ECBs have not disappeared by any means from the menu of the Indian project financier even now. Telecom and power project promoters can not do without rupee funds. In fact, under government rules thatexist since long before the sanctions, 40 per cent of the debt portion of any project must come from local FIs. Even the rupee debt portions have not been fully drawn down yet by the promoters, in most cases, they have not even begun yet. In fact, in the infrastructure sector, which according to many post-sanctions breast-beaters is mortally ruined, is clogged not on funding issues, but on issues related to regulation, legislation and procedures. The government has started cutting the Gordian Knots on some of these issues, others are still being thrashed out. It is, simply stated, not time just now to call for ECBs from the finance menu in most cases. In isolated cases where they are absolutely essential immediately, there is no reason not to raise finance from the financial markets at a higher cost, which can be bridged through hedging.