Return
to Story Page
To print: Select File and then Print from your
browser's menu
ENS ECONOMIC BUREAU
NEW DELHI, DEC 28: The government has relaxed the ECB guidelines allowing Reserve Bank of India (RBI) to sanction external commercial borrowings upto $10 million.
At present, approval for ECB proposals under $ 3 million scheme (enhanced to $ 5 million latter) is given by the RBI. All other ECB proposals will be processed by department of economic affairs.
The changed guidelines aimed at further simplification and rationalisation, would come to effect from January 1. Accordingly applications for approval upto 10 million dollars made after January 1, 1999 will be considered by the exchange control department of RBI, Mumbai. However applications received prior to January 1 in the ECB division would continue to be processed by the ministry of finance.
The government has also reviewed its earlier decision to stop considering fresh requests for ECB prepayment, and now decided to permit ECB prepayment if they are met out of inflow of foreign equity.
Copyright © 1998 Indian Express Newspapers (Bombay)Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------