It has been decided to permit the IFCs (Infrastracture Finance companies i.e. NBFCs categaorised as IFCs) to avail of ECBs, including the outstanding ECBs, up to 50 per cent of their owned funds under the automatic route, subject to their compliance with the prudential guidelines already in place. ECBs by IFCs above 50 per cent of their owned funds would require the approval of the Reserve Bank and will, therefore, be considered under the approval route.
Click here for the text of the Circular No. 51 dated May 11, 2010.
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