Government allows service sector up to $100 mn external borrowing

May 31st, 2008 - 8:37 pm ICT by admin  


New Delhi, May 31 (IANS) The government Saturday eased its external commercial borrowing (ECB) norm, enabling firms in the service sector - hotels, hospitals and software companies - to borrow up to $100 million for import of capital goods. The decision comes as a big solace to the borrowers in service sector, who are not currently eligible to avail ECB under the automatic route.

“It has been decided that henceforth borrowers in services sector, viz hotels, hospitals and software companies may avail ECB up to $100 million for import of capital goods under the approval route,” said an official communiqu

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