Borrowers in services sectors eligible to avail ECBMay 31st, 2008 - 6:42 pm ICT by admin
New Delhi, May 31 (ANI): The External Commercial Borrowing (ECB) policy is regularly reviewed by the Government in consultation with Reserve Bank of India (RBI) to keep it in tune with the evolving macroeconomic situation, changing market conditions, sectoral requirements, the external sector and lessons of experience.
Consequent upon such a review, it has been decided to modify some aspects of the ECB policy as indicated below:
At present, borrowers in the services sector are not eligible to avail ECB under the automatic route. It has been decided that henceforth borrowers in the services sector viz hotels, hospitals and software companies may avail ECB upto 100 million dollars for import of capital goods under the approval route.
These amendments in the ECB Policy will come into force on the date of Notification of Regulations and directions issued by the Reserve Bank in this regard under the Foreign Exchange Management Act, 1999. (ANI)
Tags: 100 million, act 1999, amendments, bank of india, borrowers, capital goods, consultation, external sector, foreign exchange management, hospitals, hotels, macroeconomic situation, management act, million dollars, New Delhi, rbi, regard, reserve bank of india, services sectors, software companies