{"id":15882,"date":"2019-05-01T16:11:31","date_gmt":"2019-05-01T10:41:31","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=15882"},"modified":"2022-09-10T14:52:53","modified_gmt":"2022-09-10T09:22:53","slug":"external-commercial-borrowing-regulations","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/external-commercial-borrowing-regulations\/","title":{"rendered":"What are External Commercial Borrowing Regulations?"},"content":{"rendered":"<p>India always promotes capital inflows as an element of the growth plan. The need for domestic capital and shortage in the current account forced the government in the past to go for foreign capital. Hence, foreign capital is money obtained from foreign countries to invest locally. Foreign capital is not of the same kind as there are different types of foreign capital. The primary category is foreign investment including FDI (Foreign Direct Investment) and FPI (Foreign Portfolio Investment). Likewise, there are other types of foreign capital which include trade credit, NRI Deposits and the most important one for India &ndash; the External Commercial Borrowing (ECB). In this article we shall look at External Commercial Borrowing Regulations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is External Commercial Borrowing?<\/h2>\n\n\n\n<p>External commercial borrowing (ECB) is&nbsp;loans&nbsp;in India made by non-resident lenders in foreign currency to Indian borrowers. &nbsp;They are used generally in India to ease access to foreign money by Indian corporation and PSUs (public sector&nbsp;undertakings).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kinds of External Commercial Borrowing<\/h2>\n\n\n\n<p>ECB includes:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"675\" height=\"488\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image001.gif\" alt=\"Kinds of External Commercial Borrowing\" class=\"wp-image-46662\"\/><\/figure><\/div>\n\n\n\n<p>Most of the loans are provided by foreign commercial banks and other financial institutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of External Commercial Borrowing<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1015\" height=\"766\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image002-1.png\" alt=\"Benefits of External Commercial Borrowing\" class=\"wp-image-46663\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image002-1.png 1015w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image002-1-300x226.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image002-1-768x580.png 768w\" sizes=\"(max-width: 1015px) 100vw, 1015px\"\/><\/figure><\/div>\n\n\n\n<ul><li>ECBs provide the ability to borrow the large volume of funds;<\/li><li>The funds are available for comparatively long term;<\/li><li>Interest rate is also lower as compared to domestic finances;<\/li><li>ECBs are in terms of foreign currencies. Hence, they allow the company to have foreign currency to meet the import of machineries, etc.<\/li><li>Companies can raise ECBs from globally recognized sources such as banks, export credit agencies, international capital markets, etc.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">External Commercial Borrowing Regulations: What are the existing routes for raising ECB?<\/h2>\n\n\n\n<p>They are as follows:<\/p>\n\n\n\n<p><strong>Automatic Route-<\/strong><\/p>\n\n\n\n<ul><li>No approval of the RBI \/GOI;<\/li><li>Get Loan Registration Number (LRN) from RBI by filing Form No. 83 through AD Bank;<\/li><li>Monthly filings with the RBI through AD Bank in Form ECB2.<\/li><\/ul>\n\n\n\n<p><strong>Approval Route-<\/strong><\/p>\n\n\n\n<ul><li>Application to the RBI through AD Bank (Form ECB) on a prior <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a>.<\/li><li>RBI Empowered Committee to consider such request.<\/li><li>Post-approval, obtain LRN and Monthly filings as under Automatic Route.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"958\" height=\"413\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image004.png\" alt=\"Approval Route\" class=\"wp-image-46664\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image004.png 958w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image004-300x129.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image004-768x331.png 768w\" sizes=\"(max-width: 958px) 100vw, 958px\"\/><\/figure><\/div>\n\n\n\n<p><strong>Currency of ECB<\/strong><\/p>\n\n\n\n<p>A borrower can raise ECB in Indian Rupees (INR) or in any other convertible currency. Any unit building Indian rupee denominated ECB is not allowable to convert the accountability which arises out of the ECB into foreign currency liability in any way.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Recognized Lenders\/Investors as per External Commercial Borrowing Regulations<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"686\" height=\"461\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image006.png\" alt=\"Recognized Lenders\/Investors as per External Commercial Borrowing Regulations\" class=\"wp-image-46665\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image006.png 686w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image006-300x202.png 300w\" sizes=\"(max-width: 686px) 100vw, 686px\"\/><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Track 1<\/strong><\/td><td><strong>Track 2<\/strong><\/td><td><strong>Track 3<\/strong><\/td><\/tr><tr><td>International banks<\/td><td>All entities mentioned under Track I (but excluding overseas offices\/subsidiaries of the Indian banks)<\/td><td>All entities listed under Track I excluding overseas branches\/subsidiaries of the Indian banks<\/td><\/tr><tr><td>International capital markets<\/td><td>&nbsp;<\/td><td>In the case of NBFCs-MFIs, other eligible MFIs, not for profit companies and NGOs, ECB can also be availed from overseas organizations and individuals<\/td><\/tr><tr><td>Multilateral financial institutions (like IFC, ADB, etc.) \/ regional financial institutions and Government owned (either wholly or partially) financial institutions.<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Export credit agencies<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Suppliers of equipment<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Overseas long term investors<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Foreign equity holders<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><\/tr><tr><td>Overseas branches\/subsidiaries of Indian banks<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">External Commercial Borrowing Regulations: Eligible Borrowers to raise ECB<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Track 1<\/strong><\/td><td><strong>Track 2<\/strong><\/td><td><strong>Track 3<\/strong><\/td><\/tr><tr><td>Companies in Manufacturing and Software Development<\/td><td>All entities listed under Track 1<\/td><td>All entities listed under Track 2<\/td><\/tr><tr><td>Shipping and Airline Companies<\/td><td>Companies in the Infrastructure Sector<\/td><td>NBFCs registered under RBI<\/td><\/tr><tr><td>SIDBI (Automatic Route) EXIM Bank (Approval Route)<\/td><td>REITs and INVITs<\/td><td><a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;NBFC&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Non-Banking Financial Companies (NBFC) operate similarly to banks but do not possess the legal status of a bank. Registered under the Companies Act 2013 and governed by the RBI Act&amp;#039;s section(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/nbfc\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>NBFC<\/a>-MFI, NPOs engaged in MFI activity<\/td><\/tr><tr><td>Units in SEZ<\/td><td>&nbsp;<\/td><td>Companies engaged in R&amp;D, Training (other than an educational institution)<\/td><\/tr><tr><td>NBFC-IFC, NBFC-AFC<\/td><td>&nbsp;<\/td><td>Companies supporting infra and logistic services<\/td><\/tr><tr><td>Holding Companies and CIC<\/td><td>&nbsp;<\/td><td>Developers of SEZ\/NMIZs<\/td><\/tr><tr><td>HFC, regulated by the NHB<\/td><td>&nbsp;<\/td><td>Companies engage in the trade of maintenance, repair, and overhaul, and freight forwarding<\/td><\/tr><tr><td>Port Trusts<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">All in Cost Requirements<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Track 1<\/strong><\/td><td><strong>Track 2<\/strong><\/td><td><strong>Track 3<\/strong><\/td><\/tr><tr><td>The all-in-cost ceiling is given through a uniform ceiling of 450 basis points per annum over the benchmark over six month LIBOR or applicable benchmark for the respective currency<\/td><td>The limit spread over the milestone will be 450 basis points per annum.<\/td><td>The limit spread over the benchmark will be 450 basis points per annum.<\/td><\/tr><tr><td>Any penal interest for default or breach of the covenant should not be more than 2 percent over and above the contracted rate of interest.<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Individual Limits<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"559\" height=\"314\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image008.gif\" alt=\"Individual Limits\" class=\"wp-image-46666\"\/><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Sector<\/strong><\/td><td><strong>Maximum amount per FY<\/strong><\/td><\/tr><tr><td>Companies in the manufacturing and infrastructure sectors, NFC-IFCs, NBFCAFCs, Holding Companies, CICs &nbsp;<\/td><td>USD 750 million &nbsp;<\/td><\/tr><tr><td>Companies in the Software Development Sector &nbsp;<\/td><td>USD 200 Million or equivalent &nbsp;<\/td><\/tr><tr><td>Companies in micro-finance activities &nbsp;<\/td><td>USD 100 Million or equivalent &nbsp;<\/td><\/tr><tr><td>All remaining entities &nbsp;<\/td><td>USD 500 Million or equivalent &nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Minimum Average Maturity Period &ndash; Method<\/h2>\n\n\n\n<p>The minimum average maturity for the three tracks is as follows:<\/p>\n\n\n\n<p><strong>Track I:<\/strong><\/p>\n\n\n\n<p>Medium-term foreign currency denominated ECB with a minimum average maturity of 3\/5 years.<\/p>\n\n\n\n<ul><li>3 years for ECB up to USD 50 million or its equal.<\/li><li>5 years for ECB ahead of USD 50 million or its equivalent.<\/li><li>5 years for eligible borrowers under Companies in the infrastructure sector, Non-Banking Financial Companies-Infrastructure Finance Companies(NBFC-IFCs), NBFCs-Asset Finance Companies (NBFC-AFCs), Holding Companies and Core Investment Companies (CICs), irrespective of the amount of borrowing.<\/li><li>5 years for Foreign Currency Convertible Bonds (FCCBs)\/ Foreign Currency Exchangeable Bonds (FCEBs) regardless of the amount of lending. Moreover, the call and put option, if any, for FCCBs shall not be exercisable earlier than 5 years<\/li><\/ul>\n\n\n\n<p><strong>Track II:<\/strong><\/p>\n\n\n\n<p>Long term foreign currency denominated ECB with a minimum average maturity of 10 years.<\/p>\n\n\n\n<p><strong>Track III:<\/strong><\/p>\n\n\n\n<p>Indian Rupee (INR) denominated ECB with a minimum average maturity of 3\/5 years.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"659\" height=\"476\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image009.gif\" alt=\"Minimum Average Maturity Period - External Commercial Borrowing\" class=\"wp-image-46667\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">External Commercial Borrowing Regulations: End-use prescriptions for External Commercial Borrowing<\/h2>\n\n\n\n<ol type=\"1\"><li>Investment in the purchase of land or real estate excepting when used for affordable housing Investment in the capital <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Market&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A market is a structured environment, either physical or virtual, where buyers and sellers convene to trade goods and services. This trading hub operates based on the principles of supply and(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/market\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>market<\/a>.<\/li><li>Equity investment.<\/li><\/ol>\n\n\n\n<p>Moreover, for Tracks I and III, the subsequent negative end users will also apply excluding when raised from Direct and Indirect equity holders or a Group company. Please note that the loan is for a minimum average maturity of five years:<\/p>\n\n\n\n<ul><li>Working capital purposes.<\/li><li>General corporate purposes.<\/li><li>Repayment of Rupee loans.<\/li><\/ul>\n\n\n\n<p>Lastly, for all Tracks, the following negative end use will also be relevant:<\/p>\n\n\n\n<ul><li>On-lending to entities for the above activities from (a) to (f).<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">External Commercial Borrowing Regulations: Conversion of External Commercial Borrowing into Equity<\/h2>\n\n\n\n<p>Conversion of ECB, including those which have been matured but still unpaid, into equity is allowable subject to the following circumstances:<\/p>\n\n\n\n<ul><li>The activity of the borrowing company is covered under the automatic route for Foreign Direct Investment (FDI) or approval route wherever applicable, for foreign equity participation which has been obtained as per the existing FDI policy;<\/li><li>The conversion, which should be with the lender&rsquo;s consent and without any additional cost, will not result in the breach of applicable sector cap on the foreign equity holding;<\/li><li>Applicable pricing guidelines for shares are complied with;<\/li><li>Reporting requirements under the ECB framework are complied with;<\/li><li>If the borrower has availed of other credit facilities from the Indian banking system, including overseas branches\/subsidiaries, the relevant prudential procedure issued by the Department of Banking Regulation, RBI, including instructions on restructuring are complied with; and<\/li><li>Approval of other lenders, if any, to the same borrower is available or at least information about conversions is exchanged with other lenders of the borrower.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Procedure for raising External Commercial Borrowing<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"712\" height=\"405\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/02\/image010.gif\" alt=\"Procedure for raising ECB\" class=\"wp-image-46668\"\/><\/figure><\/div>\n\n\n\n<p>The procedure for raising ECB under approval route requires the borrowers to come up to the&nbsp;<strong>RBI<\/strong><a href=\"https:\/\/www.rbi.org.in\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><sup>[1]<\/sup><\/strong><\/a><strong>&nbsp;<\/strong>with a request in prescribed format Form ECB for examination through their AD Category I bank. Such cases are considered keeping in view the by and large plan, macroeconomic circumstances, and virtues of the specific proposals. ECB proposals acknowledged in the Reserve Bank above the defined threshold limit (refixed from time to time) are placed before the Empowered Committee set up by the Reserve Bank.<\/p>\n\n\n\n<p>The Reserve Bank takes a final decision taking into account the suggestion of the Empowered Committee. Entities desirous of raising ECB under the automatic route may approach an AD Category I bank with their proposal along with the duly filled in Form 83.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion for External Commercial Borrowing Regulations<\/h3>\n\n\n\n<p>Though external commercial borrowings come at fewer costs, it comes with various restriction and External Commercial Borrowing Regulations that is to be followed. There exist a limit on the amount and maturity of the External Commercial Borrowing (<a href=\"https:\/\/enterslice.com\/ecb-compliance\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>ECB<\/strong><\/a>). There are limitations concerning the end use of the funds also. The companies may use it for growth, but they cannot use it for onward lending, repayment of existing loans, real estate investments, and many such restrictions. ECB is one of the commonly availed sources of cheaper funds by eligible companies. However, the companies need to be careful about the exchange rate risk and brunt on balance sheet debt to use it effectively.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/enterslice.com\/learning\/types-foreign-investment-india\/\"> Types of Foreign Investment in India<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India always promotes capital inflows as an element of the growth plan. The need for domestic capital and shortage in the current account forced the government in the past to go for foreign capital. Hence, foreign capital is money obtained from foreign countries to invest locally. Foreign capital is not of the same kind as [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":46660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2966],"tags":[2381],"acf":{"service_id":"290"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are External Commercial Borrowing Regulations - Enterslice<\/title>\n<meta name=\"description\" content=\"External Commercial Borrowing Regulations manage NRI investment. 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He has completed his graduation in law and has experience in IPR, Taxation and Corporate laws.","postViews":499,"readingTime":5,"nextPost":{"id":15913,"slug":"internal-control-system"},"prevPost":{"id":15826,"slug":"types-of-board-of-directors-as-per-the-companies-act-2013"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/What-are-External-Commercial-Borrowing-Regulations.png","postTerms":"Foreign Investment","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/15882"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=15882"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/15882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/46660"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=15882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=15882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=15882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}