RBI relaxes end use restrictions on ECB
As per existing External Commercial Borrowings policy norms, ECB proceeds could not be utilized by the borrowers for the following purposes. (i) Working capital purposes, (ii) General corporate purposes, (iii)Repayment of Rupee loans except when the ECB is availed from foreign equity holder for a minimum average maturity period of 5 years.(iv) On-lending for above…