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External Commercial Borrowings ("ECB's) are commercial loans raised by eligible resident entities solely for commercial purposes, from recognised non-resident entities. The Reserve Bank of India ("RBI") has over the years substantially relaxed the ECB Regulatory Framework. These changes have removed a majority of restrictions on eligible borrowers and lenders in addition to clearly establishing end-use restrictions, minimum average maturity rate etc. There are several benefits to availing ECB, such as lower interest rates and greater access to global markets and opportunities. ECB provides a route to borrow large amounts in foreign currencies without necessarily having to give up control thereby keeping the company's stakes undiluted. It is the primary responsibility of the borrower to ensure compliance with the applicable ECB guidelines. Any contraventions of the applicable guidelines will attract penalties or adjudication under the Foreign Exchange Management Act, 1999 ("FEMA"). This article gives an overview of the procedure and parameters of raising ECB in India.

The ECB Regulatory Framework comprises of the following components:

Procedure of Raising ECB

All ECB can be raised under the automatic route if they conform to the parameters prescribed in the below section. For Government route cases, the borrowers may approach the RBI with an application in the prescribed format i.e. Form ECB for examination through their Authorized Dealer (AD) Category I bank. Such cases are considered keeping in view the overall guidelines, macroeconomic situation and merits of the specific proposals. ECB proposals received in the RBI above a certain threshold limit (refixed from time to time) would be placed before the Empowered Committee ("EC"), and the RBI will take a final decision in the cases taking into account recommendation of the EC. Entities desirous to raise ECB under the automatic route may approach an AD Category I bank with their proposal along with duly filled in Form ECB.

Parameters of Raising ECB Under the Automatic Route

ECB raised under the "automatic route" are required to conform to the following parameters laid down in the Master Direction:

It is no doubt that the relaxations and changes that have been introduced in the ECB Regulatory Framework have helped yield increased access to the overseas market. ECB is emerging to become one of the primary investment vehicles in India; helping companies and the Indian economy to become significantly profitable.

Footnote

1. FED Master Direction No.5/2018-19 dated March 26, 2019, updated as on April 12, 2021.