External Commercial Borrowings – Prepayment out of EEFC Accounts
A.P. (DIR Series) (2001-2002) Circular No. 26, dated 1-3-2002
Authorised
Dealers are aware that ECBs can be prepaid by corporate borrowers to the extent
of the balances in their Exchange Earner’s Foreign Currency (EEFC) accounts,
with the approval of Reserve Bank. Authorised Dealers are also aware that in
terms of Notification No. FEMA 30/2000/RB dated 17th November, 2000, corporates
who are export oriented units and others can credit up to 70% and 50% of their
foreign exchange earnings to their EEFC accounts, respectively.
2. To
enable the corporates to take advantage of lower interest rates and prepay the
ECBs it has now been decided to allow them to credit higher than above
percentages of export proceeds to their EEFC account on a case by case basis.
Application for the purpose may be made to the Chief General Manager, Exchange
Control Department, Reserve Bank of India, Central Office, Central Office
Building, Post Box No. 1055, Mumbai-400 001. A proforma of the application is
annexed.
3. Authorised
Dealers may bring the contents of this circular to the notice of their
concerned constituents.
4. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Application for prepayment of outstanding ECB out of EEFC Account
(I) Name
and address of the Borrower
(II) Name
and address of the Lender
(III) Details
of loan
(a) Approval
number and date
(b) GOI/RBI
loan key number
(c) RBI
Registration Number
(d) Purpose
of ECB/Utilisation certified by C.A.
(e) Amount
of ECB
(f) Amount
drawn
(g) Amount
outstanding
(h) Maturity
of loan/Residual maturity of loan
(IV) Details
of the current balance in the EEFC Account
(V) Details
of export bills to be realised as on date
(VI) Percentage
of export proceeds proposed to be credited to the EEFC Account
(VII) ECB-2
statement till..................month have been submitted to
the..................office of the Reserve Bank of India.
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authorised official of |
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the company |
We
have verified the above particulars and have found the same to be in order.
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authorised official. |
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Name of the Bank/ |
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