MASTER CIRCULAR ON EXTERNAL COMMERCIAL BORROWINGS AND TRADE CREDITS
MASTER CIRCULAR NO. 5/2004‑05, DATED 1‑7‑2004, ISSUED BY FOREIGN EXCHANGE DEPARTMENT, RBI
External
Commercial Borrowings and Trade Credits availed by residents are being governed
by clause (a) of sub‑section (3) of section 6 of the Foreign Exchange
Management Act, 1999 read with section 6 of Notification No. FEMA 3 /2000‑RB
dated May 3, 2000 as amended from time to time.
2. This Master Circular
consolidates all existing instructions on the subject of "External
Commercial Borrowings and Trade Credits" at one place. The list of
underlying circulars /notifications is set out in Annex‑1.
3. As recommended by the
Committee on Procedures and Performance Audit on Public Services (CPPAPS) (Chairman:
Shri S. S. Tarapore) set up by the Reserve Bank, this Master Circular is being
issued with a sunset clause of one year. This circular will stand withdrawn on
July 1, 2005 and be replaced by an updated Master Circular on the subject.
LIST OF CIRCULARS WHICH HAVE BEEN CONSOLIDATED IN
THIS MASTER CIRCULAR ON EXTERNAL COMMERCIAL BORROWINGS AND TRADE CREDITS
|
St No. |
Circular
No |
Date |
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1. |
AP (DIR Series) Circular No. 41 |
April 29, 2002 |
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2. |
AP (DIR Series) Circular No. 29 |
October 18, 2003 |
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3. |
AP (DIR Series) Circular No. 60 |
January 31, 2004 |
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4. |
AP (DIR Series) Circular No. 75 |
February 23, 2004 |
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5. |
AP (DIR Series) Circular No. 82 |
April 1, 2004 |
|
6. |
AP (DIR Series) Circular No. 87 |
April 17, 2004 |
EXTERNAL COMMERCIAL BORROWINGS
External
Commercial Borrowings (ECB) can be accessed under two routes, viz_ (i)
Automatic Route and (it) Approval Route.
AUTOMATIC ROUTE
ECB for
investment in real sector ‑industrial sector, especially infrastructure
sector‑in India, will be under Automatic Route, i.e, will not require
RBI/Government approval. In case of doubt as regards eligibility to access
Automatic Route, applicants may take recourse to the Approval Route.
(i) Eligible
borrowers ‑ Corporates registered under the Companies Act except financial
intermediaries (such as banks, financial institutions (FIs), housing finance
companies and NBFCs) are eligible. Individuals, Trusts and Non‑Profit
making Organisations are not eligible to raise ECB.
(ii) Recognised
Lenders ‑ Borrowers
can raise ECB from internationally recognised sources such as (i) international
banks, international capital markets, multilateral financial institutions (such
as IFC, ADB, CDC etc.,), (it) export credit agencies and (iii) suppliers of
equipment, foreign collaborators and foreign equity holders.
(iii) Amount and Maturity
(a) ECB up to
USD 20 million or equivalent with minimum average maturity of three years
(b) ECB above USD 20 million and up to USD 500 million or
equivalent with minimum average maturity of five years
(c) the maximum amount of ECB which can be raised by an eligible
borrower under the Automatic Route is USD 500 million during a financial year.
(d) ECB up to USD 20 million can have call/put option
provided the minimum average maturity of 3 years is complied before exercising
call/put option.
(iv) All‑in‑cost
ceilings ‑ All‑in‑cost
includes rate of interest, other fees and expenses in foreign currency except
commitment fee, pre‑payment fee, and fees payable in Indian Rupees.
Moreover, the payment of withholding tax in Indian Rupees is excluded for
calculating the all‑in‑cost.
The all‑in‑cost
ceilings for ECB will be indicated from time to time.
The following ceilings will be
valid till reviewed. ,
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Minimum Average Maturity Period
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All-in-cost Ceilings over six
month LIBOR |
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Three years and up to five
years |
200 basis points |
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More than five years |
350 basis points |
*For the respective currency of
borrowing or applicable benchmark.
(v) End‑use
(a) ECB can be raised only for investment (such as import
of capital goods, new projects, modernization/
expansion of existing production units) in real sector ‑industrial
sector including small and medium enterprises (SME) and infrastructure sector ‑
in India. Infrastructure sector is defined as (i) power, (ii) telecommunication,
(iii) railways, (iv) road including bridges, (v) ports, (vi) industrial parks
and (vii) urban infrastructure (water supply, sanitation and sewage projects);
(b) ECB proceeds can be utilised for overseas direct
investment in Joint Ventures (JV)/ Wholly Owned Subsidiaries (WOS) subject to
the existing guidelines on Indian Direct Investment in JV/WOS abroad.
.(c) Utilisation of ECB
proceeds is permitted in the first stage acquisition of shares in the
disinvestment process and also in the mandatory second stage offer to the
public under the Government's disinvestment programme of PSU shares.
(d) Utilisation of ECB proceeds is not permitted for on‑lending or investment
in capital market by corporates.
(e) Utilisation of ECB proceeds is not permitted in real
estate. The term 'real estate' excludes development of integrated township as
defined by Ministry of Commerce and Industry,‑Department of Industrial
Policy and Promotion, SIA (FC Division), Press Note 3 (2002 Series, dated 04.01.2002).
(f) End‑uses of ECB
for working capital, general corporate purpose and repayment of existing Rupee
loans are not permitted.
(vi) Guarantees
‑Issuance of guarantee, standby letter of credit, letter of
undertaking or letter of comfort by banks, financial institutions and NBFCs
relating to ECB is not permitted.
(vii) Security
‑ The choice of
security to be provided to the lender/supplier is left to the borrower.
However, creation of charge over immovable assets and financial securities,
such as shares, in favour of overseas lender
is subject to.Regulation‑8 of Notification No. FEMA 2 I /RB‑2000
dated May 3,2000 and Regulation 3 of Notification No. FEMA 20/RB‑2000,
dated May 3, 2000, respectively.
(viii) Parking
of ECB proceeds overseas ‑ ECB proceeds should be parked overseas until
actual requirement in India.
(ix) Prepayment
‑ Prepayment of ECB up
to USD 100 million is permitted without prior approval of RBI, subject to
compliance with the stipulated minimum average maturity period as applicable
for the loan.
(x) Refinance
of existing ECB‑ Refinancing of existing ECB by raising fresh loans at
lower cost is permitted subject to the condition that the outstanding maturity
of the original loan is maintained.
(m) Debt
Servicing‑ The designated Authorised Dealer (AD) has the general
permission to make remittances of instalments of principal, interest and other
charges in conformity with ECB guidelines issued by Government/RBI from time to
time.
(xii) Procedure
‑ Borrower may enter into loan agreement with recognised overseas
lender for raising ECB under Automatic Route without prior approval of RBI, The
borrower may note to comply with the reporting arrangement under paragraph
2(C)(i). The primary responsibility to ensure that ECB raised/ utilised are in
conformity with the ECB guidelines and the Reserve Bank regulations /directions
/circulars is that of the concerned borrower.
APPROVAL ROUTE
The
following types of proposals for ECB will be covered under the Approval Route.
(i) Eligible borrowers
(a) Financial institutions dealing exclusively with
infrastructure or export finance such as IDFC, IL&FS, Power Finance
Corporation, Power Trading Corporation, IRCON and EXIM Bank will be considered
on a case by case basis.
(b) Banks and financial institutions which had
participated in the textile or steel sector restructuring package as approved
by the Government will also be permitted to the extent of their investment in
the package and assessment by RBI based on prudential norms. Any ECB availed
for this purpose so far will be deducted from their entitlement.
(c) Cases failing outside
the purview of the automatic route limits and maturity period indicated at
Section I paragraphs (iii)(a) and
(b).
(ii) Recognised Lenders ‑
Borrowers can raise ECB from internationally recognised sources such as (i)
international banks, international capital markets, multilateral financial
institutions (such as IFC, ADB, CDC etc.,), (ii) export credit agencies and
(iii) suppliers of equipment, foreign collaborators and foreign equity holders.
(iii) All‑in‑cost
ceilings ‑ All‑in‑cost
includes rate of interest, other fees and expenses in foreign currency except
commitment fee, pre‑payment fee, and fees payable in Indian Rupees.
Moreover, the payment of withholding tax in Indian Rupees is excluded for
calculating the all‑in‑cost.
The all‑in‑cost
ceilings for ECB will be indicated from time to time. The following ceilings
will have immediate effect and will be valid till reviewed.
|
Minimum Average Maturity Period |
All‑in‑cost
Ceilings over six month LIBOR |
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Three years and up to, five years |
200 basis points |
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More than five years |
350 basis points |
*For the respective currency of
borrowing or applicable benchmark.
(iv)
End‑use
(a) ECB can be raised only for investment (such as import
of capital goods, new projects, modernization/ expansion of existing production
units) in real sector‑industrial sector including small and medium
enterprises (SME) and infrastructure sector‑in India. Infrastructure
sector is defined as (i) power, (ii) telecommunication, (iii) railways,‑
(iv) road including bridges, (v) ports,
(vi) industrial. parks and
(vii) urban infrastructure (water supply, sanitation and sewage projects);
(b) ECB proceeds can be
utilised for overseas direct investment in Joint Ventures (JV) /Wholly Owned
Subsidiaries (WOS) subject to the existing guidelines on Indian Direct
Investment in JV/WOS abroad.
(c) Utilisation of ECB
proceeds is permitted in the first stage acquisition of shares in the
disinvestment process and also in the mandatory second stage offer to the
public under the Government's disinvestment programme of PSU shares.
(a) Utilisation of ECB
proceeds is not permitted for on‑lending or investment in capital market
by corporates except for banks and financial institutions eligible under
Section 11 paragraph (t) (a) and (b);
(e) Utilisation of
ECB proceeds in real estate is not permitted. The term 'real estate'
excludes development of integrated township as defined by Ministry of Commerce
and Industry, Department of Industrial Policy and Promotion, SIA (FC Division),
Press Note 3 (2002 Series, dated 04‑01‑2002).
End‑uses
of ECB for working capital, general corporate purpose and repayment of existing
Rupee loans are not permitted.
(v) Guarantees
‑ Issuance of guarantee,
standby letter of credit, letter of undertaking or letter of comfort by banks,
financial institutions and NBFCs relating to ECB is not normally permitted.
Applications for providing guarantee/ standby letter of credit or letter of
comfort by banks, financial institutions relating to ECB in the case of SME
will be considered on merit subject to prudential norms.
(vi) Security
‑ The choice of security to be
provided to the lender/supplier is left to the borrower. However, creation of
charge over immovable assets and financial securities, such as shares, in
favour of overseas lender is subject to Regulation 8 of Notification No. FEMA
21 /RB‑2000 dated May 3,2000 and Regulation 3 of Notification No. FEMA
20/RB‑2000, dated May 3, 2000, respectively.
(vii) Parking
of ECB proceeds overseas ‑ ECB proceeds should be parked overseas until
actual requirement in India.
(viii) Prepayment
‑ Prepayment of ECB up
to USD 100 million is permitted without prior approx al of RBI, subject to
compliance with the stipulated minimum average maturity period as applicable
for the loan.
(ix) Refinance
of existing ECB ‑ Refinancing of outstanding ECB by raising
fresh loans at lower cost is permitted subject to the condition that the
outstanding maturity of the original loan is maintained.
(x) Debt
Servicing ‑ The designated
AD has the general permission to make remittances of instalments of principal,
interest and other charges in conformity with ECB guidelines issued by
Government/RBI from time to time.
(xi) Procedure
‑ Applicants are required
to submit an application in form ECB (format in Annex 11) through designated AD
to the Chief General Manager‑in‑Charge, Foreign Exchange
Department, Reserve Bank of India, Central Office, External Commercial
Borrowings Division, Mumbai ‑ 400 001 along with necessary documents.
(xii) Empowered
Committee ‑ RBI has set up an Empowered Committee to consider
proposals coming under the approval route.
REPORTING ARRANGEMENTS AND DISSEMINATION OF
INFORMATION
(i) Reporting Arrangements
(a) With a
view to simplify the procedure, submission of copy of loan agreement is
dispensed with.
(b) Borrowers are required to submit Form 83 (format in
Annex III), in duplicate, certified by the Company Secretary (CS) or Chartered
Accountant (CA) to the designated AD. One copy is to be forwarded by the
designated AD to the Director, Balance of Payments Statistics Division,
Department of Statistical Analysis and Computer Services (DESACS), Reserve Bank
of India, Bandra‑Kurla Complex, Mumbai ‑ 400 051 for allotment of
loan registration number.
(c) The borrower can draw‑down the loan only after obtaining
the loan registration number from DESACS, RBI.
(d) Borrowers are required
to submit ECB‑2 Return (format in Annex IV) on monthly basis certified by
the designated AD so as to reach DESACS, RBI within seven working days from the
close of month to which it relates. All existing borrowers are also required to
submit ECB ‑ 2 Return on a monthly basis from January 2004 onwards as
mentioned above.
(ii) Dissemination of
Information ‑For providing greater transparency, information with
regard to the name of the borrower, amount, purpose and maturity of ECB under
both Automatic Route and Approval Route are put on the RBI website on a monthly
basis with a lag of one month to which it relates.
FOREIGN CURRENCY CONVERTIBLE BONDS (FCCB)
The
liberalisation made for ECB has been also extended to FCCB in all respects.
SECTION V
COMPLIANCE WITH ECB GUIDELINES
The
primary responsibility to ensure that ECB raised/utilised are in conformity
with the Reserve Bank instructions is that of the concerned borrower and any
contravention of the ECB guidelines will be viewed seriously and may invite
penal action. The designated AD is also required to ensure that raising/ utilisation
of ECB is in compliance with ECB guidelines at the time of certification.
ECB UNDER ERSTWHILE USD 5 MILLION SCHEME
Designated
ADs are permitted to approve elongation of repayment period for loans raised
under the erstwhile USD 5 Million Scheme, provided there is a consent letter
from the overseas lender for such re‑schedulement without any additional
cost. Such approval with existing and revised repayment schedule along with the
Loan Key/Loan Registration Number should be initially communicated to the Chief
General Manager, Foreign Exchange Department, Reserve Bank of India, Central
Office, ECB Division, Mumbai within seven days of approval and subsequently in
ECB ‑ 2.
CRYSTALLISATION OF ECB LIABILITY
ADs
desiring to crystalise their foreign exchange liability arising out of
guarantees provided for ECB raised by corporates in India in to Rupees, may
make an application to the Chief General Manager, Foreign Exchange Department,
External Commercial Borrowings Division, Reserve Bank of India, Central Office,
Mumbai, giving full details viz., name of the borrower, amount raised,
maturity, circumstances leading to invocation of guarantee/ letter of comfort,
date of default, its impact on the liabilities of the overseas branch of the
Authorised Dealer concerned and other relevant factors.
ECB BY UNITS IN SPECIAL ECONOMIC ZONES (SEZ)
Units in SEZ are permitted to raise ECB subject
to the following conditions:
(a) ECB is raised for their own requirement, and
(b) They shall not transfer
or on‑lend any borrowed funds to their sister concern or any other unit
in Domestic Tariff Area (DTA).
TRADE CREDITS FOR IMPORTS INTO INDIA
Trade
Credits' (TC) refer to credits extended for imports directly by the overseas
supplier, bank and financial institution for original maturity of less than
three years. Depending on the source of finance, such trade credits include
suppliers' credit or buyers 'credit. Suppliers' credit relates to credit for
imports into India extended by the overseas supplier, while buyers' credit
refers to loans for payment of imports into India arranged by the importer from
a bank or financial institution outside India for maturity of less than three
years. It may be noted that buyers' credit and suppliers' credit for three
years and above come under the category of External Commercial Borrowings
(ECB) which are governed by ECB
guidelines.
Amount and Maturity
ADs are
permitted to approve trade credits for imports into India up to USD 20 million
per import transaction for import of all items (permissible under the EXIM
Policy) with a maturity period (from the date of shipment) up to one year. For
import of capital goods, ADs may approve trade credits up to USD 20 million per
import transaction with a maturity period of more than one year and less than
three years. No roll‑over/extension will be permitted by the AD beyond
the permissible period.
As
hitherto, ADs shall not approve trade credit exceeding USD 20 million per import transaction.
All‑in‑cost Ceilings
The all‑in‑cost
ceilings are as under:
|
Maturity period |
All-in-cost ceilings over 6
months LIBOR* |
|
Up to one year |
50 basis points |
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More than one year but less
than three years |
125 basis points |
*For the
respective currency of credit or applicable benchmark.
The all‑in‑cost
ceilings include arranger fee, upfront fee, management fee, handling/processing
charges, out of pocket and legal expenses, if any. The all‑in.‑cost
ceilings will be reviewed from time to time.
Guarantee
As
hitherto, ADs shall not issue guarantee, letter of undertaking or letter of
comfort in favour of overseas lender on behalf of their importer constituent
for trade credit without prior approval of the Reserve Bank.
Reporting
Arrangements
As regards
reporting arrangements, ADs are required to furnish details of approvals,
drawal, utilisation, and repayment of trade credit granted by all its branches,
in a consolidated statement, during the month, in form TC (format in Annex V)
from April 2004 onwards to the Director, Division of International Finance,
Department of Economic Analysis and Policy, Reserve Bank of India, Central
Office Building, 8th Floor, Fort, Mumbai 400 001 (and in MS‑Excel file
through email to deapdif@rbi.orgdn) so as to reach not later than 10th of the
following month. Each trade credit may be given a unique identification number
by the AD.
FORM ECB
Application for raising
External Commercial Borrowings (ECB) under Approval
Route
Instructions
The
complete application should be submitted by the applicant through the
designated authorised dealer to the Chief General Manager‑In‑Charge,
Foreign Exchange Department, Central Office, ECB Division, Reserve Bank of
India, Mumbai-400 001.
Documentation:
Following documents, (as relevant)
certified by authorised dealer, should be forwarded with the application:
(i) A copy of offer letter from the
overseas lender/supplier furnishing complete details of the terms and
conditions of proposed ECB.
(ii) A copy of the import contract, proforma/ commercial invoice/bill
of lading.
GENERAL INFORMATION ABOUT THE BORROWER
1. Name
of the applicant (Block Letters) Address
2. Status
of the applicant
(i) Private Sector
(ii) Public Sector
INFORMATION ABOUT THE PROPOSED ECB
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Currency Amount US $ equivalent |
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1. Details of the ECB (a) Purpose of the ECB (b)
Nature of ECB [Please put (x) in the appropriate
box] (i)
Suppliers' Credit (ii)
Buyers 'Credit (iii)
Syndicated Loan (iv)
Export Credit (v)
Loan from foreign collaborator/ equity holder (with details of amount,
percentage equity holding
in the paid‑up equity capital of the borrower company) (vi)
Floating Rate Notes (vii)
Fixed Rate Bonds (viii)
Line of Credit (ix)
Commercial Bank Loan (x)
Others (please specify) (c) Terms
and conditions of the ECB (i)
Rate of interest (ii)
Up‑front fee: (iii)
Management fee: (iv)
Other charges, if any (Please specify): (v)
All‑in‑cost (vi)
Commitment fee: (vii)
Rate of penal interest (viii)
Period of ECB: (ix)
Details of call/put option, if any: (x)
Grace/moratorium period: (xi)
Repayment terms (half yearly/annually/bullet): (xii)
Average maturity: 2. Details
of the lender Name and
address of the lender/supplier 3. Nature of
security to be provided, if any. |
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Proposed Schedule |
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Draw-down |
Repayment of Principal |
Interest Payment |
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Year |
Amount |
Month |
Year |
Amount |
Month |
Year |
Amount |
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1. Information about the project
(i) Name
& location of the project
(ii)
Total cost of the project Rs. USD
(iii)
Total ECB as a 96 of project cost
(iv)
Nature of the project
(v)
Whether Appraised by financial institution/bank
(vi)
Infrastructure Sector
(a)
Power
(b)
Telecommunication
(c) Railways
(d)
Roads including bridges
(e)
Ports
(f)
Industrial parks
(g) Urban
infrastructure ‑ Water supply, Sanitation and sewerage.
(vii) Whether requires clearance from any statutory authority ? If yes, furnish the name of authority, clearance No. and date.
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2. ECB already availed ‑(not applicable for the
first time borrower) |
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Year |
Registration No |
Currency |
Loan Amount |
Amount disbursed |
Amount outstanding* |
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2003-04 |
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2004-05 |
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2005-06 |
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*Net of repayments, if any, on the
date of application.
1. By the applicant
We hereby certify that
(i) the
particulars given above are true and correct to the best of our knowledge and
belief.
(ii)
the ECB to be raised will be utilised for permitted purposes
_______________________
(Signature
of Authorised Official of the applicant)
Name______________________
Place. ...................
Date STAMP
Designation
........................................................
Phone
No ...........................................................
Fax
..
E-mail
.
_______________________________________________________________________________________
2. By the
authorised dealer
We hereby
certify that
(i) the applicant is our customer
(ii) we have scrutinised
the application and the original letter of offer from the lender/supplier and
documents relating to proposed borrowing and found the same to be in order.
______________________________
(Signature of Authorised Official)
Name______________________
Place
..
Date
.. STAMP Name
of the Bank/branch
.
A.D.Code
_______________________________________________________________________________________
Reporting
of loan agreement details under Foreign Exchange Management Act, 1999
(for all
categories and any amount of ECB)
Instructions :
1. The borrower is
required to submit completed Form 83, in duplicate, certified by the Company
Secretary (CS) or Chartered Accountant (CA) to the designated Authorised Dealer
(AD). One copy is to be forwarded by the designated AD to the Director, Balance
of Payments Statistics Division, Department of Statistical Analysis and
Computer Services (DESACS), Reserve Bank of India, Bandra‑Kurla Complex,
Mumbai-400 051 within 7 days from the date of signing loan agreement between
borrower and lender for allotment of loan registration number.
2. Do not leave any column
blank. Furnish complete particulars against each item. Where any particular
item is not applicable write "N.A." against it.
3. All
dates should be in format YYYY/MM/DD, such as 2004/01/21 for January 21, 2004.
4. Before forwarding Form 83 to the
Reserve Bank, the Authorised Dealer must scrutinise all the related original
documents and ensure that the form is complete in all respects and in order.
5. If space is not
sufficient for giving full information/ particulars against any item, a
separate sheet maybe attached to the form and serially numbered as Annex.
6. Firms/companies
obtaining sub‑loans through DFIs/Fls/banks/NBFCs etc. should not complete
this form but approach the concerned financial institution directly for
reporting.
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For RBI (DESACS) use only |
Loan-key: |
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CS-DRMS Team |
Received on |
Action
Taken on |
Loan
Classification |
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Agreement Details (To be filled by
borrowers of External Commercial Borrowings)
ECB Title/Project
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Registration Number |
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No. and Date of RBI approval (if
applicable)
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Loan Key Number (allotted by RBI/Govt.) |
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Agreement Date (YYYY/MM/DD) |
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Currency Name Currency
Code
(SWIFT)
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Amount (in FC) |
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(For RBI Use) |
Guarantee Status Guarantor
(Name, Address,
contact number etc. )
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(Use code as per Box 1) |
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Multi
Currency Type |
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Name and address of the Borrower
(Block Letters) Name and address
of lender/foreign supplier/lesser
(Block
Letters)
Contact Person's Name:
Designation:
Phone No
Fax No.:
E‑mail ID Country
E‑mail
ID:
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(For RBI DESACS use) |
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(For RBI DESACS use) |
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Borrower's Category (Tick in appropriate box) |
Lenders Category |
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Public Sector |
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Private Sector |
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Unit Unit |
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Detailed category (tick below) |
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Multi-lateral
Institution |
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Bank |
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Foreign
Government (Bilateral Agency) |
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NBFC |
Reg. No. |
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Export
Credit/Insurance Institution |
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Financial Institution (Other than NBFC) |
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Indian
Commercial Bank branch working
abroad |
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Corporate |
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Other
Commercial Bank |
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Other (specify) |
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Supplier
of Goods |
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Leasing
Company/Finance Company |
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Foreign
Collaborator/Foreign Equity Holder
(with details of amount and percentage
holding in the paid‑up equity
capital of the borrower company) |
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International
Capital Market |
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Other
(specify) |
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Please tick if a foreign holding company |
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Please tick in case the lender
holds 10 per cent or more equity capital in borrower company |
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Specify Authorised Dealer's Name, and bank code |
Lender's Reference/IBRD No. (if
it is a IBRD loan) |
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Bank Code Part I: |
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Part II: |
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Fax:
E-mail ID:
ECB approval Scheme (Tick in
appropriate Box) Maturity
Details
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Automatic Route |
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Effective
Date of the Loan |
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Approval Route |
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Last
Date of Disbursement |
|
Approved by Govt. |
|
Maturity
Date (Last payment date) |
|
|
|
Grace
Period (Year/Month) Y Y M M Economic
Sector/Industry Code (See Box 3) |
Purpose of Borrowings Code (See box 2)
If Import, specify the Country of
Import (if more than one country, attach details):
Type of ECB
|
|
Buyers' Credit |
|
Suppliers' Credit |
|
|
Line of Credit |
|
Export Credit from Bilateral Sources |
|
|
Commercial loan/Syndicated Loan (attach sheet for
percentage distribution among lenders) |
|
Securitised Instruments ‑ Bonds, CP, FRN etc. |
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|
Financial Lease |
|
Others (Specify) |
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Refinancing of old ECB's: Reg No. of the old ECB |
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Approval No. Date: Amount refinanced: Reason
______________________________________________________________________________________
|
Hedging risks using |
|
Interest rate swap |
|
Currency swap |
|
Others (specify) |
SCHEDULE OF TRANSACTIONS
Interest Payment Schedule:
|
First Payment |
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|
Number of Payments in a Year |
|
|
Date
Fixed Rate
Floating Rate: Margin Cap Rate: Floor
Rate:
Base
Schedule of Draw Down
|
Tranche No. |
Date (YYYYIMMIDD) (Please see
note below) |
Currency |
Amount |
If more than one equal
instalments |
|
|
Total Number of drawals, |
No. of drawals in a calendar
year |
||||
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Note :
1. In the case of import of goods or
services, date! of import may be furnished against date of draw down,
2. In the case of financial lease date of
acquisition (import) of the goods is to be mentioned as date of draw down.
3. In
the case of securitised instruments, date of issue may be shown as date of draw
down.
4.
In case more than equal draw down transactions are shown in
a row above, date of first transaction to be mentioned.
|
Principal Repayment Schedule |
|||||
|
Principal Repayment Date (YYYY/MM/DD) (First repayment date) |
Schedule Currency |
Amount in FC in each transaction |
If more than one equal installments |
Annuity Rate (if annuity payment) |
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|
Number of installments |
No. of payments in a calendar
year |
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Please
tick in appropriate Boxes if call Per cent of Put Per
cent of
those Option: Debt Option Debt
|
options are there in the loan agreement: |
|
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|
Can be executed after date(s) |
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Note: In the case of annuity
payments, please indicate each equal installment of principal and interest
amount with rate.
In the case of principal repayment
using a percentage profile, percentages may also be indicated.
|
Penal Interest for late payment |
Fixed %
per annum or Base: Margin: |
|
Commitment Charges |
% per annum of: %
of Undrawn Amount |
Other Charges
|
Nature of Charge (Specify) |
Expected Date of |
Currency |
Amount |
In case of many equal payments |
|
|
|
Payment |
|
|
No. of payments in a year |
Total number of payments |
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(not
applicable for the first time borrower)
|
Year |
Registration No. |
Currency, |
Loan Amount |
Amount disbursed |
'Amount outstanding* |
|
2003-04 |
|
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|
2002-03 |
|
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|
2001-02 |
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|
*Net of repayments, if any, on the
date of application.
We hereby certify that the
particulars given above are true and correct to the best of our knowledge and
belief. No material information has been withheld and/or misrepresented.
Place: STAMP ...................................................................................
Date: (Signature
of the Authorised Official of the Company)
Name:
.
Designation:
STAMP
(Signature of Company Secretary/
Chartered Accountant)
Name:
[For use
of Authorised Dealer]
We certify that the borrower is
our customer and the particulars given in this form are true and correct to the
best of our knowledge and belief. Furthermore, the ECB is in compliance with
ECB guidelines.
Place STAMP
Date (Signature
of Authorised Official)
Name:
Designation:
............................................................
Name of the bank/branch
..............................
.
Bank Code:
|
Box 1 : Guarantee Status Code |
|
Box 2: Purpose of Borrowings Code |
||||
|
Sr. No. |
Code |
Description |
|
Sr. No. |
Code |
Description |
|
|
|
|
||||
|
1 |
GG |
Govt. of India guarantee, |
|
1 |
IC |
Import of capital goods |
|
|
CG |
Public Sector guarantee |
|
2 |
RL |
Local sourcing of capital goods (Rupee expenditure) |
|
2 |
PB |
Public Sector Bank Guarantee. |
|
|
||
|
3 |
FI |
Financial Institution Guarantee. |
|
3 |
SL |
On-lending or sub- lending |
|
4 |
MB |
Multilateral/ Bilateral Institution Guarantee |
|
4 |
RP |
Repayment of earlier ECB |
|
|
|
5 |
NP |
New Project |
||
|
5 |
PG |
Private Bank Guarantee |
|
6 |
ME |
Modernisation /Expansion of existing units |
|
'6. |
PS |
Private Sector Guarantee |
|
|
||
|
7 |
MS |
Mortgage of Assets/Security |
|
7 |
PW |
Power |
|
8 |
OG |
Other Guarantee |
|
8 |
TL |
Telecommunication |
|
9 |
NN |
Not Guaranteed |
|
9 |
RW |
Railways |
|
|
|
|
|
10 |
RD |
Roads |
|
|
|
|
|
11 |
PT |
Ports |
|
|
|
|
|
12 |
IS |
industrial Parks |
|
|
|
|
|
13 |
UI |
Urban Infrastructure |
|
|
|
|
|
14 |
OI |
Overseas investment in JV/WOS |
|
|
|
|
|
15 |
IT |
Development of Integrated Townships |
|
|
|
|
|
16 |
DI |
PSU Disinvestment |
|
|
|
|
|
17 |
TS |
Textile/Steel Restructuring Package |
|
|
|
|
|
18 |
OT |
Others (PI. specify) |
|
Box 3‑: Industry codes to
be used |
||
|
Industry Group Name |
Industry Description |
Code |
|
Plantations Mining |
Tea Coffee Rubber Others Coal Metal Others |
111 112 113 119 211 212 219 |
|
Petroleum & Petroleum
Products Manufacturing |
|
|
|
Agricultural Products (400) |
Food Beverages Sugar Cigarettes & Tobacco Breweries & Distilleries Others |
411 412 413 414 415 419 |
|
Textile Products (420) |
Cotton Textile Jute & Coil Goods Silk & Rayon Other Textile |
421 422 423 429 |
|
Transport Equipment (430) |
Automobiles Auto Accessories & Parts Ship Building Equipments & Stores Railway Equipment & Stores Others |
431 432 433 434 439 |
|
Machinery & Tools (440) |
Textile Machinery Agricultural Machinery Machine Tools Others |
441 442 443 449 |
|
Metal & Metal Products (450) |
Ferrous (Iron & Steel) Non‑Ferrous Special Alloys Others |
451 452 453 459 |
|
Electrical, Electronic Goods
& Machinery (460) |
Electrical Goods Cables Computer Hardware & Computer Based Systems Electronic Valves, Tubes & Others Others |
461 462 463 464 469 |
|
Chemicals & Allied Products
(470) |
Fertilizers Dyes & Dyes Stuff Medicines & Pharmaceuticals Paints & Warnishing Soaps, Detergents, Shampoos, Shaving Product Others |
471 472 473 474 475 479 |
|
others of Manufacturing (480) |
Cement Other Building Materials Leather & Leather Products Wood Products Rubber Goods Paper & Paper Products Typewriters & Other Office Equipment Printing &
Publishing Miscellaneous |
481 482 483 484 485 486 487 488 489 |
|
Trading |
|
500 |
|
Construction & Turn Key
Projects |
|
600 |
|
Transport |
|
700 |
|
Utilities (800) |
Power Generation, Transmission & Distribution Others |
811 812 |
|
Banking Sector |
|
888 |
|
Services |
|
900 |
|
Telecommunication Services |
|
911 |
|
Software Development Services |
Technical Engineering & Consultancy Services Tours & Travel Services Cold Storage, Canning & Warehousing Services Media Advertising & Entertainment Services |
912 913 914 915 916 |
|
Financial Services |
|
917 |
|
Transport Services |
|
919 |
|
Others (Not Classified
Elsewhere) |
|
999 |
Reporting of actual transactions of External
Commercial Borrowings (ECB)
under
Foreign Exchange Management Act, 1999
(for all
categories and any amount of loan)
1. This return should be
filled in for all categories of ECB. It should be submitted within 7 working
days from the close of the month through the designated Authorised Dealer to
the Director, Department of Statistical Analysis and Computer Services
(DESACS), Balance of Payments Statistics Division, Reserve Bank of India, C‑8/9,
Bandra‑Kurla Complex, Bandra (East), Mumbai‑400 051. If there is no
transaction during a particular period, a Nil return should be submitted.
2. Please do not leave any
column blank. Furnish complete particulars against each item. Where any
particular item is not applicable write "N.A." against it.
3. All dates should be in format
YYYY//MM/DD, such as 2004/01/21 for January 21, 2004.
4. Borrowers obtaining sub‑loans
through DFIs /Banks /NBFCs etc. should not complete this form as the concerned
financial institution would directly submit ECB‑2.
5. Before forwarding the
return to Reserve Bank (DESACS), the Company Secretary /Chartered Accountant
must scrutinise related original documents and ensure that the return is
complete and in order as per ECB guidelines issued by Government/RBI.
6. The unique Loan
Identification Number (LIN)/RBI Registration Number (in case of loan approved
prior to February 0 1, 2004) must be specified as allotted by RBI. Similarly,
the Loan Registration Number (since February 01, 2004) has to be specified.
7. If space is not
sufficient for giving full information against any item, a separate sheet may
be attached to the return and serially numbered as Annex.
8.
For purpose of utilization of drawdowns, following codes may
be used.
|
Box I : Purpose of Utilisation Code |
|
|||||
|
No. |
Code |
Description |
No. |
Code |
Description |
|
|
1. |
IC |
Import of capital goods |
|
12. |
TL |
Telecommunication |
|
2. |
IN |
Import of non-capital goods |
|
13. |
RW |
Railways |
|
3. |
RL |
Local sourcing of capital goods (Rupee expenditure) |
|
14. |
RD |
Roads |
|
4. |
RC |
Working capital (Rupee expenditure) |
|
15. |
PT |
Ports |
|
5. |
SL |
On-lending or sub-lending |
|
16. |
IS |
Industrial parks |
|
6. |
RP |
Repayment of earlier ECB |
|
17. |
UI |
Urban Infrastructure |
|
7. |
IP |
Interest payments |
|
18. |
01 |
Overseas investment in JV/WOS |
|
8. |
HA |
Amount held abroad |
|
19. |
IT |
Development of Integrated Town- ships |
|
9. |
NP |
New project |
|
20. |
DI |
PSU Disinvestment |
|
10, |
ME |
Modernisation/expansion of existing units |
|
21. |
TS |
Textile/steel Restructuring Package |
|
11. |
PW |
Power |
|
22. |
OT |
Others (Pl. specify) |
9. For source of funds for remittances,
following codes are to be used
Box 2: Source of Funds for
remittance
|
No. |
Code |
Description |
|
No. |
Code |
Description |
|
1. |
|
Remittance from India |
4. |
D |
Conversion of equity capital |
|
|
2. |
B |
Account held abroad |
5. |
E |
Others (Specify) |
|
|
3. |
C |
Exports proceeds held abroad |
|
|
|
|
For RBI (DESACS) Use only Loan‑key |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CS‑DRMS Team Received
on Action Taken on Loan Classification |
||||||||||||||
|
Loan Registration Number (LRN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Amount |
Borrower Particulars |
|
|
|
Currency |
Amount |
Name and address of the Borrower (Block Letters) |
|
As per |
|
|
|
|
Agreement |
|
|
|
|
|
|
|
Contact Person's Name: |
|
Revised |
|
|
Designation: |
|
|
|
|
Phone No.: |
|
|
|
|
Fax No.: |
|
|
|
|
E-mail ID |
ACTUAL TRANSACTION DETAILS
1.
Draw‑down during the month:
|
Tranche No. |
Date (YYYY/MM/DD) (Please see note below) |
Currency |
Amount |
Amount of loan committed but
not yet drawn at the end of the month
(in loan currency) |
|
|
|
|
|
|
Currency |
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
1. In the case of import of goods
or services, date of import may be furnished against date of draw‑down.
2 In the case of financial lease
date of acquisition of the goods is to be mentioned as date of draw‑down.
3. In the case of securitised
instruments, date of issue may be shown as date of draw‑down
2.
Schedule of balance amount of loan to be drawn in future:
|
Tranche No. |
Expected Date (YYYY/MM/DD) of draw-down |
Currency |
Amount |
If more than one equal installment |
|
|
|
|
|
|
Total number of drawals |
No. of drawalv in a calendar year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.
Details of utilisation of draw‑downs during the month:
|
Tranche No. |
Date (YYYY/MM/DD) |
Purpose codes (See Box 1) |
Country |
Currency |
Amount |
Fresh Disbursement/ From A/c held abroad |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Amount parked abroad
outstanding as on beginning of the month :
|
Date (YYYY/MM/DD) |
Name of bank and branch |
Account No. |
Currency |
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Utilisation of amount parked abroad
|
Date (YYYY/MM/DD) |
Name of bank and branch |
Account No. |
Currency |
Amount |
Purpose |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Debt Servicing during the month
|
Tranche No. |
Purpose |
Date of Remittance |
Currency |
Amount |
Source of remittance (See Box 2) |
. Prepayment of Principal (Y/N) |
|
|
Principal |
|
|
|
|
|
|
|
Interest @ rate |
|
|
|
|
|
|
|
Others (Specify) |
|
|
|
|
|
*In,case of prepayment please
provide details: Automatic Route/Approval No. Date Amount:
7. Derivative transactions
(Interest rate, Currency swap) during the month (if any)
|
Type of Swap |
Swap Dealer |
Counter party |
Implementation |
||
|
|
Name |
Country |
Name |
Country |
Date |
|
Interest Rate Swap |
|
|
|
|
|
|
Currency swap |
|
|
|
|
|
|
Others (specify) |
|
|
|
|
|
|
Tranche No. |
New Currency |
Interest rate on the New Currency |
New Interest Rate on the Loan Currency |
Maturity Date of the swap deal |
|
|
|
|
|
|
|
|
|
|
|
|
8. Revised
Principal Repayment Schedule (if revised/ entered into interest rate swap)
|
Date (YYYY/MM/DD) (First repayment date) |
Currency |
Amount in Foreign Currency in Each transactions |
If more
than one equal Installments |
Annuity |
|
|
Total Number of instalments |
No. of payments in a calendar year (1, 2, 3, 4, 6,12) |
Rate (if annuity) payment) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Amount
of outstanding loan at the end of the month:
|
Currency
|
|
|
|
Amount
. |
(For RBI Use)
_____________________________________________________________________________________
We hereby
certify that the particulars given above are true and correct to the best of
our knowledge and belief. No material information has been withheld and/or
misrepresented.
Place: STAMP (Signature
of Authorised Official)
Date:
Name:
Designation:
..
(For
Borrower's use)
_______________________________________________________________________________________
Certificate
from Company Secretary/Chartered Accountant
We hereby
certify that the ECB availed in terms of approval granted by Government or RBI
or under approval route/automatic route is duly accounted in the books of
account. Further, ECB proceeds have been utilised by the borrower for the
purpose of _____________ We have verified all the related documents and records
connected with the utilisation of ECB proceeds and found these to be in order
and in accordance with the terms and conditions of the loan agreement and with
the approval granted by GoI (MoF) or RBI or under approval route/automatic
route and is in conformity with the ECB Guidelines issued by the Government.
Stamp Authorised
Signatory
Name
& Address
Place Registration
No.
Date:
_______________________________________________________________________________________
We hereby
certify that the information furnished above with regard to debt servicing,
outstandings and repayment schedule is true and correct as per our record. The
drawal, utilisation and repayment of the ECB have been scrutinised and it is
certified that such drawal, utilisation and repayments of ECB are in compliance
with ECB guidelines.
.
Stamp Signature
of Authorised Dealer
Place : Name:
.............................
.
Date: Designation:
Name
& Address of Authorised Dealer
Uniform
Code No. ................................