Ecb compliance checklist

This query is : Resolved

Nisha Singhal (Querist)
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17 November 2012 Dear Sir,

Kindly provide me a ECB Compliance Checklist required to be complied with for bringing in the amount of foreign currency loan in automatic route.

Regards,
Nisha

CA CS PRASHANT

CA CS PRASHANT (Expert)
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17 November 2012 Please identify the purpose of ECB and under what route (automatic/
approval) it would fall. If it requires approval of RBI then apply to
RBI, Mumbai with detailed project plan and report in Form ECB. In this
course you would need the following documents:

1. Letter of intent (LOI) from overseas financial institution.
2. Company's acceptance of LOI.
3. Detailed project report for ECB with projected financials.
4. Note as how the ECB would add to the business of the company.
5. Designated Authorised Dealer through which various applications/
forms; e.g.form83, ECB1,ECB2 etc. may be applied.
6. Copy of resolution of the Board with other company documents like
Annual report, MOA/AOA,etc.
7. Post execution of laon agreement, file charge docs with Roc as per
the Companies Act,1956.

When ECB is sanctioned by overseas lender and final sanction letter is
received, fulfill all requirements under "condition precedents" of the
loan agreement. You may have to obtain legal opinion from law firm
w.r.t. ECB along with CA and CS certification at various stages.

Form 83 needs to be filed to obtain Loan registration number(LRN)
without which disbursement of loan will not happen. Once LRN is
intimated to overseas banker, funds would be transferred to company's
account.

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