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ECB Loan - please help

This query is : Resolved 
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(Querist)
26 September 2007 Dear Friends,

We need ECB Loan from our parent company towards working capital requirement. However, bankers have denied the same saying this is not permitted by notification from RBI.

Can anyone confirm Notification details or send me copy of notification, as I have to show it to our parent company.
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Ravikumar.G

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Ravikumar.G (Expert)
26 September 2007 As per RBI regularions working capital loan by way of EBC is not permitted. The Act itself clearly says ECB for workining Capital Loan is not permitted.
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Srinath A. N.

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Srinath A. N. (Expert)
08 October 2007 Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 deals with the obove said subject. Utilisation of ECB for working capital is prohibited. Also refer Master circular on ECB issued by RBI
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KAAPIL

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KAAPIL (Expert)
10 November 2007 Copy of notofication is available on the website of taxmann.com
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