ECB Loan - please help
This query is : Resolved
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.
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.
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.
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
10 November 2007
Copy of notofication is available on the website of taxmann.com
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