Format of ECB Certification
Querist : Anonymous
One of my client has availed External commercial Borrowing. Kindly send me format of Certificate to be issued by Chartered Accountants. Also, can company park the same amount in FD till the project is start or Utilisation of ECB?
Regards
Parking of ECB proceeds
Borrowers are permitted to either keep ECB proceeds abroad or to remit these funds to India, pending utilization for permissible end-uses.
ECB proceeds parked overseas can be invested in the following liquid assets (a) deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s (b) Treasury bills and other monetary instruments of one year maturity having minimum rating as indicated above, and (c) deposits with overseas branches / subsidiaries of Indian banks abroad. The funds should be invested in such a way that the investments can be liquidated as and when funds are required by the borrower in India.
You may visit the following link to have more idea :
https://rvseckarfema.blogspot.com/2010/10/ecb-norms-violation-rs-125-crores-was.html
R.V.Seckar
Pl do visit my blogs :
https://www.rvseckarcompanylaw.blogspot.com/
https://rvseckarfema.blogspot.com/
https://rvseckarindianlaws.blogspot.com
Querist : Anonymous
Querist : Anonymous
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