What are the relevant provisions regarding External commercial borrowings under COMPANIES ACT, INCOME TAX ACT and FEMA… plz explain in detail.. .n also mention various approvals required in this case,, plz reply asap its very urgent, thanx
manpreet.kaur (Student) (184 Points)
26 November 2012What are the relevant provisions regarding External commercial borrowings under COMPANIES ACT, INCOME TAX ACT and FEMA… plz explain in detail.. .n also mention various approvals required in this case,, plz reply asap its very urgent, thanx
sunil89
(CS Final)
(151 Points)
Replied 26 November 2012
Aproval Route - Industrial , Infr sector.
Automatic route - Service sector , SEZ does not require approval from RBI
manpreet.kaur
(Student)
(184 Points)
Replied 27 November 2012
thnks sunil but i asked the provisions applicable...
sunil89
(CS Final)
(151 Points)
Replied 27 November 2012
External Commercial Borrowings (“ECB”) and Trade Credits availed of by residents are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/ 2000-RB viz. Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, dated May 3, 2000, as amended from time to time
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