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Relaxation for ECB borrowers amid pandemic
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SME Times News Bureau | 07 Apr, 2021
The Reserve Bank of India (RBI) has relaxed the period of external commercial borrowing (ECB) proceeds in terms deposits.
Post
the decision, unutilised ECB proceeds drawn down on or before March 1,
2020 can be parked in term deposits with AD Category-I banks in India,
prospectively up to March 1, 2022.
Under the extant ECB
framework, ECB borrowers are allowed to place ECB proceeds in term
deposits with AD Category-I banks in India for a maximum period of 12
months.
"In view of the difficulty faced by borrowers in
utilising already drawn down ECBs due to Covid-19 pandemic induced
lockdown and restrictions, it has been decided to relax the above
stipulation as a one-time measure, with a view to provide relief," the
RBI said in its Statement on Developmental and Regulatory Policies.
In
another decisions, the central bank has decided to increase the limit
of outstanding balance in Prepaid Payment Instruments (PPI) with full
KYC compliance from the current level of Rs 1 lakh to Rs 2 lakh.
The decision is aimed at incentivising the migration of PPIs to full KYC.
To
promote optimal utilisation of payment instruments (like cards,
wallets), and given the constraint of scarce acceptance infrastructure
(like PoS devices, ATMs, QR codes, bill-payment touch points), the RBI
has been stressing on the benefits of interoperability amongst the
issuing and acquiring entities alike, banks or non-banks.
The
guidelines issued in October 2018 enabled interoperability, albeit on a
voluntary basis, insofar as the PPIs were full KYC (they met all Know
Your Customer requirements). Despite a passage of two years, migration
towards full KYC PPIs, and therefore interoperability, is not
significant, it said.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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₹127.7
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₹123.7 |
Euro
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₹110.65
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₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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