{"id":108051,"date":"2022-05-27T16:02:15","date_gmt":"2022-05-27T10:32:15","guid":{"rendered":"https:\/\/legalwindow.in\/?p=108051"},"modified":"2022-12-26T14:48:45","modified_gmt":"2022-12-26T09:18:45","slug":"external-commercial-borrowings-under-the-fema-act-1999","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/","title":{"rendered":"Concept of External Commercial Borrowings under the FEMA Act, 1999."},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-108056\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999.png\" alt=\"External Commercial Borrowings under the FEMA Act 1999\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">External Commercial Borrowings (ECB) is borrowings made by an eligible entity in India from any recognised entity outside India for commercial reasons. Debt financing has traditionally been a favoured type of <\/span><span style=\"font-weight: 400;\">company<\/span><span style=\"font-weight: 400;\"> finance due to inherent benefits such as security creation, minimum guaranteed <\/span><span style=\"font-weight: 400;\">returns<\/span><span style=\"font-weight: 400;\">, and tax efficiency for both the lender and the borrower. As a result, funding through the ECB technique is becoming more common in bringing investment or loan for new projects under <\/span><span style=\"font-weight: 400;\">Reserve Bank of India<\/span><span style=\"font-weight: 400;\"> permitted locations (RBI). This article will go through External Commercial Borrowings under the FEMA Act,\u00a01999.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The goal of this essay is to help readers understand the External Commercial Borrowings\u00a0and its influence on the Indian economy.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#The\"><span style=\"font-weight: 400;\">The Basis of External Commercial Borrowings (ECB)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Concept\"><span style=\"font-weight: 400;\">The Concept of External Commercial Borrowings (ECB)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Framework\"><span style=\"font-weight: 400;\">Framework of External Commercial Borrowings (ECB)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Leverage\"><span style=\"font-weight: 400;\">Leverage and Limitation<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Raising\"><span style=\"font-weight: 400;\">Raising the ECB Procedure<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Reporting\"><span style=\"font-weight: 400;\">Reporting by the ECB<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Endnote\"><span style=\"font-weight: 400;\">Endnote<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"The\"><b>The Basis of External Commercial Borrowings (ECB)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">ECBs are governed by the RBI Master Direction- External Commercial Borrowings, Trade Credits, and Structured Obligations, as well as the <\/span><span style=\"font-weight: 400;\">Foreign Exchange Management Act,\u00a01999<\/span><span style=\"font-weight: 400;\">. (FEMA).<\/span><\/p>\n<h2 id=\"Concept\"><b>The Concept of External Commercial Borrowings (ECB)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">External Commercial Borrowings are commercial loans given by qualifying resident companies to recognised non-resident <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\"> that must fulfil criteria such as the Minimum Average Maturity Period (MAMP), allowed and non-permitted end-uses, maximum All-In-Cost (AIC), and so on.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Secure commercial loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recognized Mortgage Lenders (Non-Resident)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Borrowers who qualify (Resident)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For permitted end use and under set limits (MAMP, AIC)<\/span><\/li>\n<\/ul>\n<h2 id=\"Framework\"><b>Framework of External Commercial Borrowings (ECB)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The framework for raising loans through the ECB (hence it acts\u00a0as the ECB Framework) consists of two options:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Sr. No.<\/strong><\/td>\n<td><strong>Parameters<\/strong><\/td>\n<td><b>ECBs denominated in foreign currencies<\/b><\/td>\n<td><b>ECBs denominated INR<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>1.\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Repayment &amp; Borrowing<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Borrowing in INR or FCY and repaying in FCY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Borrowing in INR or FCY and repaying in INR<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>2.<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Types of ECB<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loans inclusive of Bank loans\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other than completely and compulsorily convertible instruments, floating\/fixed rate notes\/bonds\/debentures;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade credits that are more than three years old;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FCCBs (Foreign Currency Convertible Bonds);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">FCEBs (Foreign Currency Exchangeable Bonds); and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lease on Financial Terms<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loans inclusive of Bank loans\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other than completely and compulsorily convertible instruments, floating\/fixed rate notes\/bonds\/debentures\/preference shares;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trade credits that are more than three years old;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lease Financial; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bonds denominated in Indian rupees issued in other countries<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>3.\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Borrowers who are eligible<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All entities eligible for FDI (Indian Co., <a href=\"https:\/\/legalwindow.in\/limited-liability-partnership-llp\/\" target=\"_blank\" rel=\"noopener\">LLP<\/a>, NBFC, VCF)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/legalwindow.in\/trust-registration\/\">Trusts<\/a> for Ports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SEZ SIDBI units; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">India&#8217;s Exim Bank<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All companies that are qualified to issue FCY ECB; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Registered entities engaging in microfinance activities, such as registered not-for-profit companies, registered societies\/trusts\/cooperatives, and registered Non-Governmental Organizations.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>4.\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Recognized Lenders<\/span><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">The lender must be a resident of a jurisdiction that is a member of the Financial Action Task Force (FATF) or the International Organization of Securities Commissions (IOSCO), including when transferring ECB. However,<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Multilateral Financial Institutions (such as the IMF and the World Bank) and Regional Financial Institutions (such as the Asian Development Bank and the European Investment Bank) of which India is a member shall also be treated as recognised lenders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">b) Individuals as lenders are only authorised if they are foreign equity investors or subscribe to bonds\/debentures listed in another country; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Foreign branches\/subsidiaries of Indian banks are only authorised as FCY ECB recognised lenders (except FCCBs and FCEBs). Subject to relevant prudential standards, foreign branches\/subsidiaries of Indian banks can act as arrangers\/underwriters\/market-makers\/traders for Rupee Denominated Bonds issued overseas.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Underwriting by overseas branches\/subsidiaries of Indian banks for issuances by Indian banks, on the other hand, will be prohibited.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>5.<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Minimum Average Maturity Period (MAMP)<\/span><\/td>\n<td colspan=\"2\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The ECB&#8217;s MAMP will be three years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Call and put options, if any, shall be ineligible for exercise prior to the fulfilment of the minimum average maturity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">However, for the specific categories listed below, the MAMP shall be as follows:<\/span><\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td><b>Sr. No.<\/b><\/td>\n<td><b>Category<\/b><\/td>\n<td><b>MAMP<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Manufacturing enterprises can raise up to USD 50 million or its equivalent in ECB every fiscal year.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1 Years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">ECB obtained from a foreign equity investor for operating capital, general company operations, or repayment of Rupee loans<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5 Years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">ECB raised for:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(i) Working capital or general company purposes\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(ii) NBFC on-lending for working capital or general company purposes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10 Years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The ECB was created to:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(i)\u00a0repay rupee loans obtained domestically for capital expenditure; and\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(ii) on-lending by NBFCs for the same reason.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7 Years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">ECB is being raised for the following objectives:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(i)\u00a0repayment of rupee loans obtained domestically for purposes other than capital expenditure; and\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(ii) on-lending by NBFCs for the same purpose.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10 Years<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">for the categories listed in (b) to (e) above \u2013<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ECB cannot be issued by overseas branches or subsidiaries of Indian banks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(ii) The required MAMP must be scrupulously followed in all situations.<\/span><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<tr>\n<td><b>6.\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">All-in-Cost Ceiling per annum Other Costs<\/span><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">The benchmark rate plus a spread of 450 basis points.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prepayment charges\/penal interest, if applicable, for default or breach of covenants shall not exceed 2% over the negotiated rate of interest on the outstanding principal amount and will fall outside of the all-in-cost cap.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>7.<\/b><\/td>\n<td><span style=\"font-weight: 400;\">End-uses (Negative list)<\/span><\/td>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">The following would be on the negative list, for which the ECB revenues could not be used:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Real estate transactions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital market investment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital investment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Working capital reasons, with the exception of the ECB indicated in 5(b) and 5(c) above.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">General company objectives, with the exception of the ECB stated in 5(b) and 5(c) above.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Repayment of Rupee loans, with the exception of the ECB stated in 5(d) and 5(e) above.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On-lending to entities for the aforementioned activities, with the exception of ECB raised by NBFCs as described in 5(c), 5(d), and 5(e) above.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>8.\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Rate of Exchange<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Currency conversion of the FCY ECB into the INR ECB<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FCY ECB into INR ECB can be at the exchange rate existing on the day of the agreement for such change between the parties involved, or at a rate less than the rate prevailing on the date of the agreement, if the ECB lender agrees.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">To convert to Rupees<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchange rate applicable on the day of settlement shall be the rate in effect at the time of settlement.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>9.<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Provision for Hedging<\/span><\/td>\n<td><span style=\"font-weight: 400;\">In the case of foreign currency exposure, company\u2019s raising ECB are expected to follow the hedging rules established by the relevant sectoral or prudential authority. Companies in the infrastructure space:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">They must have a risk management policy that has been approved by the Board.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Furthermore, such corporations are required to hedge 70% of their ECB exposure if the average maturity of the ECB is less than 5 years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The designated AD Category-I bank must ensure that the 70% hedging requirement is met during the ECB&#8217;s currency and report the situation to the RBI using Form ECB 2.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The following operational components of hedging must be ensured:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Coverage:<\/b><span style=\"font-weight: 400;\"> The ECB borrower will be expected to use financial hedges to cover both the principal and the coupon. The financial hedging for all ECB exposures should begin at the moment of each such exposure (i.e. the day the liability is created in the books of the borrower).<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tenor and rollover:<\/b><span style=\"font-weight: 400;\"> A minimum tenor of one year would be necessary for the financial hedge, with periodic rollover, ensuring that the exposure on account of the ECB is not unhedged at any moment during the currency of the ECB.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Natural Hedge:<\/b><span style=\"font-weight: 400;\"> Natural hedging shall be accepted in place of financial hedge solely to the extent of balancing planned cash flows \/ revenues in matching currency, net of any other projected outflows. An ECB may be regarded naturally hedged for this purpose if the offsetting exposure matures\/cash flows during the same accounting year.<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Overseas investors can hedge their Rupee risk using approved derivative instruments with AD Category I banks in India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investors can also gain access to the domestic market through branches \/ subsidiaries of Indian banks overseas or branches of foreign banks with a back-to-back presence in India.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><b>10.<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Change in borrowing currency<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The ECB may freely change its currency from one freely convertible foreign currency to another freely convertible foreign currency as well as to INR.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">It is not permissible to exchange INR for any freely convertible foreign currency.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Leverage\"><b>Leverage and Limitation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Every fiscal year, all qualified debtors can raise ECB up to USD 750 million or equivalent via the automated procedure. Furthermore, for FCY-denominated ECB received from direct foreign equity holders, the ECB liability-equity ratio cannot exceed 7:1 for ECB raised under the automated approach. If the total outstanding amount of all ECB, including the proposed one, is less than USD 5 million or its equivalent, this percent will not apply.<\/span><\/p>\n<h2 id=\"Raising\"><b>Raising the ECB Procedure<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">All ECB can be raised automatically if they match the conditions established in this framework. In cases when the approval route is involved,<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Borrowers may submit an application for inspection to the RBI in the necessary format (Form ECB) through their AD Category I bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">These situations will be weighed against the general rules, the macroeconomic environment, and the merits of the particular proposals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ECB proposals submitted at the Reserve Bank that above a certain threshold limit (which may be changed from time to time) will be forwarded to the RBI&#8217;s Empowered Committee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Empowered Committee will have both external and internal members, and the RBI will make the final decision in cases where the Empowered Committee&#8217;s recommendations are followed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Entities interested in raising ECB using the automated approach should contact an AD Category I bank with their proposal and a fully completed Form ECB.<\/span><\/li>\n<\/ul>\n<h2 id=\"Reporting\"><b>Reporting by the ECB<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Borrowers must report genuine ECB transactions to the AD Category I bank on a monthly basis using Form ECB 2 Return.<\/span><\/p>\n<h2 id=\"Endnote\"><b><a href=\"https:\/\/legalwindow.in\/rbi-compliance\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-110305 size-full\" title=\"Get your RBI Compliances\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1.png\" alt=\"Get your RBI Compliances\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-RBI-Compliances-starting-from-15000-1-1-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a>Endnote<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">For the near future, the international market is projected to be favourable, resulting in increased borrowings by India. With the RBI&#8217;s oversight, defining industry-specific variations for the automatic and approved routes, expressly stating the end-use limitation and minimum average maturity length, and so on, it is expected that ECBs would be the priority for attracting investment to India. Furthermore, with the<a href=\"https:\/\/www.rbi.org.in\/\" target=\"_blank\" rel=\"noopener\"> RBI<\/a> authorising the use of ECB revenues for loan repayment, the Indian GDP is projected to remain stable while also allowing Indian companies to seek necessary funding from the outside market at cheaper interest rates, which may not be approved through local banks or <\/span><a href=\"https:\/\/legalwindow.in\/nbfc-company\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NBFC<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are interested in knowing more about the ECB under FEMA. Then kindly connect to our experts on <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>External Commercial Borrowings (ECB) is borrowings made by an eligible entity in India from any recognised entity outside India for commercial reasons. Debt financing has traditionally been a&hellip;<\/p>\n","protected":false},"author":5,"featured_media":108055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-108051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fema"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Concept of External Commercial Borrowings under the FEMA Act 1999<\/title>\n<meta name=\"description\" content=\"Latest Article - Concept of External Commercial Borrowings under the FEMA Act 1999. Framework, Leverage, Limitation, Raising the ECB Procedure.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Concept of External Commercial Borrowings under the FEMA Act 1999\" \/>\n<meta property=\"og:description\" content=\"Latest Article - Concept of External Commercial Borrowings under the FEMA Act 1999. Framework, Leverage, Limitation, Raising the ECB Procedure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/\" \/>\n<meta property=\"og:site_name\" content=\"Legal Window\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/legalwindow.in\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-27T10:32:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-26T09:18:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"CS Urvashi Jain (M.COM, LLB, ACS)\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CS Urvashi Jain (M.COM, LLB, ACS)\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/\"},\"author\":{\"name\":\"CS Urvashi Jain (M.COM, LLB, ACS)\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/person\\\/0d15d443f6478b86969f96816ea59630\"},\"headline\":\"Concept of External Commercial Borrowings under the FEMA Act, 1999.\",\"datePublished\":\"2022-05-27T10:32:15+00:00\",\"dateModified\":\"2022-12-26T09:18:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/\"},\"wordCount\":1743,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png\",\"articleSection\":[\"FEMA\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/\",\"name\":\"Concept of External Commercial Borrowings under the FEMA Act 1999\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png\",\"datePublished\":\"2022-05-27T10:32:15+00:00\",\"dateModified\":\"2022-12-26T09:18:45+00:00\",\"description\":\"Latest Article - Concept of External Commercial Borrowings under the FEMA Act 1999. Framework, Leverage, Limitation, Raising the ECB Procedure.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png\",\"contentUrl\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png\",\"width\":800,\"height\":800,\"caption\":\"External Commercial Borrowings under the FEMA Act 1999\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/external-commercial-borrowings-under-the-fema-act-1999\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Concept of External Commercial Borrowings under the FEMA Act, 1999.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/\",\"name\":\"Legal Window\",\"description\":\"Legal Solution Provider\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#organization\",\"name\":\"LegalWindow\",\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/LW-Logo-2.png\",\"contentUrl\":\"https:\\\/\\\/legalwindow.in\\\/blog\\\/wp-content\\\/uploads\\\/LW-Logo-2.png\",\"width\":1245,\"height\":357,\"caption\":\"LegalWindow\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/legalwindow.in\\\/\",\"https:\\\/\\\/www.instagram.com\\\/legalwindow.in\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/legal-window\\\/\",\"https:\\\/\\\/in.pinterest.com\\\/legalwindow\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCFtHKxaXtK4WjOe9UytbX9A\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/#\\\/schema\\\/person\\\/0d15d443f6478b86969f96816ea59630\",\"name\":\"CS Urvashi Jain (M.COM, LLB, ACS)\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9688428c3b5a0b2f2c22195d91411315eba4822fbe2090ed08ee91103ece9678?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9688428c3b5a0b2f2c22195d91411315eba4822fbe2090ed08ee91103ece9678?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9688428c3b5a0b2f2c22195d91411315eba4822fbe2090ed08ee91103ece9678?s=96&d=mm&r=g\",\"caption\":\"CS Urvashi Jain (M.COM, LLB, ACS)\"},\"description\":\"CS Urvashi Jain is an associate member of the Institute of Company Secretaries of India. Her expertise, inter-alia, is in regulatory approvals, licenses, registrations for any organization set up in India. She posse\u2019s good exposure to compliance management system, legal due diligence, drafting and vetting of various legal agreements. She has good command in drafting manuals, blogs, guides, interpretations and providing opinions on the different core areas of companies act, intellectual properties and taxation.\",\"sameAs\":[\"https:\\\/\\\/legalwindow.in\"],\"url\":\"https:\\\/\\\/www.legalwindow.in\\\/blog\\\/author\\\/csurvashijain\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Concept of External Commercial Borrowings under the FEMA Act 1999","description":"Latest Article - Concept of External Commercial Borrowings under the FEMA Act 1999. Framework, Leverage, Limitation, Raising the ECB Procedure.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/","og_locale":"en_US","og_type":"article","og_title":"Concept of External Commercial Borrowings under the FEMA Act 1999","og_description":"Latest Article - Concept of External Commercial Borrowings under the FEMA Act 1999. Framework, Leverage, Limitation, Raising the ECB Procedure.","og_url":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/","og_site_name":"Legal Window","article_publisher":"https:\/\/www.facebook.com\/legalwindow.in\/","article_published_time":"2022-05-27T10:32:15+00:00","article_modified_time":"2022-12-26T09:18:45+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999.png","type":"image\/png"}],"author":"CS Urvashi Jain (M.COM, LLB, ACS)","twitter_card":"summary_large_image","twitter_misc":{"Written by":"CS Urvashi Jain (M.COM, LLB, ACS)","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#article","isPartOf":{"@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/"},"author":{"name":"CS Urvashi Jain (M.COM, LLB, ACS)","@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/person\/0d15d443f6478b86969f96816ea59630"},"headline":"Concept of External Commercial Borrowings under the FEMA Act, 1999.","datePublished":"2022-05-27T10:32:15+00:00","dateModified":"2022-12-26T09:18:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/"},"wordCount":1743,"publisher":{"@id":"https:\/\/www.legalwindow.in\/blog\/#organization"},"image":{"@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png","articleSection":["FEMA"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/","url":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/","name":"Concept of External Commercial Borrowings under the FEMA Act 1999","isPartOf":{"@id":"https:\/\/www.legalwindow.in\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#primaryimage"},"image":{"@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#primaryimage"},"thumbnailUrl":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png","datePublished":"2022-05-27T10:32:15+00:00","dateModified":"2022-12-26T09:18:45+00:00","description":"Latest Article - Concept of External Commercial Borrowings under the FEMA Act 1999. Framework, Leverage, Limitation, Raising the ECB Procedure.","breadcrumb":{"@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#primaryimage","url":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png","contentUrl":"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Concept-of-External-Commercial-Borrowings-under-the-FEMA-Act-1999-1.png","width":800,"height":800,"caption":"External Commercial Borrowings under the FEMA Act 1999"},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalwindow.in\/blog\/external-commercial-borrowings-under-the-fema-act-1999\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalwindow.in\/blog\/"},{"@type":"ListItem","position":2,"name":"Concept of External Commercial Borrowings under the FEMA Act, 1999."}]},{"@type":"WebSite","@id":"https:\/\/www.legalwindow.in\/blog\/#website","url":"https:\/\/www.legalwindow.in\/blog\/","name":"Legal Window","description":"Legal Solution Provider","publisher":{"@id":"https:\/\/www.legalwindow.in\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalwindow.in\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalwindow.in\/blog\/#organization","name":"LegalWindow","url":"https:\/\/www.legalwindow.in\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/legalwindow.in\/blog\/wp-content\/uploads\/LW-Logo-2.png","contentUrl":"https:\/\/legalwindow.in\/blog\/wp-content\/uploads\/LW-Logo-2.png","width":1245,"height":357,"caption":"LegalWindow"},"image":{"@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/legalwindow.in\/","https:\/\/www.instagram.com\/legalwindow.in\/","https:\/\/www.linkedin.com\/company\/legal-window\/","https:\/\/in.pinterest.com\/legalwindow\/","https:\/\/www.youtube.com\/channel\/UCFtHKxaXtK4WjOe9UytbX9A"]},{"@type":"Person","@id":"https:\/\/www.legalwindow.in\/blog\/#\/schema\/person\/0d15d443f6478b86969f96816ea59630","name":"CS Urvashi Jain (M.COM, LLB, ACS)","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9688428c3b5a0b2f2c22195d91411315eba4822fbe2090ed08ee91103ece9678?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9688428c3b5a0b2f2c22195d91411315eba4822fbe2090ed08ee91103ece9678?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9688428c3b5a0b2f2c22195d91411315eba4822fbe2090ed08ee91103ece9678?s=96&d=mm&r=g","caption":"CS Urvashi Jain (M.COM, LLB, ACS)"},"description":"CS Urvashi Jain is an associate member of the Institute of Company Secretaries of India. Her expertise, inter-alia, is in regulatory approvals, licenses, registrations for any organization set up in India. She posse\u2019s good exposure to compliance management system, legal due diligence, drafting and vetting of various legal agreements. She has good command in drafting manuals, blogs, guides, interpretations and providing opinions on the different core areas of companies act, intellectual properties and taxation.","sameAs":["https:\/\/legalwindow.in"],"url":"https:\/\/www.legalwindow.in\/blog\/author\/csurvashijain\/"}]}},"_links":{"self":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts\/108051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/comments?post=108051"}],"version-history":[{"count":8,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts\/108051\/revisions"}],"predecessor-version":[{"id":111747,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/posts\/108051\/revisions\/111747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/media\/108055"}],"wp:attachment":[{"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/media?parent=108051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/categories?post=108051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalwindow.in\/blog\/wp-json\/wp\/v2\/tags?post=108051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}