External commercial borrowings (ECB) are commercial loans with minimum average maturity (MAM) of three years, obtained from non-resident lenders.
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ECB has been an important source of finance for Indian corporates, allowing them to supplement domestically available resources with cheaper international funds and to take advantage of lower international interest rates.
The Reserve Bank of India (RBI), regulates ECBs. The current regulations on ECBs are conveyed in the Master Circular on ECBs of 2 July 2007.
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Next month Abhishek Saxena and Jyotika Khilnani will look at the practical impact of the modified ECB policy. Trilegal is a full service law firm that advises on corporate and commercial law in India and provides commercially-oriented legal advice and services in relation to all sectors of the economy. The firm has offices in Delhi, Mumbai, Bangalore and Hyderabad and has over 80 lawyers, some of whom have experience in law firms in the United States, United Kingdom and Japan
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