13 July, 2015
Pursuant to the circular dated September 3, 2014,the Reserve Bank of India (RBI) allowed non-resident ECB lenders to lend in INR subject to them mobilizing the swap through an Authorized Dealer Category Ibank (AD Bank) in India. Pursuant to the notification dated May 21, 2015, the RBI permitted non-resident ECB lenders to enter into swap transactions with their overseas bank which,in turn,shall enter into a back to back swap transaction with an AD Bank in India.
For further information, please contact:
Abhishek Saxena, Partner, Phoenix Legal
abhishek.saxena@phoenixlegal.in
