FED Master Direction No.5/2015-16
January 1, 2016
All Authorised Dealer Category – I banks and Authorised Banks
Madam / Dear Sir,
Master Direction – External Commercial Borrowings, Trade Credit, Borrowing and
Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers
Transactions on account of External Commercial Borrowings (ECB) and Trade Credit are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 (FEMA). Various provisions in respect of these two types of borrowings from overseas are included in the following three Regulations framed under FEMA:
These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications.
2. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the Authorised Persons with their customers/constituents with a view to implementing the regulations framed.
3. Instructions issued in respect of aforesaid borrowing transactions have been compiled in this Master Direction. The document also contains the terms and conditions related to borrowing and lending in foreign currency by authorised dealer and by persons other than authorised dealer. The list of underlying notifications/circulars which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Direction on reporting (Master Direction No. 18 dated January 01, 2016).
4. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. TheMaster Direction issued herewith shall be amended suitably simultaneously.
(B P Kanungo)
Principal Chief General Manager
Master Direction – External Commercial Borrowings, Trade Credit, Borrowing
and Lending in Foreign Currency by Authorised Dealers and Persons other
than Authorised Dealers
|Para. No.||PART I|
|2||Framework for raising loans through External Commercial Borrowings|
|2.1||External Commercial Borrowings (ECB)|
|2.2||Forms of ECB|
|2.3||Available routes of raising ECB|
|2.4||Parameters for ECBs|
|2.4.4||Cost of borrowings|
|2.4.7||Currency of borrowing|
|2.6||Security for raising of ECB|
|188.8.131.52||Creation of Charge on Immovable Assets|
|184.108.40.206||Creation of Charge on Movable Assets|
|220.127.116.11||Creation of Charge over Financial Securities|
|18.104.22.168||Issue of Corporate or Personal Guarantee|
|2.7||Issuance of Guarantee, etc. by Indian banks and Financial Institutions|
|2.8||Debt Equity Ratio|
|2.9||Parking of ECB proceeds|
|2.9.1||Parking of ECB proceeds abroad|
|2.9.2||Parking of ECB proceeds domestically|
|2.10||Conversion of ECB into equity|
|2.10.1||Exchange rate for conversion of ECB dues into equity|
|2.11||Procedure of raising ECB|
|2.12.1||Loan Registration Number (LRN)|
|2.12.2||Changes in terms and conditions of ECB|
|2.12.3||Reporting of actual transactions|
|2.12.4||Reporting on account of conversion of ECB into equity|
|2.13||Foreign Currency Convertible Bonds (FCCBs)|
|2.14||Foreign Currency Exchangeable Bonds (FCEBs)|
|2.15||Refinancing of ECB|
|2.16||Powers delegated to AD Cat I banks to deal with ECB cases|
|2.17||Borrowing by Entities under Investigation|
|2.18||ECB by entities under Joint Lender Forum (JLF) or Corporate Debt Restructuring (CDR)|
|2.19||Dissemination of information|
|2.20||Compliance with the guidelines|
|2.21||ECB raised under the erstwhile USD 5 million Scheme|
|2.22||ECB arrangements prior to December 02, 2015|
|2.22.1||ECB facility for Carve Outs|
|22.214.171.124||ECB facility for working capital by airlines companies|
|126.96.36.199||ECB facility for consistent foreign exchange earners under the USD 10 billion Scheme|
|188.8.131.52||ECB facility for low cost affordable housing projects|
|3||Framework for issuance of Rupee denominated bonds overseas|
|3.1||Form of borrowing|
|3.2||Available routes and limits of borrowing|
|3.3||Parameters of borrowing by issuance of Rupee denominated bonds|
|3.3.6||Exchange Rate for conversion|
|4||Routing of funds raised abroad to India|
|5||Raising of loans as Trade Credit|
|5.2||Routes and Amount of Trade Credit|
|5.4||Cost of raising Trade Credit|
|5.5||Guarantee for Trade Credit|
|6||Borrowing and Lending in foreign currency by an Authorised Dealer|
|6.1||Borrowing in foreign currency by an Authorised Dealer|
|6.2||Lending in foreign currency by an Authorised Dealer|
|7||Borrowing and Lending in Foreign currency by persons other than authorised dealer|
|7.1||Borrowing in foreign currency by persons other than an authorised dealer|
|7.2||Lending in foreign currency by persons other than an authorised dealer|
|8.1||Non-resident guarantee for domestic fund based and non-fund based facilities|
|8.2||Facility of Credit Enhancement|
|List of notifications/ circulars which have been consolidated in this Master Direction|
|ADB:||Asian Development Bank|
|AFC:||Asset Finance Company|
|AMP:||Average Maturity Period|
|BSE:||Bombay Stock Exchange|
|CDC:||Commonwealth Development Corporation|
|CIC:||Core Investment Company|
|COD:||Commercial Operation Date|
|DEPR:||Department of Economic and Policy Research|
|DSIM:||Department of Statistics and Information Management|
|DTA:||Domestic Tariff Area|
|ECB:||External Commercial Borrowings|
|FATF:||Financial Action Task Force|
|FCCB:||Foreign Currency Convertible Bond|
|FCEB:||Foreign Currency Exchangeable Bond|
|FCNR(B):||Foreign Currency Non-Resident (Bank)|
|FDI:||Foreign Direct Investment|
|FED:||Foreign Exchange Department|
|FEMA:||Foreign Exchange Management Act|
|FIPB:||Foreign Investment Promotion Board|
|HFC:||Housing Finance Company|
|IDC:||Interest during Construction|
|IFC:||Infrastructure Finance Company|
|LC:||Letter of Credit|
|LIBOR:||London Interbank Offered Rate|
|LoC:||Letter of Comfort|
|LoU:||Letter of Undertaking|
|LRN:||Loan Registration Number|
|MFI:||Micro Finance Institution|
|NBFC:||Non-Banking Financial Company|
|NHB:||National Housing Bank|
|NMIZ:||National Manufacturing Investment Zone|
|NNPA:||Net Non-Performing Assets|
|NOF:||Net Owned Fund|
|NSE:||National Stock Exchange|
|OCB:||Overseas Corporate Body|
|ODI:||Overseas Direct Investment|
|RBI:||Reserve Bank of India|
|RoC:||Registrar of Companies|
|SEZ:||Special Economic Zone|
|SIDBI:||Small Industries Development Bank of India|
|SME:||Small and Medium Enterprise|
|SPV:||Special Purpose Vehicle|
|USD:||United States Dollar|
|WOS:||Wholly Owned Subsidiary|
1. Important terms used in the Master Direction
1.1 The term ‘All-in-Cost’ includes rate of interest, other fees, expenses, charges, guarantee fees whether paid in foreign currency or Indian Rupees (INR) but will not include commitment fees, pre-payment fees / charges, withholding tax payable in INR. In the case of fixed rate loans, the swap cost plus spread should be equivalent of the floating rate plus the applicable spread.
1.2 The term ‘Close relative’ means a relative as defined under the Companies Act, 1956/2013:
|Act of 1956||Act of 2013|
U/s 6: MEANING OF “RELATIVE”
A person shall be deemed to be a relative of another, if, and only if,
(a) they are members of a Hindu undivided family ; or
(b) they are husband and wife ; or
(c) the one is related to the other in the manner indicated in Schedule IA.
U/s 2(77) ‘‘relative’’, with reference to any person, means anyone who is related to another, if—
(i) they are members of a Hindu Undivided Family;
(ii) they are husband and wife; or
(iii) one person is related to the other in such manner as may be prescribed.
|Schedule IA||As prescribed|
|Father||Father (including step-father)|
|Mother (including step-mother)||Mother (including step-mother)|
|Son (including step-son)||Son (including step-son)|
|Son’s wife||Son’s wife|
|Daughter (including step-daughter)||Daughter|
|Father’s father||Daughter’s husband|
|Father’s mother||Brother (including step-brothers)|
|Mother’s mother||Sister (including step-sister)|
|Son’s son’s wife||–|
|Son’s daughter’s husband||–|
|Daughter’s son’s wife||–|
|Daughter’s daughter’s husband||–|
|Brother (including step-brothers)||–|
|Sister (including step-sister)||–|
1.3 Unless the context requires otherwise, the terms ‘Authorised dealer’, ‘Authorised bank’, ‘Non-resident Indian (NRI)’, ‘Person of Indian origin (PIO)’, ‘NRE account’, ‘NRO account’, ‘NRNR account’1, ‘NRSR account’1, and ‘FCNR (B) account’ shall have the same meanings as assigned to them respectively in Foreign Exchange Management (Deposits) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated May 03, 2000.
1.4 The term ‘Designated Authorized Dealer Category I Bank’ is the bank branch which is designated by the ECB borrower for meeting the reporting requirements including obtention of the Loan Registration Number (LRN) from RBI, exercising the delegated powers under these guidelines and monitoring of ECB transactions.
1.5 The term ‘Foreign Currency Convertible Bonds’ (FCCBs) refers to foreign currency denominated instruments which are issued in accordance with the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 as amended from time to time.
1.6 The term ‘Foreign Currency Exchangeable Bonds’ (FCEBs) refers to foreign currency denominated instruments which are issued in accordance with the Issue of Foreign Currency Exchangeable Bonds Scheme, 2008.
1.7 The term ‘Foreign Equity Holder’ means (a) direct foreign equity holder with minimum 25% direct equity holding by the lender in the borrowing entity, (b) indirect equity holder with minimum indirect equity holding of 51%, and (c) group company with common overseas parent.
1.8 The term ‘Infrastructure Sector’ has the same meaning as given in the Harmonised Master List of Infrastructure sub-sectors approved by Government of India vide Notification F. No. 13/06/2009-INF dated March 27, 2012 as amended / updated from time to time.
1.9 The terms ‘Person Resident in India’ and ‘Person Resident outside India’ shall have the same meanings as assigned to them in Sections 2(v) and 2(w) of the Foreign Exchange Management Act, 1999 (FEMA).
1.10 The term ‘RFC account’ shall have the same meaning as referred to in the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000.
1.11 The term ‘Indian entity’ means a company or a body corporate or a firm in India.
1.12 The term ‘Joint Venture abroad’ means a foreign concern formed, registered or incorporated in a foreign country in accordance with the laws and regulations of that country and in which investment has been made by an Indian entity.
1.13 The term ‘Wholly owned subsidiary abroad’ means a foreign concern formed, registered or incorporated in a foreign country in accordance with the laws and regulations of that country and whose entire capital is owned by an Indian entity.
2. Framework for raising loans through External Commercial Borrowings
2.1 External Commercial Borrowings (ECB): ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities and should conform to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc. The parameters apply in totality and not on a standalone basis. The framework for raising loans through ECB (herein after referred to as the ECB Framework) comprises the following three tracks:
Track I : Medium term foreign currency denominated ECB with minimum average maturity of 3/5 years.
Track II : Long term foreign currency denominated ECB with minimum average maturity of 10 years.
Track III : Indian Rupee (INR) denominated ECB with minimum average maturity of 3/5 years.
2.2 Forms of ECB: The ECB Framework enables permitted resident entities to borrow from recognized non-resident entities in the following forms:
2.3 Available routes for raising ECB: Under the ECB framework, ECBs can be raised either under the automatic route or under the approval route. For the automatic route, the cases are examined by the Authorised Dealer Category-I (AD Category-I) banks. Under the approval route, the prospective borrowers are required to send their requests to the RBI through their ADs for examination. While the regulatory provisions are mostly similar, there are some differences in the form of amount of borrowing, eligibility of borrowers, permissible end-uses, etc. under the two routes. While the first six forms of borrowing, mentioned at 2.2 above, can be raised both under the automatic and approval routes, FCEBs can be issued only under the approval route.
2.4 Parameters for ECBs: Various parameters of raising loan under ECB framework are mentioned in the following sub-paragraphs.
2.4.1 Minimum Average Maturity Period: The minimum average maturities for the three tracks are set out as under:
|Track I||Track II||Track III|
|10 years irrespective of the amount.||Same as under Track I.|
2.4.2 Eligible Borrowers: The list of entities eligible to raise ECB under the three tracks is set out in the following table.
|Track I||Track II||Track III|
|Notes: 1. Entities engaged in micro-finance activities to be eligible to raise ECB: (i) should have a satisfactory borrowing relationship for at least three years with an AD Category I bank in India, and (ii) should have a certificate of due diligence on ‘fit and proper’ status from the AD Category I bank.|
2.4.3 Recognised Lenders/Investors: The list of recognized lenders / investors for the three tracks will be as follows:
|Track I||Track II||Track III|
|All entities listed under Track I but for overseas branches / subsidiaries of Indian banks.||All entities listed under Track I but for overseas branches / subsidiaries of Indian banks. In case of NBFCs-MFIs, other eligible MFIs, not for profit companies and NGOs, ECB can also be availed from overseas organisations3 and individuals4.|
Notes: 2. Overseas branches / subsidiaries of Indian banks can be lenders only under Track I. Further, their participation under this track is subject to the prudential norms issued by the Department of Banking Regulation, RBI. Indian banks are not permitted to participate in refinancing of existing ECBs.
2.4.4 All-in-Cost (AIC): The all-in-cost requirements for the three tracks will be as under:
|Track I||Track II||Track III|
|The all-in-cost should be in line with the market conditions.|
2.4.5 End-use prescriptions: The end-use prescriptions for ECB raised under the three tracks are given in the following table:
|Track I||Track II||Track III|
|1. The ECB proceeds can be used for all purposes excluding the following:|
2. Holding companies can also use ECB proceeds for providing loans to their infrastructure SPVs.
|NBFCs can use ECB proceeds only for:|
2. Developers of SEZs/ NMIZs can raise ECB only for providing infrastructure facilities within SEZ/ NMIZ.
3. NBFCs-MFI, other eligible MFIs, NGOs and not for profit companies registered under the Companies Act, 1956/2013 can raise ECB only for on-lending to self-help groups or for micro-credit or for bonafide micro finance activity including capacity building.
4. For other eligible entities under this track, the ECB proceeds can be used for all purposes excluding the following:
|Notes: 5. The respective conditions will be applicable for all three tracks.|
2.4.6 Individual Limits: The individual limits refer to the amount of ECB which can be raised in a financial year under the automatic route.
i. The individual limits of ECB that can be raised by eligible entities under the automatic route per financial year for all the three tracks are set out as under:
ii. ECB proposals beyond aforesaid limits will come under the approval route. For computation of individual limits under Track III, exchange rate prevailing on the date of agreement should be taken into account.
iii. In case the ECB is raised from direct equity holder, aforesaid individual ECB limits will also subject to ECB liability: equity ratio6 requirement. For ECB raised under the automatic route, the ECB liability of the borrower (including all outstanding ECBs and the proposed one) towards the foreign equity holder should not be more than four times of the equity contributed by the latter. For ECB raised under the approval route, this ratio should not be more than 7:1. This ratio will not be applicable if total of all ECBs raised by an entity is up to USD 5 million or equivalent.
Notes 6. For the purpose of ECB liability: equity ratio, the paid-up capital, free reserves (including the share premium received in foreign currency) as per the latest audited balance sheet can be reckoned for calculating the ‘equity’ of the foreign equity holder. Where there are more than one foreign equity holders in the borrowing company, the portion of the share premium in foreign currency brought in by the lender(s) concerned shall only be considered for calculating the ratio.
2.4.7 Currency of Borrowing: ECB can be raised in any freely convertible foreign currency as well as in Indian Rupees. Further details are given below:
i. In case of Rupee denominated ECB, the non-resident lender, other than foreign equity holders, should mobilise Indian Rupees through swaps/outright sale undertaken through an AD Category I bank in India.
ii. Change of currency of ECB from one convertible foreign currency to any other convertible foreign currency as well as to INR is freely permitted. Change of currency from INR to any foreign currency is, however, not permitted.
iii. Change of currency of ECB into INR can be at the exchange rate prevailing on the date of the agreement between the parties concerned for such change or at an exchange rate which is less than the rate prevailing on the date of agreement if consented to by the ECB lender.
2.5 Hedging Requirements: The entities raising ECB under the provisions of tracks I and II are required to follow the guidelines for hedging issued, if any, by the concerned sectoral or prudential regulator in respect of foreign currency exposure.
2.6 Security for raising ECB: AD Cat I banks are permitted to allow creation of charge on immovable assets, movable assets, financial securities and issue of corporate and/ or personal guarantees in favour of overseas lender / security trustee, to secure the ECB to be raised / raised by the borrower, subject to satisfying themselves that:
2.6.1 Additional conditions: Once aforesaid stipulations are met, the AD Category I bank may permit creation of charge on immovable assets, movable assets, financial securities and issue of corporate and / or personal guarantees, during the currency of the ECB with security co-terminating with underlying ECB, subject to the following:
184.108.40.206 Creation of Charge on Immovable Assets: The arrangement shall be subject to the following:
220.127.116.11 Creation of Charge on Movable Assets: In the event of enforcement/ invocation of the charge, the claim of the lender, whether the lender takes over the movable asset or otherwise, will be restricted to the outstanding claim against the ECB. Encumbered movable assets may also be taken out of the country subject to getting ‘No Objection Certificate’ from domestic lender/s, if any.
18.104.22.168 Creation of Charge over Financial Securities: The arrangements may be permitted subject to the following:
22.214.171.124 Issue of Corporate or Personal Guarantee: The arrangement shall be subject to the following:
2.7 Issuance of Guarantee, etc. by Indian banks and Financial Institutions: Issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort by Indian banks, All India Financial Institutions and NBFCs relating to ECB is not permitted. Further, financial intermediaries (viz. Indian banks, All India Financial Institutions, or NBFCs) shall not invest in FCCBs in any manner whatsoever.
2.8 Debt Equity Ratio: The borrowing entities will be governed by the guidelines on debt equity ratio issued, if any, by the sectoral or prudential regulator concerned.
2.9 Parking of ECB proceeds: ECB proceeds are permitted to be parked abroad as well as domestically in the manner given below:
2.9.1 Parking of ECB proceeds abroad: ECB proceeds meant only for foreign currency expenditure can be parked abroad pending utilization. Till utilisation, these funds can be invested in the following liquid assets (a) deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/ Fitch IBCA or Aa3 by Moody’s; (b) Treasury bills and other monetary instruments of one year maturity having minimum rating as indicated above and (c) deposits with overseas branches/ subsidiaries of Indian banks abroad.
2.9.2 Parking of ECB proceeds domestically: ECB proceeds meant for Rupee expenditure should be repatriated immediately for credit to their Rupee accounts with AD Category I banks in India. ECB borrowers are also allowed to park ECB proceeds in term deposits with AD Category I banks in India for a maximum period of 12 months. These term deposits should be kept in unencumbered position.
2.10 Conversion of ECB into equity: Conversion of ECB into equity is permitted subject to the following conditions:
2.10.1 Exchange rate for conversion of ECB dues into equity: For conversion of ECB dues into equity, the exchange rate prevailing on the date of the agreement between the parties concerned for such conversion or any lesser rate can be applied with a mutual agreement with the ECB lender. It may be noted that the fair value of the equity shares to be issued shall be worked out with reference to the date of conversion only.
2.11 Procedure of raising ECB: For approval route cases, the borrowers may approach the RBI with an application in prescribed format Form ECB for examination through their AD Category I bank. Such cases shall be considered keeping in view the overall guidelines, macroeconomic situation and merits of the specific proposals by an Empowered Committee set up by RBI. The Empowered Committee will have external as well as internal members. Entities desirous to raise ECB under the automatic route may approach an AD Category I bank with their proposal along with duly filled in Form 83. Formats of Form ECB and Form 83 are available at Annex I and II respectively of Part V of the Master Directions – Reporting under Foreign Exchange Management Act, 1999.
2.12 Reporting Requirements: Borrowings under ECB Framework are subject to reporting requirements in respect of the following:
2.12.1 Loan Registration Number (LRN): Any draw-down in respect of an ECB as well as payment of any fees / charges for raising an ECB should happen only after obtaining the LRN from RBI. To obtain the LRN, borrowers are required to submit duly certified Form 83, which also contains terms and conditions of the ECB, in duplicate to the designated AD Category I bank. In turn, the AD Category I bank will forward one copy to the Director, Balance of Payments Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, Bandra-Kurla Complex, Mumbai – 400 051. Copies of loan agreement for raising ECB are not required to be submitted to the Reserve Bank.
2.12.2 Changes in terms and conditions of ECB: Permitted changes in ECB parameters should be reported to the DSIM through revised Form 83 at the earliest, in any case not later than 7 days from the changes effected. While submitting revised Form 83 the changes should be specifically mentioned in the communication.
2.12.3 Reporting of actual transactions: The borrowers are required to report actual ECB transactions through ECB 2 Return through the AD Cat I bank on monthly basis so as to reach DSIM within seven working days from the close of month to which it relates. Changes, if any, in ECB parameters should also be incorporated in ECB 2 Return. Format of ECB 2 Return is available at Annex III of Part V of Master Directions – Reporting under Foreign Exchange Management Act.
2.12.4 Reporting on account of conversion of ECB into equity: In case of partial or full conversion of ECB into equity, the reporting to the RBI will be as under:
2.13 Foreign Currency Convertible Bonds (FCCBs): The issuance of FCCBs was brought under the ECB guidelines in August 2005. Issuance of FCCBs shall conform to the Foreign Direct Investment guidelines including sectoral cap. In addition to the requirements of (i) minimum maturity of 5 years, (ii) the call & put option, if any, shall not be exercisable prior to 5 years, (iii) issuance without any warrants attached, (iv) the issue related expenses not exceeding 4 per cent of issue size and in case of private placement, not exceeding 2 per cent of the issue size, etc. as required in terms of provisions contained in Regulation 21 of the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000 read with Schedule I to the Regulations, FCCBs are also subject to all the regulations which are applicable to ECBs.
2.14 Foreign Currency Exchangeable Bonds (FCEBs): FCEBs can be issued only under the approval route and shall have minimum maturity of 5 years. The bonds are exchangeable into equity share of another company, to be called the Offered Company, in any manner, either wholly, or partly or on the basis of any equity related warrants attached to debt instruments. Issuance of FCEBs shall conform to the provisions contained in Regulation 21 of the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000 read with Schedule IV to the Regulations which contain eligibilities in respect of the issuer, offered company, subscriber, permitted end-uses, etc. The all-in-cost of FCEBs should be within the ceiling specified by RBI for ECB.
2.15 Refinancing of ECB: Refinancing of existing ECB with fresh ECB is permitted provided the fresh ECB is raised at a lower all-in-cost and residual maturity is not reduced. Indian banks are not permitted to participate in refinancing of existing ECB.
2.16 Powers delegated to AD Category I banks to deal with ECB cases: The designated AD Category I banks can approve the following requests from the borrowers for changes in respect of ECBs:
i. Changes/Modifications in the Drawdown/Repayment Schedule: Designated AD Category I banks may approve changes / modifications (irrespective of the number of occasions) in the draw-down and repayment schedules of the ECB whether associated with change in the average maturity period or not and/ or with changes (increase/ decrease) in the all-in-cost.
ii. Changes in the Currency of Borrowing: Designated AD Category I banks may allow changes in the currency of borrowing of the ECB to any other freely convertible currency or to INR subject to compliance with other prescribed parameters. Change of currency of INR denominated ECB is not permitted.
iii. Change of the AD Category I bank: AD Category I bank can be changed subject to obtaining no objection certificate from the existing AD Cat I bank.
iv. Changes in the name of the Borrower Company: Designated AD Category I banks may allow changes in the name of the borrower company subject to production of supporting documents evidencing the change in the name from the Registrar of Companies/ appropriate authority.
v. Transfer of ECB: Designated AD Category I banks may allow the cases requiring transfer of the ECB from one company to another on account of re-organisation at the borrower’s level in the form of merger/ demerger/ amalgamation/ acquisition duly as per the applicable laws/ rules after satisfying themselves that the company acquiring the ECB is an eligible borrower.
vi. Change in the recognized lender: Designated ADs Cat I may approve the requests from the ECB borrowers for change in the recognized lender provided (a) the original lender as well as the new lender are recognised lender as per extant ECB guidelines and, (b) there is no change in the other terms and conditions of the ECB. If not, case has to be referred to the Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai.
vii. Change in the name of Lender: Designated AD Cat I banks may permit changes in the name of the lender of ECB after satisfying themselves with the bonafides of the transactions and ensuring that the ECB continues to be in compliance with applicable guidelines.
viii. Prepayment of ECB: Prepayment of ECB may be allowed by AD Category I banks subject to compliance with the stipulated minimum average maturity as applicable to the contracted loan under these guidelines.
ix. Cancellation of LRN: The designated AD Category I banks may directly approach DSIM for cancellation of LRN for ECBs contracted, subject to ensuring that no draw down against the said LRN has taken place and the monthly ECB-2 returns till date in respect of the allotted LRN have been submitted to DSIM.
x. Change in the end-use of ECB proceeds: The designated AD Category I banks may approve requests from ECB borrowers for change in end-use in respect of ECBs availed of under the automatic route, provided the proposed end-use is permissible under the automatic route as per the extant ECB guidelines7.
xi. Reduction in amount of ECB: Designated AD Category I banks may approve reduction in the amount of ECB (irrespective of the number of occasions) with or without any changes in draw-down and repayment schedules, average maturity period and all-in-cost duly ensuring compliance with the applicable ECB guidelines.
xii. Change in all-in-cost of ECB: The designated AD Category I banks may approve requests from ECB borrowers for changes (decrease/increase) in all-in-cost of the ECBs irrespective of the number of occasions subject to the applicable ECB norms for automatic route.
xiii. Refinancing of existing ECB: The designated AD Category I bank may allow refinancing of existing ECB by raising fresh ECB provided the outstanding maturity of the original borrowing is not reduced and all-in-cost of fresh ECB is lower than the existing ECB. Raising of fresh ECB to part refinance the existing ECB is also permitted subject to same conditions.
2.16.1 Additional Requirements: While permitting changes under the delegated powers, the AD Category I banks should ensure that:
Notes: 7. Changes in the end-use of ECBs raised under the approval route will continue to be referred to the Foreign Exchange Department, Central Office, Reserve Bank of India, Mumbai.
2.17 Borrowing by Entities under Investigation: All entities against which investigation / adjudication / appeal by the law enforcing agencies for violation of any of the provisions of the Regulations under FEMA pending, may raise ECBs as per the applicable norms, if they are otherwise eligible, notwithstanding the pending investigations / adjudications / appeals, without prejudice to the outcome of such investigations / adjudications / appeals. The borrowing entity shall inform about pendency of such investigation / adjudication / appeal to the AD Cat-I bank / RBI as the case may be. Accordingly, in case of all applications where the borrowing entity has indicated about the pending investigations / adjudications / appeals, the AD Cat I Banks / Reserve Bank while approving the proposal shall intimate the agencies concerned by endorsing a copy of the approval letter.
2.18 ECB by entities under Joint Lender Forum (JLF) or Corporate Debt Restructuring (CDR): An entity which is under Joint Lender Forum (JLF) / Corporate Debt Restructuring (CDR) can raise ECB only with explicit permission of the JLF / CDR Empowered Committee.
2.19 Dissemination of information: For providing greater transparency, information with regard to the name of the borrower, amount, purpose and maturity of ECB under both Automatic and Approval routes are put on the RBI’s website, on a monthly basis, with a lag of one month to which it relates.
2.20 Compliance with the guidelines: The primary responsibility for ensuring that the borrowing is in compliance with the applicable guidelines is that of the borrower concerned. Any contravention of the applicable provisions of ECB guidelines will invite penal action under the FEMA. The designated AD Category I bank is also expected to ensure compliance with applicable ECB guidelines by their constituents.
2.21 ECB raised under the erstwhile USD 5 million Scheme: Designated AD Category I banks are permitted to approve elongation of repayment period for loans raised under the erstwhile USD 5 Million Scheme, provided there is a consent letter from the overseas lender for such reschedulement and the reshedulement is without any additional cost. Such approval with existing and revised repayment schedule along with the Loan Key/Loan Registration Number should be initially communicated to the Principal Chief General Manager, Foreign Exchange Department, ECB Division, Reserve Bank of India, Central Office, Mumbai within seven days of approval and subsequently in ECB 2 Return.
2.22 ECB arrangements prior to December 02, 2015: Entities raising ECB under the framework in force prior to December 02, 2015 can raise the said loans by March 31, 2016 provided the agreement in respect of the loan is already signed by the date the new framework comes into effect. It is clarified that all ECB loan agreements entered into before December 02, 2015 may continue with the disbursement schedules as already provided in the loan agreements without requiring any further consent from the RBI or any AD Category I bank. For raising of ECB under the following carve outs, the borrowers will, however, have time up to March 31, 2016 to sign the loan agreement and obtain the LRN from the Reserve Bank by this date:
2.22.1 ECB facility for Carve Outs: More information about the ECB facility for carve outs listed above at 2.22 is as under:
126.96.36.199 ECB facility for working capital by airlines companies: Airline companies registered under the Companies Act, 1956 and possessing scheduled operator permit license from DGCA for passenger transportation are eligible to raise ECB. Such ECBs will be allowed based on the cash flow, foreign exchange earnings and the capability to service the debt. The ECBs can be raised with a minimum average maturity period of three years and will be subject to the following terms and conditions:
188.8.131.52 ECB facility for consistent foreign exchange earners under the USD 10 billion Scheme: Indian companies in the manufacturing, infrastructure sector and hotel sector (with a total project cost of INR 250 crore or more irrespective of geographical location for hotel sector), can raise ECBs for repayment of outstanding Rupee loans availed of for capital expenditure from the domestic banking system and/ or fresh Rupee capital expenditure subject to the following terms and conditions:
184.108.40.206 ECB facility for low cost affordable housing projects: The terms and conditions for the ECB facility for low cost affordable housing projects are as under:
3. Framework for issuance of Rupee denominated bonds overseas
3.1 Form of borrowing: The framework for issuance of Rupee denominated bonds overseas enables eligible resident entities to issue only plain vanilla Rupee denominated bonds issued overseas in a Financial Action Task Force (FATF) compliant financial centres. The bonds can be either placed privately or listed on exchanges as per host country regulations.
3.2 Available routes and limits of borrowing: Eligible entities can issue Rupee denominated bonds overseas both under the automatic route and the approval route. Under the automatic route, the amount of borrowing will be up to USD 750 million equivalent per financial year. Cases beyond this limit will require prior approval of the Reserve Bank under the approval route.
3.3 Parameters of borrowing by issuance of Rupee denominated bonds: Various parameters for raising loan under the Framework for issuance of Rupee denominated bonds overseas are given below:
3.3.1 Minimum Maturity: The bonds shall have minimum maturity of 5 years. The call and put option, if any, shall not be exercisable prior to completion of minimum maturity.
3.3.2 Eligible borrowers: Any corporate or body corporate is eligible to issue such bonds. REITs and INVITs coming under the regulatory framework of the SEBI are also eligible.
3.3.3 Recognised Investors: Any investor from a FATF compliant jurisdiction can invest in the bonds issued under the Framework. Indian banks shall not have access to these bonds but, subject to applicable prudential norms, can act as arranger and underwriter. In case of an Indian bank underwriting an issue, its holding cannot be more than 5 per cent of the issue size after 6 months of issue.
3.3.4 All-in-Cost: The all-in-cost of borrowing by issuance of Rupee denominated bonds should be commensurate with prevailing market conditions.
3.3.5 End-use Prescriptions: The proceeds of the borrowing can be used for all purposes except for the following:
3.3.6 Exchange Rate for conversion: The exchange rate for foreign currency – Rupee conversion shall be the market rate on the date of settlement for the purpose of transactions undertaken for issue and servicing of the bonds
3.3.7 Hedging: The overseas investors are eligible to hedge their exposure in Rupee through permitted derivative products with AD Category I banks in India. The investors can also access the domestic market through branches / subsidiaries of Indian banks abroad or branches of foreign banks with Indian presence on a back to back basis.
3.3.8 Leverage Ratio: The borrowing by financial institutions under the Framework shall be subject to the leverage ratio prescribed, if any, by the sectoral regulator as per the prudential norms.
3.3.9 Other provisions: Other provisions of ECB framework given under paragraph 2 above, regarding reporting, obtaining LRN, parking of proceeds, security / guarantee for the borrowings, conversion into equity, corporates under investigation, etc. will be applicable for borrowing under the Framework of issuance of Rupee denominated bonds overseas.
4. Routing of funds raised abroad to India: It may be noted that:
5. Raising of loans as Trade Credit
5.1 Trade Credit: Trade Credits refer to the credits extended by the overseas supplier, bank and financial institution for maturity up to five years for imports into India. Depending on the source of finance, such trade credits include suppliers’ credit or buyers’ credit. Suppliers’ credit relates to the credit for imports into India extended by the overseas supplier, while buyers’ credit refers to loans for payment of imports into India arranged by the importer from overseas bank or financial institution. Imports should be as permissible under the extant Foreign Trade Policy of the Director General of Foreign Trade (DGFT).
5.2 Routes and Amount of Trade Credit: The available routes of raising Trade Credit are mentioned below:
5.2.1 Automatic Route: ADs are permitted to approve trade credit for import of non-capital and capital goods up to USD 20 million or equivalent per import transaction.
5.2.2 Approval Route: The proposals involving trade credit for import of non-capital and capital goods beyond USD 20 million or equivalent per import transaction are considered by the RBI.
5.3 Maturity prescription: Maturity prescriptions for trade credit are same under the automatic and approval routes. While for the non-capital goods, the maturity period is up to one year from the date of shipment or the operating cycle whichever is less, for capital goods, the maturity period is up to five year from the date of shipment. For trade credit up to five years, the ab-initio contract period should be 6 (six) months. No roll-over/extension will be permitted beyond the permissible period.
5.4 Cost of raising Trade Credit: The all-in-cost ceiling for raising Trade Credit is 350 basis points over 6 months LIBOR (for the respective currency of credit or applicable benchmark). The all-in-cost include arranger fee, upfront fee, management fee, handling/ processing charges, out of pocket and legal expenses, if any.
5.5 Guarantee for Trade Credit: AD Category I banks are permitted to issue guarantee/ Letters of Undertaking /Letters of Comfort in favour of overseas supplier, bank or financial institution up to USD 20 million per import transaction for a maximum period up to one year in case of import of non-capital goods (except gold, palladium, platinum, rhodium, silver, etc). For import of capital goods, the period of guarantee/ Letters of Credit/ Letters of Undertaking by AD can be for a maximum period up to three years. The period is reckoned from the date of shipment and the guarantee period should be co-terminus with the period of credit. Further, issuance of guarantees will be subject to prudential guidelines issued by the RBI from time to time.
5.6 Reporting requirements: Trade Credit transactions are subject to the following reporting requirements:
5.6.1 Monthly reporting: AD Category I banks are required to furnish details of approvals, drawal, utilisation, and repayment of Trade Credit approved by all its branches, in a consolidated statement, during a month, in form TC to the Director, Division of International Trade and Finance, Department of Economic Policy and Research, RBI, Central Office, Fort, Mumbai – 400 001 (and in MS-Excel file through email) so as to reach not later than 10th of the following month. Each trade credit may be given a unique identification number by the AD bank. Format of Form TC is available at Annex IV of Part V of Master Directions – Reporting under Foreign Exchange Management Act.
5.6.2. Quarterly reporting: AD Category I banks are also required to furnish data on issuance of guarantees / Letters of Undertaking / Letter of Comfort by all its branches, in a consolidated statement, at quarterly intervals to the Foreign Exchange Department, External Commercial Borrowings Division, Reserve Bank of India, Central Office, 11th floor, Fort, Mumbai – 400 001 (and in MS-Excel file through email) so as to reach the Department not later than 10th of the following month. Format of this statement is available at Annex V of Part V of Master Directions – Reporting under Foreign Exchange Management Act.
6. Borrowing and Lending in foreign currency by an Authorised Dealer
6.1 Borrowing in foreign currency by an Authorised Dealer: An authorised dealer in India may borrow in foreign currency in the circumstances and subject to the conditions mentioned below:
6.2 Lending in foreign currency by an Authorised Dealer: An authorised dealer in India or his branch outside India may lend in foreign currency in the circumstances and subject to the conditions mentioned below:
7. Borrowing and Lending in Foreign currency by persons other than authorised dealer
7.1 Borrowing in foreign currency by persons other than an authorised dealer: The circumstances and the conditions regarding borrowing in foreign currency by persons other than an authorised dealer are mentioned below:
i. For execution of projects outside India and for exports on deferred payment terms: A person resident in India may borrow, whether by way of loan or overdraft or any other credit facility, from a bank situated outside India, for execution outside India of a turnkey project or civil construction contract or in connection with exports on deferred payment terms, provided the terms and conditions stipulated by the authority which has granted the approval to the project or contract or export is in accordance with the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000.
ii. For imports: An importer in India may, for import of goods into India, avail of foreign currency credit for a period not exceeding six months extended by the overseas supplier of goods, provided the import is in compliance with the Export Import Policy of the Government of India in force.
iii. Borrowing by resident individual: An individual resident in India may borrow a sum not exceeding US$ 250,000/- or its equivalent from his close relative outside India, subject to the conditions that:
7.2 Lending in foreign currency by persons other than an authorised dealer: The circumstances and the conditions regarding lending in foreign currency by persons other than an authorised dealer are mentioned below:
8. Structured Obligations
8.1 Non-resident guarantee for domestic fund based and non-fund based facilities: Borrowing and lending in Indian Rupees between two residents does not attract any provisions of the Foreign Exchange Management Act, 1999. In cases where a Rupee facility which is either fund based or non-fund based (such as letter of credit / guarantee / letter of undertaking / letter of comfort) or is in the form of derivative contract by residents that are subsidiaries of multinational companies, is guaranteed by a non-resident (non resident group entity in case of derivative contracts), there is no transaction involving foreign exchange until the guarantee is invoked and the non-resident guarantor is required to meet the liability under the guarantee. The arrangements shall be with the following terms:
8.2 Facility of Credit Enhancement: The facility of credit enhancement by eligible non-resident entities (viz. Multilateral financial institutions (such as, IFC, ADB, etc.) / regional financial institutions and Government owned (either wholly or partially) financial institutions, direct/ indirect equity holder) to domestic debt raised through issue of capital market instruments, such as Rupee denominated bonds and debentures, is available to all borrowers eligible to raise ECB under automatic route subject to the following conditions:
List of notifications/ circulars which have been consolidated in this Master Direction
|1||FEMA.3/2000-RB||May 03, 2000|
|2||FEMA.60/2002-RB||April 29, 2002|
|3||FEMA.75/2002-RB||November 01, 2002|
|4||FEMA.80/2003-RB||January 08, 2003|
|5||FEMA.82/2003-RB||January 10, 2003|
|6||FEMA.112/2004-RB||March 06, 2004|
|7||FEMA.126/2004-RB||December 13, 2004|
|8||FEMA.127/2005-RB||January 5, 2005|
|9||FEMA 142/2005-RB||December 6, 2005|
|10||FEMA 157/2007-RB||August 30, 2007|
|11||FEMA.182/2009-RB||January 13, 2009|
|12||FEMA.194/2009-RB||June 17, 2009|
|13||FEMA.197/2009-RB||September 22, 2009|
|14||FEMA.232/2012-RB||May 30, 2012|
|15||FEMA.245/2012-RB||November 12, 2012|
|16||FEMA.246/2012-RB||November 27, 2012|
|17||FEMA.250/2012-RB||December 06, 2012|
|18||FEMA.256/2013-RB||February 6, 2013|
|19||FEMA.270/2013-RB||March 19, 2013|
|20||FEMA.281/2013-RB||July 19, 2013|
|21||FEMA.286/2013-RB||September 5, 2013|
|22||FEMA.288/2013-RB||September 26, 2013|
|23||FEMA.358/2015-RB||December 02, 2015|
|24||FEMA.8/2000-RB||May 03, 2000|
|25||FEMA.129/2005-RB||January 20, 2005|
|26||FEMA.206/2012-RB||June 01, 2010|
|27||FEMA.251/2012-RB||December 06, 2012|
|28||FEMA.269/2013-RB||March 11, 2013|
|29||FEMA.120/2004-RB||July 07, 2004|
|30||FEMA.188/2009-RB||February 03, 2009|
|31||FEMA.231/2012-RB||May 30, 2012|
|32||FEMA.359/2015-RB||December 02, 2015|
|1||A.D. (MA) 11||May 16, 2000|
|2||A.P.(DIR Series) Circular No.41||April 29, 2002|
|3||A.P.(DIR Series) Circular No.29||October 18, 2003|
|4||A.P.(DIR Series) Circular No.60||January 31, 2004|
|5||A.P.(DIR Series) Circular No.75||February 23, 2004|
|6||A.P.(DIR Series) Circular No.82||April 1, 2004|
|7||A.P.(DIR Series) Circular No.87||April 17, 2004|
|8||A.P.(DIR Series) Circular No.15||October 1, 2004|
|9||A.P.(DIR Series) Circular No.24||November 1, 2004|
|10||A.P.(DIR Series) Circular No.40||April 25, 2005|
|11||A.P.(DIR Series) Circular No.5||August 1, 2005|
|12||A.P.(DIR Series) Circular No.15||November 4, 2005|
|13||A.P.(DIR Series) Circular No.23||January 23, 2006|
|14||A.P.(DIR Series) Circular No.34||May 12, 2006|
|15||A.P.(DIR Series) Circular No.17||December 4, 2006|
|16||A.P.(DIR Series) Circular No.44||April 30, 2007|
|17||A.P.(DIR Series) Circular No.60||May 21, 2007|
|18||A.P.(DIR Series) Circular No.04||August 7, 2007|
|19||A.P.(DIR Series) Circular No.10||September 26, 2007|
|20||A.P.(DIR Series) Circular No.42||May 28, 2008|
|21||A.P.(DIR Series) Circular No.43||May 29, 2008|
|22||A.P.(DIR Series) Circular No.46||June 2, 2008|
|23||A.P.(DIR Series) Circular No.1||July 11, 2008|
|24||A.P.(DIR Series) Circular No.16||September 22, 2008|
|25||A.P.(DIR Series) Circular No.17||September 23, 2008|
|26||A.P.(DIR Series) Circular No.20||October 8, 2008|
|27||A.P.(DIR Series) Circular No.26||October 22, 2008|
|28||A.P.(DIR Series) Circular No.27||October 27, 2008|
|29||A.P.(DIR Series) Circular No.39||December 8, 2008|
|30||A.P.(DIR Series) Circular No.46||January 2, 2009|
|31||A.P.(DIR Series) Circular No.58||March 13, 2009|
|32||A.P.(DIR Series) Circular No.64||April 28, 2009|
|33||A.P.(DIR Series) Circular No.65||April 28, 2009|
|34||A.P.(DIR Series) Circular No.71||June 30, 2009|
|35||A.P.(DIR Series) Circular No.19||December 9, 2009|
|36||A.P.(DIR Series) Circular No.28||January 25, 2010|
|37||A.P.(DIR Series) Circular No.33||February 9, 2010|
|38||A.P.(DIR Series) Circular No.38||March 2, 2010|
|39||A.P.(DIR Series) Circular No.39||March 2, 2010|
|40||A.P.(DIR Series) Circular No.40||March 2, 2010|
|41||A.P.(DIR Series) Circular No.44||March 29, 2010|
|42||A.P.(DIR Series) Circular No.51||May 12, 2010|
|43||A.P.(DIR Series) Circular No.04||July 22, 2010|
|44||A.P.(DIR Series) Circular No.08||August 12, 2010|
|45||A.P.(DIR Series) Circular No.01||July 04, 2011|
|46||A.P.(DIR Series) Circular No.11||September 07, 2011|
|47||A.P.(DIR Series) Circular No.25||September 23, 2011|
|48||A.P.(DIR Series) Circular No.26||September 23, 2011|
|49||A.P.(DIR Series) Circular No.27||September 23, 2011|
|50||A.P.(DIR Series) Circular No.28||September 26, 2011|
|51||A.P.(DIR Series) Circular No.29||September 26, 2011|
|52||A.P.(DIR Series) Circular No.30||September 27, 2011|
|53||A.P.(DIR Series) Circular No.44||November 15, 2011|
|54||A.P.(DIR Series) Circular No.51||November 23, 2011|
|55||A.P.(DIR Series) Circular No.52||November 23, 2011|
|56||A.P.(DIR Series) Circular No.59||December 19, 2011|
|57||A.P.(DIR Series) Circular No.64||January 05, 2012|
|58||A.P.(DIR Series) Circular No.69||January 25, 2012|
|59||A.P.(DIR Series) Circular No.70||January 25, 2012|
|60||A.P.(DIR Series) Circular No.75||February 07, 2012|
|61||A.P.(DIR Series) Circular No.85||February 29, 2012|
|62||A.P.(DIR Series) Circular No.99||March 30, 2012|
|63||A.P.(DIR Series) Circular No.100||March 30, 2012|
|64||A.P.(DIR Series) Circular No.111||April 20, 2012|
|65||A.P.(DIR Series) Circular No.112||April 20, 2012|
|66||A.P.(DIR Series) Circular No.113||April 24, 2012|
|67||A.P.(DIR Series) Circular No.119||May 07, 2012|
|68||A.P.(DIR Series) Circular No.134||June 25, 2012|
|69||A.P.(DIR Series) Circular No.136||June 26, 2012|
|70||A.P.(DIR Series) Circular No. 1||July 5, 2012|
|71||A.P.(DIR Series) Circular No. 20||August 29, 2012|
|72||A.P.(DIR Series) Circular No.26||September 11, 2012|
|73||A.P.(DIR Series) Circular No.27||September 11, 2012|
|74||A.P.(DIR Series) Circular No.28||September 11, 2012|
|75||A.P.(DIR Series) Circular No.39||October 9, 2012|
|76||A.P.(DIR Series) Circular No.40||October 9, 2012|
|77||A.P.(DIR Series) Circular No.48||November 6, 2012|
|78||A.P.(DIR Series) Circular No.54||November 26, 2012|
|79||A.P.(DIR Series) Circular No.58||December 14, 2012|
|80||A.P.(DIR Series) Circular No.59||December 14, 2012|
|81||A.P.(DIR Series) Circular No.60||December 14, 2012|
|81||A.P.(DIR Series) Circular No.61||December 17, 2012|
|83||A.P.(DIR Series) Circular No.63||December 20, 2012|
|84||A.P.(DIR Series) Circular No.69||January 7, 2013|
|85||A.P.(DIR Series) Circular No.78||January 21, 2013|
|86||A.P.(DIR Series) Circular No.87||March 5, 2013|
|87||A.P.(DIR Series) Circular No.98||April 9, 2013|
|88||A.P.(DIR Series) Circular No.113||June 24, 2013|
|89||A.P.(DIR Series) Circular No.114||June 25, 2013|
|90||A.P.(DIR Series) Circular No.115||June 25, 2013|
|91||A.P.(DIR Series) Circular No.116||June 25, 2013|
|92||A.P.(DIR Series) Circular No.117||June 25, 2013|
|93||A.P.(DIR Series) Circular No.119||June 26, 2013|
|94||A.P.(DIR Series) Circular No.120||June 26, 2013|
|95||A.P.(DIR Series) Circular No.6||July 8, 2013|
|96||A.P.(DIR Series) Circular No.9||July 11, 2013|
|97||A.P.(DIR Series) Circular No.10||July 11, 2013|
|98||A.P.(DIR Series) Circular No.11||July 11, 2013|
|99||A.P.(DIR Series) Circular No.12||July 15, 2013|
|100||A.P.(DIR Series) Circular No.31||September 04, 2013|
|101||A.P.(DIR Series) Circular No.48||September 18, 2013|
|102||A.P.(DIR Series) Circular No. 53||September 24, 2013|
|103||A.P.(DIR Series) Circular No. 56||September 30, 2013|
|104||A.P.(DIR Series) Circular No. 57||September 30, 2013|
|105||A.P.(DIR Series) Circular No.58||September 30, 2013|
|106||A.P.(DIR Series) Circular No.59||September 30, 2013|
|107||A.P.(DIR Series) Circular No.78||December 03, 2013|
|108||A.P.(DIR Series) Circular No.85||January 06, 2014|
|109||A.P.(DIR Series) Circular No.94||January 16, 2014|
|110||A.P.(DIR Series) Circular No.105||February 17, 2014|
|111||A.P.(DIR Series) Circular No.113||March 26, 2014|
|112||A.P.(DIR Series) Circular No.121||April 10, 2014|
|113||A.P.(DIR Series) Circular No.122||April 10, 2014|
|114||A.P.(DIR Series) Circular No.128||May 09, 2014|
|115||A.P.(DIR Series) Circular No.129||May 09, 2014|
|116||A.P.(DIR Series) Circular No.130||May 16, 2014|
|117||A.P.(DIR Series) Circular No.16||July 28, 2014|
|118||A.P.(DIR Series) Circular No.17||July 28, 2014|
|119||A.P.(DIR Series) Circular No.21||August 27, 2014|
|120||A.P.(DIR Series) Circular No.25||September 03, 2014|
|121||A.P.(DIR Series) Circular No.39||November 21, 2014|
|122||A.P.(DIR Series) Circular No.41||November 25, 2014|
|123||A.P.(DIR Series) Circular No.55||January 01, 2015|
|124||A.P.(DIR Series) Circular No.56||January 06, 2015|
|125||A.P.(DIR Series) Circular No.64||January 23, 2015|
|126||A.P.(DIR Series) Circular No.108||June 11, 2015|
|127||A.P.(DIR Series) Circular No.109||June 11, 2015|
|128||A.P.(DIR Series) Circular No.13||September 10, 2015|
|129||A.P.(DIR Series) Circular No.17||September 29, 2015|
|130||A.P.(DIR Series) Circular No.32||November 30, 2015|