Corporate Updates – 22-05-2015


RBI has allowed the recognised non-resident *ECB lenders to extend loans in
Indian Rupees
<> *subject
to, *inter alia*, the lender mobilising Indian Rupees through a swap
undertaken with an AD Cat-I bank in India. To facilitate ECB lending
denominated in INR by overseas lenders, it has now been decided that such
lenders may enter into swap transactions with their overseas bank which
shall, in turn, enter into a back-to-back swap transaction with any AD
Cat-I bank in India. The continuation of the swap shall be subject to the
existence of the underlying ECB at all times and on the due date,
settlement may be done through the Vostro account of the overseas bank
maintained with its counterparty bank in India.


The Department of Industrial Policy and Promotion (DIPP) has taken up a
series of measures to improve *Ease of Doing Business in India
<>*. The
emphasis has been on simplification and rationalization of the existing
rules and introduction of information technology to make governance more
efficient and effective. To provide the best of the facilities of doing
business in India, procedural aspect relating to registration and licensing
is now cut short to the extent of filing of an application and multiple
routine compliance have been merged together to save the time and energy.

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