Corporate Updates – 25-11-2014


The Ministry of Commerce & Industry, Department of Commerce, SEZ Division has instructed Development Commissioners, that they should not insist on fresh application for authorized services already approved by UAC and reiterated that directions issued vide instruction No. 79 dated 19.11.2013 may be followed. Ministry has approved list of 66 services which may be permitted by all UACs as default authorised services.


RBI with a view to providing greater flexibility to the ECB borrowers has issued circular relating to parking of proceeds of External Commercial Borrowings (ECB). AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Category- I banks in India for a maximum period of six months pending utilisation for permitted end uses subject to certain conditions. The amended ECB policy will come into force with immediate effect and is subject to review. All other aspects of ECB policy would remain unchanged.

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