RBI had released “Liberalisation of Forex Flows” dated July 06, 2022 whereby AD Cat-I banks could utilise the funds raised from overseas foreign currency between July 08, 2022 amp; October 31, 2022 for lending in foreign currency to constituents in India. Now RBI has clarified that such lending shall be subject to the end-use prescriptions as applicable to External Commercial Borrowings. This facility will be available till the maturity / repayment of the overseas foreign currency borrowings.RBI had released “Liberalisation of Forex Flows” dated July 06, 2022 whereby AD Cat-I banks could utilise the funds raised from overseas foreign currency between July 08, 2022 amp; October 31, 2022 for lending in foreign currency to constituents in India. Now RBI has clarified that such lending shall be subject to the end-use prescriptions as applicable to External Commercial Borrowings. This facility will be available till the maturity / repayment of the overseas foreign currency borrowings.taxmann.com Latest Statutory HappeningsRead More
