ECB 1

[Paragraph 7 B.2]

Application for permission under Foreign Exchange Regulation Act, 1973 to raise foreign currency loan/credit or to import goods on deferred payment terms/Financial Lease (other than short-term loan/credit)

Instructions:

1.The application should be completed in duplicate and submitted through an authorised dealer to the Office of Reserve Bank within whose jurisdiction the applicant company has its Registered Office.

2.Do not leave any column blank. Furnish complete particulars against each item. Where any particular item is not applicable write "N.A." against it. Firms/Companies obtaining sub-loans through IFCI/ICICI/IDBI should not complete this form but approach the concerned financial institution direct.

3.Before forwarding the application to Reserve Bank, the authorised dealer must properly scrutinise all the related original documents and ensure that the application is complete in all respects and strictly in order as per rules.

4.Application for permission to issue bank guarantee or letter of credit in favour of foreign banks should be submitted to Reserve Bank simultaneously with the proposal for foreign currency loan/credit together with a copy of the draft guarantee and other relevant documents.

5.If space is not sufficient for giving full information/particulars against any item, a separate sheet may be attached to the application and serially numbered as Annexure.Documentation:

6.Please submit certified copies of the following documents, as applicable:

(i)Copy of contract/agreement for the proposed foreign currency loan/credit/financial lease.
(ii)Governments letter approving the terms of the loan/credit. or

Reserve Bank letter approving Financial Lease.