RBI has extended the scheme of raising ECB for working capital for civil aviation (subject to conditions stipulated), till March 31, 2016. Earlier RBI vide A.P. (DIR Series) Circular No. 113 dated April 24, 2012 has mentioned that subject to the conditions stipulated in the said Circular, ECB can be raised by airline companies for working capital as a permissible enduse, under the approval route. The scheme was extended initially till December 31, 2013 and thereafter till March 31, 2015.
Link: -
https://www.rbi.org.in/scripts/BS_Circula rIndexDisplay.aspx?Id=9782
[Source: A.P. (DIR Series) Circular No.109 dated June 11, 2015]
Originally published on Lexology, August 18 2015© 2015, Vaish Associates, Advocates,
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