19th February 2019
India-based MGI Asia member Kamdar Desai & Patel Chartered Accountants, has published a whitepaper entitled “External Commercial Borrowings (ESB) for Indian subsidiaries of foreign companies – Now simplified”.
The Government of India has decided to rationalize the External Commercial Borrowings (ECB) framework for facilitating borrowings in India.
The relevant provisions, with respect to borrowings for Indian Companies from its parent companies, are outlined in this latest whitepaper with all the relevant changes being set out as follows:
1. Eligible Lender
2. Eligible Borrower
3. Limits of borrowing
4. Forms of ECB
5. Minimum Maturity Period
6. Equity-Liability ratio
8. End-use restrictions
9. Reporting requirements
Kamdar Desai & Patel Chartered Accountants hope that this whitepaper is beneficial and provides a useful summary of the External Commercial Borrowings (ECB) framework.
Download the full paper HERE.
Kamdar Desai & Patel Chartered Accountants is a member of MGI Asia, which is part of MGI Worldwide accounting association and is located in Mumbai, India. Set up in 1955 and lead by senior partner Mr. Anil Kamdar, the firm is committed to the highest standards of technical knowledge in the areas of Foreign Exchange Laws, Income Tax and Corporate Laws.
For further details please visit Kamdar Desai & Patel Chartered Accountants’ member profile page HERE or visit their website HERE.
MGI Asia is part of MGI Worldwide, a top 20 ranked international accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.