External Commercial Borrowings (ECB) framework
Foreign-currency or INR-denominated borrowings by eligible Indian entities, under tenor / pricing / end-use restrictions per RBI Master Direction.
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Capital account: alters assets/liabilities of resident outside India (FDI, ODI, ECB, NRI deposits). Current account: rest (trade, services, dividends, salaries).
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FC-GPR: report receipt of FDI and allotment within 30 days. FC-TRS: report transfer of shares between resident and non-resident within 60 days.
Automatic Route vs Approval Route for FDI
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Voluntary admission of contravention; compounded by RBI/Directorate of Enforcement; no criminal prosecution post-compounding; quantum based on Master Direction matrix.