New Delhi, Oct 15: Finance Ministry today said that it has not taken any decision to relax External Commercial Borrowings by corporates beyond the existing limit of 100 million dollar. "No decision has been taken to relax ECB norms for the time being in the face of surging foreign exchange reserve and low interest rate," finance secretary D C Gupta said here.
The ECB policy is reviewed every three months and the high level committee comprising top officials from Finance Ministry and RBI met for this purpose yesterday.
Government usually discourages ECB by corporates beyond 100 million dollar.
However, ICICI Bank was allowed to raise 300 million dollar abroad as part of debt restructuring package for the ailing steel industry. Bureau Report