Transitional Provisions

The new framework will : come into force from the date of publication in the Official Gazette, of the relative regulations issued under FEMA. The same will be reviewed after one year, based on experience and evolving macro-economic situation.

ECB can be raised under existing framework up to 31 March 2016, provided the loan agreement is signed before the commencement of the revised framework.

Further, in following cases, ECB can be raised under existing framework, provided loan agreement is signed and LRN is obtained by 31 March 2016:

• ECB for working capital by airline companies

• ECB for consistent foreign exchange earners under USD 10 billion Scheme.