Part refinancing of existing ECB :

Raising fresh ECB for part refinance is permissible provided that:

(1) there is no reduction in residual maturity of the ECB and

(2) fresh ECB has lower all-in-cost.

Further, refinancing of ECBs raised under the provisions ECB framework may also be permitted, subject to additionally ensuring that the borrower is eligible to raise ECB under the extant framework.