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APPROVAL UNDER FERA
After receiving the approval from ECB Division, Department of Economic Affairs, Ministry of Finance, the
applicant is required to obtain approval from the Reserve Bank of India under the Foreign Exchange
Regulation Act, 1973, and to submit an executed copy of the Loan Agreement to this Department for
taking the same on record, before obtaining the clearance from RBI for drawing the loan. Monitoring of
end-use of ECB will continue to be done by RBI.
At present, ECB approvals under USD 3 million scheme (enhanced to US 5 million) is given by RBI and
all other ECB proposals are processed in DEA. As a measure of further simplification and
rationalisation, Government has decided to delegate the ECB sanctioning power to RBI up to USD 10 million under all
the ECB schemes except structured obligation which is at present being administered by
DEA.
Accordingly, applications for approval upto USD 10 million will be considered by the Exchange Control
Department of RBI, Mumbai.
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