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REFINANCING THE EXISTING FOREIGN CURRENCY LOAN
Refinancing of outstanding amounts under existing loans by raising fresh loans at lower costs may also
be permitted on a case-to-case basis, subject to the condition that the outstanding maturity of the original
loan is maintained. Rolling over of ECB will not be permitted.
A corporate borrowing overseas for financing its Rupee-related expenditure and swapping its external
commercial borrowings with another corporate, which requires foreign currency funds, will not be
permitted.
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