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(A) External commercial loans are to be utilised for import of capital goods and services (on FOB or CIF basis) and for project related expenditure in all sectors

(B) Corporate borrowers will be permitted to raise ECB to acquire ships/vessels from Indian shipyards.

(C) Under no circumstances, ECB proceeds will be utilised for 
(i) Investment in stock market; and
(ii) Speculation in real estate.

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