"...it has now been decided to consider applications from the corporates in the hotel, hospital and software sectors to avail of ECB beyond USD 100 million under the approval route, for foreign currency or rupee capital expenditure for permissible end-uses," RBI said in a notification.
At present, entities in the services sector -- hotels, hospitals and software -- are allowed to avail of external commercial borrowing (ECB) up to USD 100 million per financial year under the automatic route.
It, however, said that the proceeds of the ECB should not be used for acquisition of land, adding that the modifications to the ECB guidelines will come into force with immediate effect.
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