Format of ECB Certification

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Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2011 Dear Sir,
One of my client has availed External commercial Borrowing. Kindly send me format of Certificate to be issued by Chartered Accountants. Also, can company park the same amount in FD till the project is start or Utilisation of ECB?
Regards

rvsekar2000

rvsekar2000 (Expert)
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28 June 2011 Hello,

Parking of ECB proceeds

Borrowers are permitted to either keep ECB proceeds abroad or to remit these funds to India, pending utilization for permissible end-uses.

ECB proceeds parked overseas can be invested in the following liquid assets (a) deposits or Certificate of Deposit or other products offered by banks rated not less than AA (-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s (b) Treasury bills and other monetary instruments of one year maturity having minimum rating as indicated above, and (c) deposits with overseas branches / subsidiaries of Indian banks abroad. The funds should be invested in such a way that the investments can be liquidated as and when funds are required by the borrower in India.

You may visit the following link to have more idea :

http://rvseckarfema.blogspot.com/2010/10/ecb-norms-violation-rs-125-crores-was.html

R.V.Seckar

Pl do visit my blogs :

http://www.rvseckarcompanylaw.blogspot.com/

http://rvseckarfema.blogspot.com/

http://rvseckarindianlaws.blogspot.com

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 Is there any Format of Certification by CA?

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Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 Is there any Format of Certification by CA?