ISSUE OF SHARES AGAINST EXTERNAL COMMERCIAL BORROWINGS PERMITTED
: PRESS NOTE
Vide Press Note No.
3 (2003 series) dated 28th July, 2003 issue of equity
shares against lumpsum free, royalty and External Commercial Borrowings
(ECBs) in convertible foreign currency already due for payment/repayment,
subject to meeting all applicable tax liabilities and procedures
has been permitted.
As a part of
the ongoing process of liberalisation, it has been decided to
permit issue of equity shares against all External Commercial
Borrowings (excluding those deemed as ECBs) received in convertible
foreign currency, subject to meeting all tax liabilities and procedures.
