Dated 29th July 2013
Reserve Bank of India vide its Notification No RBI/2012-13/546 dated June 25, 2013 Issued to All Authorized Dealer Category – I Banks notified that with reference to A.P. (DIR Series) Circular No. 30 dated September 27, 2011 on the External Commercial Borrowings (ECB) in Renminbi (RMB) Scheme in terms of which Indian companies in the infrastructure sector are allowed to avail of ECB in Renminbi (RMB) under approval route subject to an annual cap of USD one billion pending further review.
It has been observed that the facility of ECB in Renminbi (RMB) had remained unused so far. Accordingly, the scheme of ECB in Renminbi has been reviewed and it has been decided that this scheme may be Discontinued from the date of issue of this circular.
SOURCE: RESERVE BANK OF INDIA