EXTERNAL SECTOR (UPDATED AS ON FEBRUARY 27, 2026)

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EXTERNAL SECTOR (UPDATED AS ON FEBRUARY 27, 2026)

Gaush Ali

Modified 7 Hours ago.

Accordion Title

EXTERNAL SECTOR

Accordion Question

EXTERNAL SECTOR (UPDATED AS ON FEBRUARY 27, 2026)

Accordion Answer

In the event of difference / variation between the definitions of a term provided in technical guidance note vis-à-vis the statutory/accounting/regulatory definition (provided in the relevant circulars), the latter would prevail.

S. No.	Data Elements	Definitions
1	External Commercial Borrowings (ECB)	External Commercial Borrowing(ECB)” means borrowing by an eligible borrower from a recognised lender in accordance with Schedule I of FEMA3 i.e., Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (as updated from time to time)
2	External Commercial Lending (ECL)	External Commercial Lending(ECL)” means lending by a person resident in India to a person resident outside India in accordance with Schedule III of FEMA 3(R) i.e. , Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (as updated from time to time)
3	Foreign Currency Convertible Bonds (FCCBs)	It refers to foreign currency denominated instruments which are issued in accordance with the Issue of Foreign Currency Convertible Bonds (FCCBs) and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993, as amended from time to time. Issuance of FCCBs shall also conform to other applicable regulations. Further, FCCBs should be without any warrants attached.
4	Foreign Currency Exchangeable Bonds (FCEBs)	It refers to foreign currency denominated instruments which are issued in accordance with the Issue of Foreign Currency Exchangeable Bonds (FCEBs) Scheme, 2008, as amended from time to time. FCEBs are exchangeable into equity share of another company, to be called the Offered Company, in any manner, either wholly, or partly or on the basis of any equity related warrants attached to debt instruments. Issuance of FCEBs shall also conform to other applicable regulations.
5	Trade Credit	Trade Credit (TC) refers to the credit extended by the overseas supplier, bank, financial institution, and other permitted recognised lenders for maturity, as prescribed in TC framework, for imports of capital/non-capital goods permissible under the Foreign Trade Policy of the Government of India. TC can be raised in any freely convertible foreign currency (FCY) or Indian Rupee. Depending on the source of finance, such TCs include suppliers’ credit and buyers’ credit from recognised lenders. Suppliers’ credit relates to credit for imports into India extended by the overseas supplier. Buyers’ credit refers to loans for payment of imports into India arranged by the importer from a bank or financial institution outside India.
6	External Commercial Borrowing (ECB) liability-Equity ratio	For the purpose of External Commercial Borrowing (ECB) liability-equity ratio, ECB amount will include all outstanding amount of all ECBs (other than INR denominated ECBs) and the proposed one (only outstanding ECB amounts in case of refinancing) while equity will include the paid-up capital and free reserves (including the share premium received in foreign currency) as per the latest audited balance sheet. Both ECB and equity amounts will be calculated with respect to the foreign equity holder. Where there is more than one foreign equity holder in the borrowing company, the portion of the share premium in foreign currency brought in by the lender(s) concerned shall only be considered for calculating the ratio. The ratio will be calculated as per latest audited balance sheet.
7	All-in-cost (for External Commercial Borrowing/Trade Credit)	All-in-cost includes rate of interest, other fees, expenses, charges, guarantee fees, Export Credit Agency (ECA) charges, whether paid in foreign currency or Indian Rupee (INR) but will not include commitment fees and withholding tax payable in INR. In the case of fixed rate loans, the swap cost plus spread should not be more than the floating rate plus the applicable spread. Additionally, for Foreign Currency Convertible Bonds (FCCBs), the issue related expenses should not exceed 4 per cent of the issue size and in case of private placement, these expenses should not exceed 2 per cent of the issue size. Under Trade Credit Framework, all-in-cost shall include rate of interest, other fees, expenses, charges, guarantee fees whether paid in foreign currency or INR. Withholding tax payable in INR shall not be a part of all-in-cost.
8	Benchmark rate (for External Commercial Borrowing/Trade Credit)	Benchmark rate in case of Foreign Currency (FCY) External Commercial Borrowing/Trade Credit (ECB/TC) refers to any widely accepted interbank rate or Alternative Reference Rate (ARR) of 6-month tenor, applicable to the currency of borrowing. Benchmark rate in case of Rupee denominated ECB/TC will be prevailing yield of the Government of India securities of corresponding maturity.
9	Designated Authorised Dealer (AD) Category I Bank	A designated AD Category I Bank is the bank branch which is designated by the External Commercial Borrowing (ECB)/Trade Credit (TC) borrower for meeting the reporting requirements including obtaining a unique identification number for ECB/TC from the Reserve Bank, exercising the delegated powers under the extant guidelines, and monitoring of ECB/TC transactions.
10	Foreign Equity Holder	Foreign Equity Holder means (a) direct foreign equity holder with minimum 25 per cent direct equity holding in the borrowing entity, (b) indirect equity holder with minimum indirect equity holding of 51 per cent or (c) group company with common overseas parent.
11	Convertible Note	Convertible Note means an instrument issued by a start-up company acknowledging receipt of money initially as debt, repayable at the option of the holder, or which is convertible into such number of equity shares of that company, within a period not exceeding five years from the date of issue of the convertible note, upon occurrence of specified events as per other terms and conditions agreed and indicated in the instrument.
12	Depository Receipt	Depository Receipt means a foreign currency denominated instrument, whether listed on an international exchange or not, issued by a foreign depository in a permissible jurisdiction on the back of eligible securities issued or transferred to that foreign depository and deposited with a domestic custodian and includes ‘global depository receipt’ as defined in the Companies Act, 2013.
13	Foreign Portfolio Investment	Foreign Portfolio Investment is any investment made by a person resident outside India through equity instruments where such investment is less than 10 per cent of the post issue paid-up share capital on a fully diluted basis of a listed Indian company or less than ten percent of the paid-up value of each series of equity instrument of a listed Indian company.
14	Foreign Direct Investment (FDI)	Foreign Direct Investment (FDI) is the investment through equity instruments by a person resident outside India in an unlisted Indian company; or in 10 per cent or more of the post issue paid-up equity capital on a fully diluted basis of a listed Indian company. In case an existing investment by a person resident outside India in equity instruments of a listed Indian company falls to a level below ten percent, of the post issue paid-up equity capital on a fully diluted basis, the investment shall continue to be treated as FDI. Fully diluted basis means the total number of shares that would be outstanding if all possible sources of conversion are exercised.
15	Indian Depository Receipts (IDRs)	Indian Depository Receipts (IDRs) indicate any instrument in the form of a depository receipt created by a domestic depository in India and authorised by a company incorporated outside India making an issue of such depository receipts.
16	Investment Vehicle	Investment Vehicle is an entity registered and regulated under the regulations framed by the Securities and Exchange Board of India or any other authority designated for that purpose and shall include (i) Real Estate Investment Trusts (REITs) governed by the Securities and Exchange Board of India (REITs) Regulations, 2014; (ii) Infrastructure Investment Trusts (InvIts) governed by the Securities and Exchange Board of India (InvIts) Regulations, 2014; and (iii) Alternative Investment Funds (AIFs) governed by the Securities and Exchange Board of India (AIFs) Regulations, 2012.
17	Sectoral cap (as per FDI policy)	Sectoral cap is the maximum investment including both foreign investment on a repatriation basis by persons resident outside India in equity instruments of a company or the capital of a Limited Liability Partnership, a partnership formed and registered under the Limited Liability Partnership Act, 2008, as the case may be, and indirect foreign investment, unless provided otherwise. This shall be the composite limit for the investee Indian entity.
18	Foreign Venture Capital Investor (FVCI)	Foreign Venture Capital Investor means an investor incorporated and established outside India and registered with the Securities and Exchange Board of India under the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000.
19	Non-Debt Instruments	Non-Debt Instruments as determined by Central Government by Gazette Notification S.O. 3722 (E) dated October 16, 2019, means the following instruments; namely: all investments in equity instruments in incorporated entities: public, private, listed and unlisted; capital participation in Limited Liability Partnership; all instruments of investment recognised in the Foreign Direct Investment (FDI) policy notified from time to time; investment in units of Alternative Investment Funds (AIFs), Real Estate Investment Trust (REITs) and Infrastructure Investment Trusts (InvITs); investment in units of mutual funds or Exchange-Traded Fund (ETFs) which invest more than fifty per cent in equity; junior-most layer (i.e. equity tranche) of securitisation structure; acquisition, sale or dealing directly in immovable property; contribution to trusts; and depository receipts issued against equity instruments.

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