India has no plans to change ECB rules for firms

India has no plans to change ECB rules for firms
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First Published: Mon, Aug 11 2008. 03 34 PM IST
Updated: Mon, Aug 11 2008. 03 34 PM IST
New Delhi: India does not plan to change overseas borrowing rules for firms now, but may consider revising rules for interest spreads for such borrowing, a finance ministry official said on 11 August.
“Government thinks there is no need to change it (external commercial borrowing rules),” a senior finance ministry official, who did not wish to be identified, said.
“We have received several representations to revisit the spreads. We are looking into it,” he said.
The interest rate at which Indian firms can borrow funds abroad is linked to the Libor rate.
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First Published: Mon, Aug 11 2008. 03 34 PM IST