RBI Relaxes ECB Norms
The Reserve Bank of India (“RBI”) via a circular dated April 27, 2018 has modified the extant External Commercial Borrowings (“ECB”) policy. Pursuant to requests from stakeholders for relaxation of ECB norms, the RBI has under this circular – rationalized ECB norms for Rupee-denominated bonds, revisited ECB liability to equity ratio provisions, expanded eligible borrowers’ list for availing ECB and rationalized end-use provisions for ECB.
SEBI Extends Deadline
The Securities and Exchange Board of India (“SEBI”) via a circular dated April 27, 2018 has extended the deadline for companies to provide the relevant data to depositories under the newly introduced framework for monitoring of foreign investment limits, from May 01, 2018 to May 15, 2018. The new framework will now become active on May 18, 2018.
MCA Extends Deadline
The Ministry of Corporate Affairs (“MCA”) via a circular dated April 27, 2018 has extended the last date of filing of AOC-XBRL without additional fee for all eligible companies required to prepare or voluntarily prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for the FY 2016-17, till May 31, 2018.