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FDI rules relaxed
NEW DELHI,
SEPT. 29.
The Union Government has further liberalised the procedures for foreign direct investment by placing conversion of external commercial borrowings (ECBs) or loan into equity under the automatic route against the existing FIPB route. However, the activity of the company in which ECBs or loan are converted should also fall under the automatic route (through the Reserve Bank of India), an official statement said today. — UNI
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