In terms of A.P. (DIR Series) Circular No. 113 dated April 24,
2012 issued by Reserve Bank of India ("RBI"), external
commercial borrowings ("ECB") was allowed to be raised by
airline companies for working capital as a permissible end-use,
under the approval route, subject to the conditions stipulated
therein. The scheme was extended initially till December 31, 2013
vide A.P. (DIR Series) Circular No.116 dated June 25, 2013 and
thereafter till March 31, 2015 vide A.P. (DIR Series) Circular No.
113 dated March 26, 2014.
Now the said scheme of raising ECB for working capital for Civil
Aviation Sector has been extended till March 31, 2016 with the same
terms and conditions by RBI vide its Circular bearing no.
RBI//2014-15/638 A.P. (DIR Series) Circular No.109 dated June 11,
2015.
