ECBs for infrastructure facilities within NMIZ

RBI has vide its circular no. 85 dated 29th February 2012 allowed External commercial Borrowings for infrastructure facilities within the National Manufacturing Investment zones on an approval basis. Therefore the developers of these Zones would be able to avail of ECBs albeit on approval basis. Copy of the RBI circular can be found here

No NMIZ has been established as yet so this is a concept the government is working on to spur manufacturing activities in the country and thereby generate employement. The allowing of ECBs is therefore a step in that direction. 

Declaration of acquisition of immoveable property

RBI has vide circular no. 79 dated 15th February 2012 clarified that where a person resident outside India establishes in India an office, branch or a place of business and that office, branch or place of business acquires any immoveable property in India, then a declaration in form IPI has to be submitted to the RBI within 90 days of the said acquisition. However this declaration is not required to be given by a non-resident who is a Non-resident Indian or a person of Indian origin. The form clarifies this aspect as well. Which means that a NRI or a PIO need not make any reporting of their acquisition of immoveable property in India. The RBI circular can be found here

The Count of Monte Cristo

Finished reading a fascinating book by Alexandre Dumas "The Count of Monte Cristo" a book of love, deception, revenge and murder - tragic characters in the book - an absolute page turner - it is a timeless classic as relevant today as it was when it was written in 1844. It focuses on a man who is wrongfully imprisoned, escapes from jail, acquires a fortune, and then sets about getting revenge against those responsible for his wrongful confinement.