NEW DELHI: Providing relief to hospitality sector, the Reserve Bank today allowed companies owning hotels to prepay loans out of external commercial borrowing proceeds.
"It has been decided to include Indian companies in the hotel sector with a total project cost of Rs 250 crore or more, irrespective of geographical location as eligible borrowers under this scheme," RBI said in a release.
As per the existing guidelines, Indian companies in the manufacturing and infrastructure sector, which are consistent foreign exchange earners, are allowed to avail of external commercial borrowings (ECBs) for repayment of outstanding Rupee loans.
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