ECBs for SEZs may be allowed

ECBs for SEZs may be allowed
The Economic Times, June 24, 2009, Page 9

NEW DELHI: The government is considering to permit developers and units in the special economic zones (SEZs) to raise external commercial borrowings, a move that could reopen the window for mopping up overseas funds. An announcement to this effect could be made in the Budget scheduled to be unveiled by finance minister Pranab Mukherjee in the Lok Sabha on July 6. The decision, sources said, would promote development of the special economic zones, besides helping the government in arresting decline in the foreign exchange reserves.