As per the extant guidelines, existing ECB may be refinanced by raising a fresh ECB, subject to the condition that the fresh ECB is raised at a lower all-in-cost.
3. On a review, it has been decided that the borrowers desirous of refinancing/rescheduling an existing ECB can raise fresh ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per the extant guidelines.
Reference RBI Circular RBI/2011-12/520 ----A. P. (DIR Series) Circular No. 112
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