$ 3 million
According to new norms for ECB route for startups, the Reserve Bank of India (RBI) has permitted startups to raise External Commercial Borrowings (ECBs) of up to $ 3 million in a financial year, with an aim to boost innovation and promote job creation. Under this, funds can be raised with a minimum maturity of 3 years and the borrowing should be denominated in any freely convertible currency or in Indian Rupees (INR) or a combination of both. The borrowing can be in the form of loans or non-convertible, optionally convertible or partially convertible preference shares and the minimum average maturity period will be 3 years. ECBs can be raised from a country which is either a member of Financial Action Task Force (FATF) or FATF-Style Regional Bodies.