How much amount startups can raise via External Commercial Borrowings (ECBs) annually, as per new norms of Reserve Bank of India (RBI)?

How much amount startups can raise via External Commercial Borrowings (ECBs) annually, as per new norms of Reserve Bank of India (RBI)?
[A]$ 4 million
[B]$ 3 million
[C]$ 2 million
[D]$ 5 million

$ 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.

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