ECB will not be used other than affordable housing projects
The government wants to make sure that no funds collected through external commercial borrowing for affordable housing scheme, will not be used by any other projects.
The government is working on the implementation of the budget announcements.
The project specification guideline rule and the routing of funds are under consideration. Government officials are working on formulation of the guidelines.
To check the utilization of the ECB funds, an escrow account may be made mandatory.
The government wants to make sure that ECB will be routed through a channel to ensure its accessibility to all levels of builders.
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Source: Business Standard
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