External Commercial Borrowings (ECB) in Renminbi (RMB)
AS per Circular No. 30 dated September 27, 2011 Indian companies in the infrastructure sector are allowed to avail of ECB in Renminbi (RMB) under approval route subject to an annual cap of USD one billion pending further review.
It is observed that the facility of ECB in Renminbi (RMB) had remained unused so far. Accordingly, the scheme of ECB in Renminbi has been reviewed and it has been decided that this scheme may be discontinued from the date of issue of this circular.
Circular 117/RBI., Dated: June 25, 2013
DDT adds - The renminbi (RMB, sign: ¥; code: CNY; also CN¥, Legal Corner Icon — the image was hosted by the publisher and was not captured. and CN Legal Corner Icon — the image was hosted by the publisher and was not captured.) is the official currency of the People's Republic of China. In traditional Chinese renminbi literally means "people's currency".