External Commercial Borrowings (ECB) framework enables permitted resident entities to borrow from recognized non-resident entities. Explain briefly.

External Commercial Borrowings (ECB): ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities and should conform to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc. The parameters apply in totality and not on a standalone basis. The framework for raising loans through ECB comprises the following three tracks. Track 1: Medium term foreign currency denominated ECB with Minimum average maturity of 3/5 years. Manufacturing sector companies may raise foreign currency denominated ECBs with minimum average maturity period of 1 year. Track 2: Long term foreign currency denominated ECB with minimum average maturity of 10 years Track 3: Indian Rupees denominated ECB with minimum average maturity of 3/5 years. Manufacturing sector companies may raise INR denominated ECBs with minimum average maturity period of 1 year. The ECB Framework enables permitted resident entities to borrow from recognised non-resident entities in the forms such as Loans including bank loans; Securitised instruments (floating rate notes and fixed rate bonds, non-convertible, optionally convertible preference shares/debentures); Buyers' credit; Suppliers' credit; Foreign Currency Convertible Bonds (FCCBs); Financial Lease and Foreign Currency Exchangeable Bonds (FCEBs). However, ECB framework is not applicable in respect to the investment in non-convertible debentures in India by Registered Foreign Portfolio Investors.