With reference to External Commercial Borrowings (ECBs), consider the following statements
1. ECBs can be raised in Indian Rupees (INR).
2. ECB proceeds cannot be utilized for investment in the capital market.
3. An increase in ECBs will result in the decline of forex reserves.
How many of the statements given above are correct?
1
Only one
2
Only two
3
All three
4
None