Question

Which of the following items is explicitly EXCLUDED from counting toward the 400% financial commitment limit of an Indian entity?

A Funds raised via Global Depositary Receipts (GDRs)
B Capitalization of retained earnings
C Non-fund-based facilities extended to a Step-Down Subsidiary
D Funds sourced through External Commercial Borrowings (ECBs)
E Stock-swaps of American Depositary Receipts (ADRs)
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