Reserve bank of India
A.P. (DIR Series) Circular No. 114
June 25, 2013
To,
All Authorized Dealer Category - I Banks
Madam / Sir
External Commercial Borrowings (ECB) Policy for
3G spectrum allocation
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to
A.P. (DIR Series) Circular No. 28 dated January 25, 2010 relating to External
Commercial Borrowings (ECB) for spectrum allocation.
- As per the extant policy, the payment for spectrum allocation may
initially be met out of the Rupee resources by the successful bidders, to be
refinanced with a long term ECB, under the approval route, subject to the
condition that ECB should be raised within 12 months from the date of
payment of the final installment to the Government.
- On a review it has been decided that ECB window for financing 3G
spectrum rupee loans, that are still outstanding in telecom operator’s books
of accounts, will be open upto March 31, 2014.
- All other aspects of the ECB policy shall remain unchanged. AD
Category-I banks may bring the contents of this circular to the notice of
their constituents and customers.
- The directions contained in this circular have been issued under
Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999) and are without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully
(Rudra Narayan Kar)
Chief General Manager in-Charge
RBI/2012-13/543