Govt revises ECB policy for 3G spectrum – Finance Ministry
Govt revises ECB policy for 3G spectrum; says spectrum fee can be met out of rupee resources by successful bidders: Finance Ministry
Government has revised the External Commercial Borrowing (ECB) policy for 3G Spectrum. Finance Ministry said that the Spectrum fee can be met out of rupee resources by successful bidders and will be refinanced with long–term ECB, via approval route. ECB will be raised within 12 months from the date of payment of final instalment. The ministry said that the Authorised Dealers should monitor the end-use of funds. Domestic banks will not be permitted to provide any guarantee. All other ECB conditions will be complied with. Amendments in ECB policy will be from the date of RBI notice, it added.
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