Withholding on foreign currency borrowings expanded to include business trusts and specified long-term bond issuances subject to approval.

Section 194LC is amended to include business trusts alongside specified companies, bringing borrowings by business trusts within the section's scope. Clause (i) of subsection (2) is replaced to define three instrument-and-period based categories of foreign currency borrowings-loan agreements, long-term infrastructure bonds, and any long-term bonds (including infrastructure bonds)-each subject to Central Government approval for eligibility under the concessional withholding regime.

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