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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New ECB Rules for Telecom: Spectrum Payments Allowed via ECBs with Conditions Under FEMA 1999. No Indian Bank Guarantees.</h1> The circular addresses the External Commercial Borrowings (ECB) policy for the telecommunications sector, allowing eligible borrowers to use ECBs for spectrum allocation payments. A one-time relaxation permits initial payment from Rupee resources, refinanced by long-term ECBs under the approval route, with specific conditions such as raising ECBs within 12 months and monitoring by designated banks. Indian banks cannot provide guarantees. Existing ECB policy aspects, including limits and compliance requirements, remain unchanged. Authorized Dealer Category-I banks are instructed to inform their clients about these updates, issued under the Foreign Exchange Management Act, 1999.
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