External Commercial Borrowing refinancing allows telecom bidders to pay spectrum fees from rupee funds and refinance later.
Permits successful telecom bidders to pay spectrum allocation fees from Rupee resources and thereafter refinance that payment with a long term ECB under the approval route, subject to raising the ECB within twelve months, Authorised Dealers monitoring end use, prohibition on domestic bank guarantees, and compliance with all other ECB conditions; amendment effective upon RBI notification under the Foreign Exchange Management Act.

Foreign investment policy rationalisation invites comments on portfolio, venture capital and private equity regulatory reforms.
A government working group will review and recommend rationalisation of non-FDI foreign inflows-including portfolio investments by FIIs/NRIs, FVCIs and private equity-aiming to curb regulatory arbitrage while maintaining KYC safeguards. Its terms of reference require analysis of investment forms (equity, derivatives, debt), scrutiny of participatory notes, reconsideration of Securities Transaction Tax and stamp duty treatment, identification of legal and regulatory bottlenecks, and formulation of short-, medium- and long-term legal and policy reforms, informed by earlier expert committee reports.