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of <h1>RBI Amends Forex Regulations: 2G Spectrum Bidders Can Use Foreign Currency for Upfront Payments, Refinance Allowed</h1> The Reserve Bank of India has issued amendments to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000. These changes, effective upon publication, allow successful bidders of the 2G spectrum reauction to obtain foreign currency borrowings as bridge finance for upfront spectrum payments. Such borrowings can be refinanced with new foreign exchange loans, exempt from certain existing restrictions. The amendments also permit these borrowings from the ultimate parent company, subject to terms specified by the Reserve Bank. These provisions are detailed in the updated Schedule I of the principal regulations.
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