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    <title>External Commercial Borrowings (ECB) Policy for 3G spectrum allocation</title>
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    <description>The circular affirms that initial payments for 3G spectrum may be met from Rupee resources and refinanced with long term External Commercial Borrowings under the approval route within the stipulated period; it further decides that the ECB window for refinancing outstanding 3G spectrum Rupee loans on telecom operators&#039; books will remain open until a specified cutoff, with all other ECB policy aspects unchanged and AD Category I banks required to inform constituents.</description>
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      <description>The circular affirms that initial payments for 3G spectrum may be met from Rupee resources and refinanced with long term External Commercial Borrowings under the approval route within the stipulated period; it further decides that the ECB window for refinancing outstanding 3G spectrum Rupee loans on telecom operators&#039; books will remain open until a specified cutoff, with all other ECB policy aspects unchanged and AD Category I banks required to inform constituents.</description>
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