Amendment in Schedule I - Foreign Exchange Management (Borrowing or Lending in Foreign Exchange)

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..... xercise of the powers conferred by clause (b) of sub-section (3) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) , the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 ( Notification No. FEMA. 3/2000-RB, dated 3rd May, 2000 ), na .....

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..... for the purpose of making upfront payment towards spectrum allocation and refinance the same by making fresh borrowing in foreign exchange in accordance with the Act or the Rules and Regulations made thereunder in accordance with this Schedule, subject to satisfying the terms and conditions as may be specified by the Reserve Bank, from time to time in this regard. (ii) Provisions of sub-paragra .....

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