The government allowed telecommunications companies to raise loans from offshore markets to refinance debt for funding a 2G airwave auction that starts on Monday.
The Reserve Bank of India will issue a formal notification on this within a week, a government statement said.
India is selling second-generation mobile phone airwaves for the first time through an auction after a court order. The base price for the auction has been set at more than seven times what carriers paid in earlier state grant process.
Updated Date: Dec 20, 2014 13:37:41 IST