(2)The interest referred to in sub-section (1) shall be the income by way of interest payable by the specified company or the business trust,—(i)in respect of monies borrowed by it in foreign currency from a source outside India,—(a)under a loan agreement at any time on or after the 1st day of July, 2012 but before the 1st day of July, [2023]; or(b)by way of issue of long-term infrastructure bonds at any time on or after the 1st day of July, 2012 but before the 1st day of October, 2014; or(c)by way of issue of any long-term bond including long-term infrastructure bond at any time on or after the 1st day of October, 2014 but before the 1st day of July, 12[2023],as approved by the Central Government in this behalf; or(ia)in respect of monies borrowed by it from a source outside India by way of issue of rupee denominated bond before the 1st day of July, [2023; or](ib)in respect of monies borrowed by it from a source outside India by way of issue of any long-term bond or rupee denominated bond on or after the 1st day of April, 2020 but before the 1st day of July, 2023, which is listed only on a recognised stock exchange located in any International Financial Services Centre, and(ii)to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the Central Government in this behalf, having regard to the terms of the loan or the bond and its repayment.Explanation.—For the purpose of this section—(a)"foreign currency" shall have the meaning assigned to it in clause (m) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);(b)"specified company" means an Indian company;[(c) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);(d)"recognised stock exchange" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43.]
