(2)The interest referred to in sub-section (1) shall be the income by way of interest payable by the specified company, -(i)in respect of monies borrowed by it at any time on or after the 1st day of July, 2012 but before the 1st day of July, 2015 in foreign currency, from a source outside India, -(a)under a loan agreement; or(b)by way of issue of long-term infrastructure bonds, as approved by the Central Government in this behalf; 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.'
