DoT releases financial institution assure of round ₹9,200 cr of Airtel, VIL, Jio
The Division of Telecom (DoT) has launched financial institution ensures of round ₹9,200 crore of Bharti Airtel, Vodafone Thought and Reliance Jio deposited for licence price and spectrum utilization fees, official sources conscious of the event mentioned.
The transfer is a part of a reform bundle introduced by the federal government in September.
“Financial institution assure(BG) of round ₹4,000 crore has been launched for Bharti Airtel and ₹2,500 crore for Vodafone Thought (VIL). BG of round ₹2,700 crore of Reliance Jio was launched final month,” a supply advised PTI.
E mail question despatched to Bharti Airtel, VIL and Jio didn’t elicit any reply.
DoT slashed efficiency and monetary financial institution assure necessities of telecom operators by 80 per cent in October.
Underneath the amended norms, telecom operators shall be required to supply a efficiency BG of as much as ₹44 crore for every service for the telecom licence in comparison with ₹220 crore mandated beneath the outdated rule.
Equally, telecom operators might want to present a monetary BG of most ₹8.8 crore per circle now, towards the earlier requirement of ₹44 crore.
The foundations won’t be relevant in circumstances the place BGs have been furnished because of any court docket order or are topic to any litigation, the licence modification observe mentioned.
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The foundations won’t apply to telecom operators at the moment going by the liquidation course of. The transfer will unblock the money of telecom operators that they preserve with banks to furnish BGs.
This story has been printed from a wire company feed with out modifications to the textual content.