Bank Guarantees Waiver For Telecom Companies Gets Government Approval
The relief will be subject to telecom operators agreeing to certain conditions, the government sources said.
Union Cabinet has decided to waive off bank guarantees for telecom companies, people in the government familiar with the matter told NDTV Profit.
The government has waived bank guarantees for deferred spectrum payments from 2012 onwards.
The relief will be subject to telecom operators agreeing to certain conditions, the government sources said.
The waiver will be considered if telcos agree to pay an additional three months amount along with annual payment. The waiver terms are expected to apply to spectrum auctions of 2012, 2014, 2015, 2016 and 2021.
The Cabinet has decided to extend the relief to old spectrum holdings.
In 2021, Cabinet eliminated the requirement for bank guarantees on future spectrum purchases. Department of Telecommunications had proposed the waiver to reduce financial strain on telecom sector.
(This is a developing story)
