DoT returns bank guarantees of Airtel, Vodafone Idea and Jio worth Rs 9,200 crore
By MYBRANDBOOK
As a big relief to telecom operators, the Department of Telecom (DoT) has returned the bank guarantees of around Rs 9,200 crore of Bharti Airtel, Vodafone Idea and Reliance Jio deposited for the licence fee and spectrum usage charges, official sources said.
"Bank guarantee (BG) of around Rs 4,000 crore has been released for Bharti Airtel and Rs 2,500 crore for Vodafone Idea (VIL). BG of around Rs 2,700 crore of Reliance Jio was released last month," a source aware of the development said.
The move, seen as part of a reform package announced by the government in September, also saw DoT slashing performance and financial bank guarantee requirements of telecom operators by 80 per cent in October.
Under the amended norms, telecom operators will be required to provide a performance BG of up to Rs 44 crore for each service for the telecom licence compared to Rs 220 crore mandated under the old rule. Similarly, telecom operators will need to provide a financial BG of a maximum of Rs 8.8 crore per circle now, against the previous requirement of Rs 44 crore.
The rules will not be applicable in cases where BGs have been furnished due to any court order or are subject to any litigation, the licence amendment note said. The rules will also not apply to telecom operators currently going through the liquidation process. It will unblock the cash of telecom operators that they keep with banks to furnish BGs.
BREAKING NEWS
TECHNO TRENDS
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
E-Magazine
TECHNOTAINMENT
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
MOVERS & SHAKERS
DigiCert names Atri Chatterjee as CMO
DigiCert has announced the appointment of Atri Chatterjee as Chief Market
Amagi names its Chief Product Officer
Amagi announced the appointment of Richard Perkett as its Chief Product Of
OPEN YOUR EYES
INTERVIEWS
ESDS commits to presenting clients with the latest technology
According to a NASSCOM report, the Indian IT industry experienced its stron
A few changes in policies can make the PLI scheme even more ef
The Production Linked Incentive (PLI) scheme is a government initiative tha
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
DELL TECHNOLOGIES INDIA PVT. LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
QUICK HEAL TECHNOLOGIES PVT. Ltd.
TVS ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Rajiv Memani
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
Technology Icons Of India 2023: Sunil Gupta
Sunil Gupta is the Co-founder, Managing Partner & CEO of Yotta Infrast...
Technology Icons Of India 2023: Sandip Patel
Sandip Patel is the Managing Director, IBM India/South Asia. He is res...
PARTNER SPEAKERS
PSU
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
C-DAC keeps India ahead in IT & Electronics R&D space
Centre for Development of Advanced Computing (C-DAC) is the premier R&...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
VIDEOS
Top 25 Brands
Value-Added Distribution
TECH DATA, A TD SYNNEX COMPANY
Tech Data Corporation was an American multinational distribution compa...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
