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
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
MOVERS & SHAKERS
OPEN YOUR EYES
INTERVIEWS
HOT PICK
MAKE IN INDIA BRANDS
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RAMESH NATRAJAN
Ramesh Natarajan, CEO of Redington Limited, on overcoming ‘technolog...
Icons Of India : Deepak Sharma
Deepak Sharma spearheads Schneider Electric India. He brings with him ...
ICONS OF INDIA : ROSHNI NADAR MALHOTRA
Roshni Nadar Malhotra is the Chairperson of HCLTech, a leading global ...
PARTNER SPEAKERS
PSU
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
