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.
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