New Delhi. A meeting of the Union Cabinet will be held on 15 September 2021 under the chairmanship of Prime Minister Narendra Modi. In this, it can be considered to provide moratorium facility on the outstanding payment of spectrum for the telecom sector. This will give a big relief to companies like Vodafone Idea. Actually, Vodafone Idea has to pay thousands of crores of rupees in past statutory dues. In the meeting, telecom companies can be given the option to convert the interest on the outstanding payment of spectrum in government equity into a moratorium for 4 years.
VIL has to pay more than 50 crore dues
Aditya Birla Group chairman Kumar Mangalam Birla had offered to hand over his stake in debt-ridden Vodafone Idea (Vi) to the government in June 2021. It was also said that if the government wants, it is ready to hand over this stake to any competent domestic financial firm. Vodafone Idea Limited (VIL) was formed after the merger of the Indian unit of UK telecom company Vodafone and Birla’s Idea Cellular Limited. After this, VIL has to make a statutory payment of Rs 50,399.63 crore, which is outstanding for many years.
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Which proposals were considered while making the relief package
An official said that there has been no talk with the government company regarding Birla’s proposal. The government has not yet sought any clarification on this. Let us tell you that the government has announced a package of Rs 70,000 crore for BSNL. According to government officials, instead of considering this proposal, the government is preparing a big relief package for the telecom sector. A government official said the telecom department has worked out a relief package for the telecom sector to allow spectrum surrender, reduce bank guarantees, phase out levies and define adjusted gross revenue.
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There was discussion on reducing bank guarantee in spectrum allocation
In the cabinet meeting tomorrow, the relief package for the telecom sector will be considered. Many proposals have been considered to prepare this relief package. There has also been a discussion on reducing the bank guarantee to be taken in lieu of spectrum allocation. At the same time, there is a demand from the telecom sector that the exemption to surrender the spectrum should be given. Also, companies should be given concession in levy and AGR matter. It was only after considering all these proposals that the Telecom Ministry had prepared a proposal for the final relief package, which could not be presented in the last cabinet meeting. This will now be considered in the meeting of 15 September.
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