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Cabinet approves 4-year moratorium package for telecos; 100% FDI allowed in telecom sector

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Google Oneindia News

New Delhi, Sep 15; The Modi government has approved a relief package for the telecom sector. It includes a four-year moratorium on spectrum instalment which is due in April 2022. The package will provide a huge relief to debt-laden Vodafone Idea. The firm owes a huge huge amount to the government.

Cabinet approves 4-year moratorium package for telecos; 100% FDI allowed in telecom sector

The decision was taken at the Union Cabinet meeting today. IT and Telecom Minister Ashwini Vaishnaw said that Cabinet has rationalized AGR definition and excluded non-telecom revenue of telcos from payment of statutory levies.

"Cabinet has approved a 4-year moratorium on payment of statutory dues by telcos; telcos to pay interest on moratorium period," the Telecom Minister said.

He said that the government has approved "9 structural reforms and spectrum user charges have been rationalised"

The moratorium period will commence from October 1, 2021. The interest rate and AGR will also be calculated from the same day, Vaishnaw said.

Vaishnaw added that the Union Cabinet also decided to allow 100 per cent FDI in the telecom sector with safeguards.

The Union Minister said that spectrum auction will be held in the last quarter of the financial year.

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