New Delhi: Union Cabinet on Wednesday approved a 4-year moratorium on the telecommunications sector that lacked money and rationalized the Definition of AGR.
The announcement came as a big assistance for companies such as the idea of ​​Vodafone who had to pay thousands of crores to the center in the contributions of the past laws that had not been provised.
Giving media direction after the Union Cabinet meeting, Telecommunication Minister Ashwani Vaishnaw said that 100 percent of direct foreign investment (FDI) would be permitted in this sector.
Overall, the cabinet announced 9 structural reforms and 5 process reforms.
“This reform will change the framework of the entire telecommunications sector.
They will deepen and expand the industry,” said Minister.
The help package for Telcos will help three major wireless operators including Jio Dependency Mukesh Ambani but especially the idea of ​​Vodafone which is fought.
The move came six weeks after billionaire Kumar Mangalam Birla resigned as Chair of Vodafone Idea Ltd (VIL) in August 4.
The idea of ​​Vodafone has paid the Government Rs 7,854 Crore ($ 1.07 billion) in telecommunications contributions, but still owes around Rs 50,000 Crore .
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The move came six weeks after billionaire Kumar Mangalam Birla resigned as Chair of Vodafone Idea Ltd (VIL) in 4.
August last year, the Supreme Court has provided 10 years to a telecommunications company to clean up aorund contributions RS 1.43.
Lakh Crore to the center.
The court has explained that the company must pay contributions without further reviews, with March 31, 2021 to the time limit of the operator to pay the first installment.
After that, he has directed a telecommunications company to pay annual installments at the end of each financial year up to 2031, falling which the company will submit to the penalty.
Vodafone, who has a net debt of Rs 1.91 lakh Crore, has previously raised serious concerns about his ability to survive without the help of the government.
The company’s non-executive chairman K B Birla resigned last month.
Meanwhile, Sunil Mittal-LED Bharti Airtel has paid RS 18000 crore fees and still owed Rs 25,976 Crore to the government.