National

Union Cabinet approves nine structural reforms, five process reforms in telecom sector

ANI | September 15, 2021 04:22 PM
Union Minister for Communications Ashwini Vaishnaw (Photo/ANI)

New Delhi [India], September 15 (ANI): Union Cabinet on Wednesday approved nine structural reforms and five process reforms in the telecom sector.

Briefing media about the reforms, Union Minister for Communications Ashwini Vaishnaw said these reforms will change the framework of the entire telecom sector. "They will deepen and broaden the industry," he said.

"Prime Minister Narendra Modi took a bold decision over AGR (adjusted gross revenue) today. A decision has been taken to rationalise the definition of AGR. All non-telecom revenue will be taken out of AGR," the minister informed.

He further informed the cabinet meeting, it was decided that penalty on payment of licence fees, spectrum user charges and all kinds of charges have been completely scrapped.

"There was a regime of heavy interest, penalty and interest on penalty on payment of licence fees, spectrum user charges and all kinds of charges. It has been rationalised today. Annual compounding (of interest) will be done instead of monthly compounding," said the minister.

"A reasonable interest rate of Marginal Cost of Funds based Lending Rate (MCLR) plus 2 per cent interest rate has been offered and the penalty has been completely scrapped," he added.

Vaishnaw said the move will pave way for large-scale investments in the telecom sector.

"Investment means employment - more the investment, more the employment," he stated. (ANI)

Have something to say? Post your comment
Must Read
Mega Job Fair at Kapurthala from today - More than 25 renowed companies will select the candidates
'Bigg Boss 13' winner Sidharth Shukla passes away
'Bigg Boss 13' winner Sidharth Shukla passes away
The religious and social organizations of Faridkot town get funds for their contribution and dedication to the public welfare works
The religious and social organizations of Faridkot town get funds for their contribution and dedication to the public welfare works
Punjab government observes 26th death anniversary of late CM Beant Singh as ‘Sarab Dharam Prathana Sabha’
Punjab government observes 26th death anniversary of late CM Beant Singh as ‘Sarab Dharam Prathana Sabha’
Punjab Congress row: Won't spare anyone if not allowed to take decisions, warns Sidhu
Punjab Congress row: Won't spare anyone if not allowed to take decisions, warns Sidhu
Capt Amarinder led Punjab govt announces another Rs 1500 cr bonanza for govt employees
Capt Amarinder led Punjab govt announces another Rs 1500 cr bonanza for govt employees
Punjab Cabinet gives nod to amend rules of Gram Sewaks for making Graduation basic qualification
Punjab Cabinet gives nod to amend rules of Gram Sewaks for making Graduation basic qualification
Punjab to launch ‘Mera Kaam Mera Maan’ scheme to help unemployed youth enhance skills & employability
Punjab to launch ‘Mera Kaam Mera Maan’ scheme to help unemployed youth enhance skills & employability
Punjab Cong row: There's resentment in MLAs against CM, says Pargat Singh
Punjab Cong row: There's resentment in MLAs against CM, says Pargat Singh
Punjab sugarcane farmers call off stir as CM hikes SAP to Rs. 360/quintal
Punjab sugarcane farmers call off stir as CM hikes SAP to Rs. 360/quintal
Free treatments worth Rs. 912 cr. provided to 8.06 lac beneficiaries in two years under SSBY–Balbir Sidhu
Free treatments worth Rs. 912 cr. provided to 8.06 lac beneficiaries in two years under SSBY–Balbir Sidhu
Sidhu slams Amarinder govt for low sugarcane prices in Punjab
Sidhu slams Amarinder govt for low sugarcane prices in Punjab