The Union Cabinet today approved foreign direct investment of up to 100 per cent in the telecom sector. Telecommunications Minister Ashwini Vaishnav told reporters. Highlights of his announcement:
1. Department of Telecommunications The Cabinet today approved 9 related structural and 5 practical reforms.
2. The definition of AGR (adjusted gross income) will be analyzed. Non-telecommunications revenue of telecommunications companies will be exempt from legal taxation.
3. Spectrum sharing Is being made free.
4. 100% foreign direct investment in the telecommunications sector without the need for permission.
5. All KYC (Get to know your customer) Forms need to be digitized.
6. Separate to switch from postpaid to prepaid or vice versa KYC Don ‘t want.
7. An auction calendar should be placed for the spectrum auction. Ahead, the auction will take place in the last quarter of the fiscal year.
8. 4G, 5G core network technology is designed and manufactured in India.
9. All telecom companies have time to pay the AGR balance
10. Measures to ensure significant cash flow to companies without affecting government revenue