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The Cabinet Cabinet approves the telecommunications package

The Cabinet Cabinet approves the telecommunications package 

INDIA

Union Cabinet on Wednesday approved a telecommunications assistance package that includes a four-year suspension of official payments to telecommunications companies

PTI

In a major change, the Union Cabinet on Wednesday approved a telecommunications assistance package that included a four-year suspension of official payments to telecommunications companies and allowing foreign investment by 100 percent on an automated basis.

Speaking to reporters on the Cabinet's decision, Communications Minister Ashwini Vaishnav said nine changes had been made to the communications sector.

The definition of AGR, which has been a major source of pressure in the sector, has been made excuses for the phasing out of telecommunications companies.

AGR refers to receivables that are considered payment of legal fees.

The minister said 100 per cent of FDI (Foreign Direct Investment) telecom on automatic channels was approved by Cabinet.

Amng the measures allowed include a four-year withdrawal of arrears, AGR and arrears, he said.

These measures are expected to reduce the inflow and outflow challenges faced by other players in the industry.

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