The Hindu Business Line : Deadline for telecom FDI norms extended

In a breather to telecom companies, the Union Cabinet today gave its approval to extend the deadline by three months for implementing the revised guidelines for foreign direct investment in telecom sector.

Telecom operators were supposed to meet the requirement of the guidelines by July 3. The new deadline is now October 2. This is the second time that the deadline is being extended.

The extension has been given since the Department of Telecommunications (DoT) is discussing a number of issues that was initially stipulated in the guidelines but was flagged by the operators for a review. These issues include appointing foreigners in key positions of a telecom company, permitting remote access to operators to haul telephone traffic outside India, accounting information and calculation of FDI.

In November, the Government had announced its decision to increase the FDI cap in telecom from 49 per cent to 74 per cent. Along with this the Government had mandated certain guideline to address the concerns raised by the security agencies. Today's decision to extend the deadline will give more time for further consultation with different stakeholders, said a press release.

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