Sc Garg

Earlier this month, the RBI board approved a surplus transfer of Rs 57,128 crore to the central government for Accounting Year 2019-20 (July-June)

Former finance secretary Subhash Chandra Garg on Wednesday said the government should offer a one-time settlement scheme to the telecom companies to pay the principal due amount as per the AGR definition and waive the penal interest and penalties. The massive Rs 1.47 lakh crore of adjusted gross revenue (AGR) dues are pushing telecom firms to the brink. In a blog titled 'Rebuilding Telecom Business in India', Garg said the telecom crisis in India is not just limited to AGR-related issues. "Offer a one-time settlement scheme to the telecom companies (both operating and under resolution) to pay the principal due amount as per the AGR definition as contained in the licensing agreements and waive the penal interest and penalties. "Alternatively, appoint a board for Vodafone Idea Ltd by ousting the current board on the lines of action taken in the case of IL&FS and DHFL and secure a moratorium of some time on servicing of loans and government dues," he said. Garg noted that the telecom

Rs 2000 notes were circulated by RBI in November 2016 after demonetisation of Rs 500 and Rs 1,000 notes

The former IAS officer has, therefore, suggested to outlaw the high-value notes

Sovereign bonds in India rallied on Friday after Finance Minister Nirmala Sitharaman said during her budget speech that the government would borrow in foreign currency to finance the budget deficit

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on 'Indian Economy: Prospect and Challenges' in Washington DC on Friday

India's GDP in value terms currently stands at $2.5 trillion -- making it the sixth largest economy in the world