Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea

This is in line with last year's telecom reforms package which reduced bank guarantee norms for licence fee and spectrum dues. Vi confirms development, but is silent on amount

The Department of Telecommunication has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi).

This is in line with last year’s telecom reforms package which reduced bank guarantee requirements for licence fee and spectrum dues. Vi confirmed the return of guarantee but did not comment on the amount.

While guarantees worth Rs 2000 crore related to licence fee was returned to Vi earlier, spectrum related guarantees amounting to around Rs 15,000 crore were returned a few days back.

The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-16. Vi has opted for a four year moratorium