According to an affidavit filed by the Department of Telecommunications (DoT) in the Supreme Court, the bank guarantees (BGs) worth Rs 230 billion have been returned to Bharti Airtel and Vodafone Idea Limited (Vi).
In addition, the DoT informed the Supreme Court that the BGs have been returned since the telcos had opted for a moratorium on payment of spectrum dues and no such instalment payments were due till post the moratorium period which will end in 2025.
The move is expected to come as a relief to Vi which has been actively seeking return of the BGs from the government. Meanwhile, BGs amounting to Rs 70 – 80 billion have been returned to Airtel. The payments were due for auctions held in 2012, 2014, 2015 and 2016.
Further, the DoT has also directed the telcos to submit FBGs equal to next payable instalment, including the part of the deferred amount due with the instalment, 13 months before the next due date after the moratorium period.
