Equity benchmark Sensex tumbled 674 points on Friday, weighed by losses in banking stocks as an unabated spike in new coronavirus cases fuelled uncertainty over the economic impact of the pandemic. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95. The NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.
The DoT issued the information memorandum last week, saying auction would start on January 14 and for this to happen, the blocks of spectrum to be auctioned must be identified latest by the first week of December.
By setting a single spectrum-release deadline for all bidders, the finance ministry aims to ensure a level playing field for all operators.
Income will be higher as spectrum in 2,100-MHz band will also be auctioned
Spectrum auction and divestment proceeds likely to disappoint, subsidies are likely to overshoot the Budget target and there might also be some shortfall in tax collections.
The proposals, to be based on the recommendations of the Shome panel, are likely to be introduced in the Finance Bill to be presented by Finance Minister P Chidambaram in the Budget for 2012-13.
In wake of former Telecom Minister A Raja's accusation that Prime Minister Dr Manmohan Singh was in the loop in the policy decisions taken by his ministry, the Bharatiya Janata Party on Monday demanded the appointment of a Special Investigation Team to investigate all the charges levelled against the Prime Minister's Office in connection with the 2G spectrum scam.
The Telecom Regulatory Authority of India on Wednesday endorsed the Ministry of Information and Broadcasting proposal to reduce the license fee on Direct to Home (DTH) service providers. Trai said it had received a communication from the ministry conveying its decision to continue with the concept of gross revenue for the purpose of License fee on DTH service providers and to reduce the license fee. Trai's opinion also was sought on reduction of licence fee from 10% to 6%.
Move aimed at strengthening Sebi's powers to investigate market-related offences.
The government has accepted Telecom Engineering Centre's report that has suggested tough norms for spectrum allocation to GSM operators, a move that may make it difficult for players like Airtel, Vodafone and Idea to get additional frequency.
The proposal was put forward by Telecom and IT Minister Kapil Sibal who is on his four-day visit to Japan to attract investments in the Indian ICT sector.
Communications Minister A Raja has shifted responsibility for holding auctions for third generation or 3G telecom services to Finance Minister Pranab Mukherjee by requesting him, in a letter last week, to ensure that the defence ministry releases the spectrum it had promised on time.
The FIPB referred the matter to the law ministry today.
A month after releasing the three-digit emergency number for women in Delhi, the government Monday said it will make available the '181' women helpline number to all states of the country.
Wearing garlands, the farmer leaders, who had called for observing 'Sadbhavana Diwas' (Harmony Day) on Saturday after the immense outrage over violence by protesters during their Republic Day tractor rally, sat on the dais during the fast, as crowds of supporters swelled, especially in Gazipur where the Bharatiya Kisan Union is leading the protest.
Telecom Regulatory Authority of India has recommended up 62 per cent reduction in base price of premium 2G spectrum and up to 37 per cent in case of radiowaves freed from the cancellation of 122 licences, compared to the amount fixed for previous auction.
Giving another twist to the 2G spectrum allocation controversy, a former comptroller and auditor general official has questioned the CAG's estimates of presumptive loss of Rs 1.76 lakh crore. "After completing the audit of the ministry of telecom, which was under my direct charge, I prepared a draft audit report covering each and every aspect. My report did not contain any loss figure," said former director general of CAG R P Singh.
Questioning the Bharatiya Janata Party's stand, former telecom minister Arun Shourie on Saturday said Prime Minister Manmohan Singh should be allowed to make a statement on coal blocks allocation controversy and said the opposition did not gain much by stalling the Parliament over the issue.
There were instances of 'rasta roko' at various places in rural Maharashtra
The bidding for the airwaves is scheduled to start from November 12.
It has made everything public in the name of 10 lakh comments it got on draft net neutrality proposals.
The Enforcement Directorate has questioned former telecom minister A Raja in connection with its money laundering probe in the 2G spectrum case. This is the first time that the ED has questioned Raja in the case.
If he implements former minister Dayanadhi Maran's plan to abolish domestic roaming charges, subscribers will cheer him, but he will also earn the ire of telecom companies.
The Ministry had disallowed the group from taking part in auction.
The telecommunications regulator had recommended last month that the reserve price for spectrum in the 900 megahertz band in some key cities be cut by about 60 percent, and also suggested a 37 percent cut in the reserve price for spectrum in the 1800 megahertz band.
Hong Kong-based Hutchison Telecom Limited is expected to submit details of loans to two Indian minority shareholders this week to the finance ministry, which is looking into alleged breach of foreign direct investment norms in Hutch-Essar.
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
Corporate affairs ministry note for ministerial group says can't keep banking, telecom out of CCI purview as RBI, Trai enable but not regulate competition
The government also wants to ensure that content meant for radicalising youths, from outfits like Islamic State, doesn't find circulation in India.
Government websites -- including those of the Prime Minister's Office, home and petroleum ministries, and the department of telecommunications -- were out of service for many hours on Monday. An official attributed the cause to firewall problems.
India Meteorological Department has predicted deficient rains.
The court issued notices to the Law Ministry and the DoT, rejecting their contentions that the same cannot be issued against them as they were not the parties to the case.
While Reliance has the clout to negotiate prices with suppliers for its e-commerce, not to forget the cost advantage of integrated warehouse and supply chains, Amazon and Walmart are no pushovers, they too have deep pockets.
The government may liberalise external commercial borrowing rules in the next few days, especially for the infrastructure sector including capital-intensive ones like telecom, a Finance Ministry official said on Friday.
DoT sent the final Cabinet note to various ministries on Monday. The telecom companies have to comply with the FDI guidelines by January 2.
Telecom Secretary J S Deepak has resolved the toughest issues facing the sector, but his real test will be in delivering on the govt's Digital India dream
DoT committee rejects most Trai suggestions for freeing airwaves for sale.
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