Correct Answer : Option (D) - 4 years
Vodafone has to pay about ₹50,399.63 crore in statutory dues dating back over thepast many years. The moratorium will provide some relief to Vodafone and the overall ailing telecom sector, reports said.
In a much-awaited relief, the Union Cabinet on Wednesday(15-09-2021) approved a relief package for the country's cash-strapped telecom sector, along with several structural reforms to strengthen the sector. All those who will avail of the moratorium will have to pay some interest, minister Ashwini Vaishnaw announced. The moratorium will start from October 1, the Cabinet said.
“The reforms are deep and broad. They are structural. These reforms will bring in change today, tomorrow and in the future. I do not like to put a number on the package as it is revenue-neutral for the government,” the minister said. The moratorium will not impact the government's revenue, the minister said.
The package comes six weeks after Kumar Mangalam Birla resigned from teh chairman post of Vodafone Idea Limited on August 4. Vodafone, which was created from the merger of British telecom giant Vodafone's India unit and Birla's Idea Cellular Ltd, has to pay about ₹50,399.63 crore in statutory dues dating back over past many years.
The relief package includes a moratorium on payments for airwaves and is aimed at helping Bharti Airtel, Reliance Jio and Vodafone Idea. Shares in wireless carriers Bharti Airtel rose 5.4% and Vodafone Idea went up 2.9% after the news surfaced.