Business

All KYC for mobile connections to be digitised: Cabinet clears telecom reforms

The Cabinet on Wednesday introduced a number of telecom reforms which as Union minister Ashwini Vaishnaw stated will affect each telecom firms and mobile customers. “We all have mobile connection and for whatever connection it is, we have filled up some forms. All these forms are deposited in the warehouses and there are 300-400 crore forms in warehouses. In Digital India, there is no need for this paperwork. So all these will be digitised and going forward, there will be no physical KYC,” the minister stated.

Here are the brand new reforms for the telecom sector

1. The Cabinet on Wednesday accredited 9 structural and 5 procedural reforms concerning the telecom sector.

2. The definition of AGR (adjusted gross income) has been rationalised. Non-telecom income of telcos has been excluded from the cost of statutory levies

3. Spectrum sharing has been made free.

4. 100% FDI by means of computerized route within the telecom sector.

5. All KYC (know your buyer) varieties are to be digitised.

Also Read:  Cabinet approves 4-year moratorium for telecom firms

6. No want for separate KYC to change from postpaid to pay as you go or vice versa.

7. An public sale calendar to be put in place for spectrum public sale. Going ahead, the public sale will be held within the final quarter of the monetary year.

8. 4G, 5G core community expertise to be designed and manufactured in India.

9. Four-year moratorium for cost of AGR dues for all telecom firms.

10. The moratorium will guarantee vital money move for the businesses with out impacting the income of the federal government, minister Ashwini Vaishnaw stated.

“In the backdrop of the outstanding performance of the telecom sector in meeting COVID-19 challenges, with a huge surge in data consumption, online education, work from home, interpersonal connect through social media, virtual meetings etc., the reform measures will further boost the proliferation and penetration of broadband and telecom connectivity. The Cabinet decision reinforces the Prime Minister’s vision of a robust Telecom Sector. With competition and customer choice, antyodaya for inclusive development and bringing the marginalized areas into the mainstream and universal broadband access to connect the unconnected. The package is also expected to boost 4G proliferation, infuse liquidity and create an enabling environment for investment in 5G networks,” the ministry of communications stated. 

Back to top button