Cabinet allows revenue sharing to telecom Cos  

The Union cabinet on July 6 permitted migration of existing private telecom operators to the revenue sharing from the licence fee regime with effect from 
August 1.  

Revenue sharing will not be implemented in cellular circles if one of the two services providers in a circle decides to stick to the existing licence fee system.  

Talking to reporters after the Cabinet meeting, information and broad- casting minister Shri Pramod Mahajan said licence holders would have to make an upfront payment of 15 per cent of licence fee arrears by August 15 over and above the 20 per cent required to be paid under the existing guidelines.  

The operators would have to furnish bank guarantees for the balance arrears and interest till the period all arrears were cleared. Relief by way of re-schedulement of payment of arrears will also be given.  

The validity of the licence period will be extended to 20 years. The licences were originally issued for 10 years.  

8 PSUs to disinvest  

The cabinet committee on disinvestment has cleared sale of equity of eight public sector companies for raising Rs. 10,000 crore during the current financial year. Last year, the government had managed to mop up 6,190 crore through disinvestment against the target of Rs. 5,000 crore.   

New agency to speed up foreign investments   

The Union cabinet has decided to set up a Foreign Investment Implementation Authority (FIIA), which aims at expediting Foreign Direct Investments by doing away with approvals from multiple agencies.  Besides, the body would address the concerns of investors and act as a single point interface between Investors and act as a single point interface between Investor and various government agencies like central ministries, state government, pollution control boards, DGFT and the regulatory authorities.  

National statistical commission to be set up  

The government had decided to set up a national statistical commission, minister of state for planning & programme implementation Shri Ram Naik said in New Delhi on July 15.  

The commission would examine deficiencies of the present statistical system and recommend suitable measures for its revamp.  

There has been substantial improvement already in the collection and delivery system of statistics, Shri Naik said, adding that the time-lag in the collection and the release of data had been reduced to almost zero.