Tata Teleservices, Telenor and Videocon are among five telecom firms which have understated revenues by over Rs 14,800 crore, resulting in a short fall of nearly Rs 2,578 crore to the exchequer, the CAG said today.
Tata Teleservices, Telenor and Videocon are among five telecom firms which have understated revenues by over Rs 14,800 crore, resulting in a short fall of nearly Rs 2,578 crore to the exchequer, the CAG said today. As per the report of Comptroller and Auditor General of India (CAG) tabled in Parliament, government was paid Rs 1,015.17 crore less in licence fee, Rs 511.53 crore in spectrum usage charge, and Rs 1,052.13 crore as interest applicable on delay in payment. It said the five companies are Tata Teleservices, Telenor, Videocon Telecom, Qaudrant (a Videocon group firm) and Reliance Jio. The government collection from Tata Teleservices is short of Rs 1,893.6 crore, Telenor – Rs 603.75 crore, Videocon – Rs 48.08 crore, Quadrant – Rs 26.62 crore and Jio – Rs 6.78 crore for licence fee, SUC and applicable interest charges. CAG said: “To sum up the verification of records of five PSPs (private sector players) by audit indicated total understatement of AGR (adjusted gross revenue) of Rs 14,813.97 crore for the period up to 2014-15 and consequent short payment of revenue share on Government of India to the tune of Rs 1,526.7 crore.”
It added that interest due on the short paid revenue share for the period up to March 2016 was Rs 1,052.13 crore. The CAG findings are based on the audit of Tata Teleservices and Tata Teleservices (Maharashtra) Ltd from 2010-11 to 2014-15; Quadrant Televentures (2006-07 to 2014- 15); Videocon Telecom (2009-10 to 2014-15); Telenor (2009-10 to 2014-15) and Reliance Jio Infocomm from 2012-13 to 2014-15.
- We're betting on pick-up in capital expenditure; bullish on SME sector: Rajiv Anand, executive director wholesale banking, Axis Bank
- Small Finance Banks receive fresh credit requests from MFIs after RBI’s PSL classification
- Virtual event platforms: Now technology helps connect with your remote audience