Telecoms cheer 50% slash in NLD guarantee

NEW DELHI: The government of India has decided to do away with the performance linked bank guarantee for National Long Distance (NLD) by 50 percent. The department of telecommunication is expected to issue a notification in this regard soon. Telecommunication and IT minister Dayanidhi Maran disclosed this in New Delhi at the Cellular Summit 2004.

Welcoming the decision, Bharti Group CMD, Sunil Bharti Mittal said that this is a great start but this step should have been taken before by DoT and there should be absolutely no bank guarantee. He also hopes that taking cue from this announcement the banks would take corrective steps to do away with the remaining 50 percent not only in NLD but also in other sectors.

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