Cabinet hangs up on DoT's call for scrapping Press Note 5
Published on Sat, Sep 30, 2006 at 12:21 | Source : Moneycontrol.com
Updated at Sat, Sep 30, 2006 at 12:53
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Cabinet hangs up on DoT's call for scrapping Press Note 5
The Cabinet has hung up on the Department of Telecom's call for scrapping Press Note 5. Press Note 5 was a set of norms that was issued when FDI cap in telecom was raised from 49% to 74%, reports CNBC-TV18.
The Cabinet has hung up on the Department of Telecom's call for scrapping Press Note 5. Press Note 5 was a set of norms that was issued when FDI cap in telecom was raised from 49% to 74%, reports CNBC-TV18.
The Cabinet has decided that inter-ministerial consultations will continue on amendments to Press Note 5 and is confident of sorting out differences in the next three months.
Speaking on the Cabinet decision, Finance Minister, P Chidambaram said that the deadline for compliance to Press Note 5 has now been extended to December 31.
Chidambaram said, "The final decision is that as we had extended the time for compliance by the telecom companies, we are extending it further to December 31, 2006. Meanwhile, the different issues raised by different ministries about the conditions in Press Note 5, there will be an attempt to reconcile those differences."
Speaking on the Cabinet decision, Finance Minister, P Chidambaram said that the deadline for compliance to Press Note 5 has now been extended to December 31. 
