CAG Report: PAC calls meeting of telecom CEOs to explain unaccounted Rs 46,000 crore revenues

The Public Accounts Committee (PAC) has announced that it has called for a meeting with the CEO's of the six telecom companies to explain underreporting of revenue on Wednesday, July 13, Zee Business correspondent Aseem Manchanda reports.

A week ago Department of Telecommunication (DoT) said that six telecom companies may have understated their revenues.

CAG reported on understatement of revenue by six Telecom Service Providers by Rs 46,000 crores in February 2016. The Report pertains to four years i.e. 2006-07 to 2009-2010.

Public Accounts committee summons CEO's of Telecom companies to explain under reporting of 45,000crs revenue on 13th July.@ZeeBusiness

— aseem manchanda (@aseemmanchanda) July 12, 2016

This may have caused a loss of Rs 12,458 crores.

The six telecom service providers are Bharti, Vodafone, Aircel, Reliance, TATA and Idea.

The Report pointed out a shortfall of Rs 5,000 crore of License Fee and Spectrum Usage Charge and Rs 7,000 crore of interest.

DoT had earlier stated that Revenue Assurance is of top priority and that there will be no loss of revenue to the government.