Any delay in payment of license fee or any other dues payable under the license beyond the stipulated period will attract interest at a rate of 2 per cent above the Prime Lending Rate of the State Bank on the beginning of the fiscal (April 1) in respect of the license fees pertaining to 2005-06, department of telecom officials said.
Earlier, the interest rate stood at 5 per cent. In case the total amount paid as quarterly license fee for the 4 quarters of the fiscal fell short by more than 10 per cent of the payable fee, it shall attract a penalty of 50 per cent of the entire amount of short payment from this fiscal.
Earlier, this penalty was 150 per cent, they said. This amount of short payment along with the penalty shall be payable within 15 days of the date of signing the audit report.
Licences of international and national long distance service providers have also been amended to have the same quantum of reduced rate of interest of two per cent and penalty of 50 per cent in 2005-06.