In the 3G spectrum auction, which closed on Wednesday, the government will receive Rs 67,719 crore. According to market sources, the government is likely to garner an additional Rs 12,000 crore from BWA auction. So, total revenue from the spectrum action will be Rs 80,000 crore which is Rs 40,000 crore more than the budget. This has become an aid for the development work for the government of India.
Where will this fund come from? As we know, Telecom companies has to pay this amount to the government. No telecom company has that much fund in hand to pay. They have to move to their financiers, the major banks in India. It will be a challenging task for them to arrange this huge fund. This may create liquidity problem among the banks and the telecom firms. In June 2010 as close to Rs 100,000 crore goes out of the banking system.Once the very huge fund has been gone by the banks the banks have to wait until the government spends the money which will take a few months.
No firm has made a call in all 22 circles is an evidence that they are not able to meet fund requirements. When they look at the bankers this became head ache of the bankers to arrange he fund. The short term interest rates may also go up due to the huge demand. It might change the current situation for few months. The ordinary customer is less likely to be affected by this move.
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