The DOT, by way of its Notification dated October 6, 2021, amended the ULA and ULA-VNO. Pursuant to the Notifications, telecom operators will be required to provide a performance bank guarantee of up to Rs 440,000,000 (approx. US$ 5.8 million) for each service and service area before signing of the license agreement or subsequent authorization of service(s), as applicable, valid for one year. Similarly, telecom operators will be required to provide a financial bank guarantee of maximum Rs 88,000,000 (approx. US$ 1.2 million) for each service and service area, against the previous requirement of Rs 440,000,000 (approx. US$ 5.8 million). The above-mentioned rationalisation of bank guarantees will not be applicable in cases where bank guarantees have been furnished due to any Court order or is subject to any litigation. Further, the rules will not apply to telecom licensees currently undergoing corporate insolvency resolution process or the liquidation process.