"I am glad that the presumptions that some people had, that spectrum is worth zero, have been belied," Jaitley said speaking at an event here.

Sibal, as Telecom and IT Minister in the previous UPA government, in January 2011 had stated that there was zero loss to the Government as a result of giving away second generation or 2G telecom licences to new players on first-come-first-serve basis in 2008.

He had made the comment at a press conference to contradict a report from the Comptroller and Auditor General (CAG) that had put the loss to exchequer from not auctioning the scarce spectrum, which carries telephone calls and data, at Rs 1.76 lakh crore.

Terming the CAG report as erroneous, Sibal had then said that there was no loss to the Government, as the calculations done by the CAG had to be discounted for various factors, including time value of money and difference between 3G and 2G spectral efficiency.

In the auction that closed on Wednesday, the government received provisional bids worth Rs 109,874 crore at the end of 115 rounds of bidding spread over 19 days.

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