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Telecom Regulatory Authority of India (TRAI) is an independent regulating body established under TRAI Act to regulate the telecommunications business in India. Its mission is to ensure that the interests of consumers are protected and at the same time to nurture conditions for growth of telecommunications, broadcasting and cable services in a manner and at a pace which will enable India to play a leading role in the emerging global information society. After its constitution, it has framed various policies and regulation to ensure that consumer may get maximum benefits of services offered by various service providers. It first introduces a consultation paper, then invites feedbacks and organizes open house discussion to ensure that the consultation papers are properly evaluated. The most recent consulation paper by TRAI is on very important issue of interconnect usage charges (IUC). IUC are payable by one service provider to the other for usage of the network elements for origination, transit or termination of calls. In last 14 years of Journey, TRAI has been instrumental in regulating the Telecom industry by drafting and framing regulation, issuing notification, organizing open house discussion, issuing tariff orders etc.