Unfortunately, this feature is not available yet.
Location - Dhaka | Bangladesh - Standard Time Zone: GMT/UTC + 06:00 hour
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I'm on Skype 184.108.40.206 which allows me to mute my mic to everyone ... but I need to mute my mic or place on hold one person in the canf call to provide sensitive information, then bring that caller back into thte conversation!
As Tamim replied earlier, such a feature is not yet available in Skype. It's requested fairly often so maybe someday...but not yet.
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