Nope, it isn't. The proposal (http://itcafe.hu/dl/cnt/2014-10/112746/01705.pdf) only contains the number '700' twice, one is unrelated, at the other occurrence the text says that the tax on phone calls and text messages cannot exceed HUF 700/mo/subscription.

After the outrage now there're rumors about these caps, but they were not part of the proposal.