RBI cuts fee on outstation cheques

NEW DELHI: The RBI has decided to lower the service charge for outstation cheques up to Rs 5,000 but allowed banks to levy a higher fee for cheques above Rs 1 lakh. In a late evening notification on Wednesday, the regulator said the new charges would be applicable from April.

According to the revised schedule, in case of outstation cheques up to Rs 5,000, the service charge has been halved to Rs 25. For amounts between Rs 5,001 and Rs 10,000, the levy has been retained at Rs 50. For cheques between Rs 10,001 and Rs 1 lakh, the charge remains unchanged at Rs 100. The service charges have to include all charges such as those for postal, courier and handling, though service tax is outside the ambit. For cheques above Rs 1 lakh, banks would be free to levy any fee as part of RBI's move towards providing greater freedom.

At present, banks can charge up to Rs 150 per cheque. The same dispensation has been put in place in case of cheques covered under speed clearing. In case of local clearing, processing charges have been raised by 50 paise per cheque.

RBI said the measures are expected to hasten the migration of transactions to electronic mode. At the same time, it noted that the levies should be "reasonable and computed on a cost-plus-basis and not as an arbitrary percentage of the value of the instrument. The service charges-structure should not be open ended and should clearly specify the maximum charges that would be levied on customers including charges if any, payable to other banks.

Read more: RBI cuts fee on outstation cheques - The Times of India http://timesofindia.indiatimes.com/business/india-business/RBI-cuts-fee-on-outstation-cheques/articleshow/7322693.cms#ixzz1BYOwvhNO

Mobile Number Portability (MNP) kicks off from today

Many must have felt exasperated with their current mobile phone operators as far as their service standards and responsiveness is concerned. But there is no need to feel dejected, as a new solution is at hand now.


It is called the Mobile Number Portability (MNP). The new system will comes into force across India from today, offering relief to hundreds of thousands of telecom subscribers who are not happy with their incumbent operators. The MNP scheme was first launched in Haryana in November.


MNP allows a subscriber to switch to another telecom service provider without going through the hassle of changing the number, and updating the near and dear ones about the same. Both prepaid and postpaid subscribers can avail of the MNP facility. The only hitch is one can change one's mobile phone operator under the MNP only within one's service area.


There are currently more than 700 million mobile users in India.


How to use MNP:

The subscriber needs to send a SMS to 1900.


He/she will receive a unique porting code from the current service provider.


Then one needs to fill the application and mention the new service provider one would like to switch to.


The new service provider will collect information about the subscriber from the current operator.


The whole process takes about seven days. In case of Jammu & Kashmir, Assam and North East service areas, this is 15 days.


As a transformation charge for the new operator the subscriber has to pay the amount of Rs. 19.

Mobile number portability: Switch tele operator!

New Delhi, Jan 20: Are you not happy with your mobile operator's schemes, services and flexibilities? Don't be irritated. Now, here comes your solutions. Choose your favourable mobile operator and say good bye to the old one.

Here is the good news for all mobiles users. The much awaited Mobile Number Portability (MNP) will be operational in India from Thursday, Jan 20. The MNP scheme was launched first in Haryana in Nov 2010 and now all set to be implemented in all around the nation.


What is Mobile Number Portability:

It's a new development in Mobile Communication Technology. In India there are more than 700 million mobile users. In this service the mobile user can switch to other service provider without changing the mobile numbers. Both prepaid and postpaid tele-users have the facility to switch to other favourable tele-operators.

How to switch - Rules:

* The subscriber, who likes to avail this service, need to send a SMS from his mobile to 1900.
* Once the customer sends SMS, he will be receiving a unique porting code from the current service provider.
* Then he need to fill the application in a particular format and mention the new service provider, the customer would like to subscribe for.
* The new service provider will collect the information about the user from the current operator. A time period of seven days will be taken for the complete transfer of mobile number to the network of the new mobile operator.
* As a transformation charge for the new operator the subscriber has to pay the amount of Rs 19.


Exception: The time period of transferring the MNP in Jammu and Kashmir, Assam and North East service areas will be 15 days but not 7 days.

Restrictions and limitations:

* The only restriction is that you can change your operator without changing your number only within your current service area.
* Suppose a subscriber, who is using a Mumbai number, can not switch to an operator in Bangalore. The subscriber can only change his/her operator within Mumbai only.

Portability: 1 in 6 wants to change service provider

More than one out of six mobile phone subscribers (17.6%) want to switch over to another telecom company. Given India’s mobile subscriber base of more than 700 million, it could mean that up to 120 million people want to switch. As number portability comes into effect on Thursday, a Hindustan Times-MaRS survey — the first ever on number portability — across eight Indian cities covering 4,564 subscribers between December 15, 2010 and January 15, 2011 shows that Airtel and Vodafone Essar will gain the most.

One out of three consumers who are considering switching want to sign up with Airtel, and one out of five who want to change will go to Vodafone Essar. But only half the subscribers who want to switch are dissatisfied with the service they get. http://www.hindustantimes.com/Images/HTPopups/200111/20_01_pg1b.jpg

The other half just wants a new service provider.

The survey shows that women make more loyal subscribers — 18.8% want to change compared to 14.3% men.

HT

Mobile number portability a reality from today

After years of delays, mobile number portability (MNP) will finally be available all over India from January 20. Telecom Minister Kapil Sibal said, "We're very happy that we are going to launch it nationally. It's a great step forward for the consumer. It enhances his choice."

Dump your phone company. Move to a better one. But keep your present number. 700 million Indians use cell phones. With mobile number portability finally kicking, many customers, especially pre-paid ones, might abandon ship and firms might offer better service.

Mobile number portability a reality from today

To shift, send an SMS from your phone to 1900. Your present company will reply with a unique porting code. Use that code while filling out a detailed form for the company you want to shift to. Within 48 hours, that company will take over all your cell services. The fees, about Rs 19.

Your cell number will be switched off for only one hour. All bills after that, are paid to your new company. You'll be stuck with them for at least 50 days before you can shift again, so choose with care.

While you can shift from a GSM service to CDMA or vice versa, you cannot shift from one state to another. If you do, roaming kicks in, just like it does right now.

Rajan Mathews, Director General, Cellular Operators Association of India, COAI: You can use number portability for any post-paid as well as prepaid number. In case of a post-paid number, there shouldn't be any dues. For a prepaid number, carry forward of any balance to the new service provider is not permitted.

When you port your number, you also need to change your SIM. Apart from retaining the same number, the process is same as acquiring a new connection. MNP might be kicking off all over India now, but in Haryana it was launched on November 25 and 80000 people have already opted for it.

So will MNP be a game changer? Not that much, since lots of people now also have an option of buying a dual sim phone. But, if Haryana is any indication MNP seems to have a bright future.

Sensex opens lower 154 points on weak global cues

STAFF WRITER 9:26 HRS IST

Mumbai, Jan 20 (PTI) The Bombay Stock Exchange benchmark Sensex fell by 154 points in early trade today on sustained selling by funds and retail investors in tandem with weak Asian markets.

The 30-share barometer, which lost 113.73 points in the previous session, fell further by 154.10 points to 18,824.22 points.

The wide-based National Stock Exchange index Nifty declined by 46.65 points to 5,644.40 points.

Brokers said continued offloading of positions by funds and retail investors in line with weakening Asian trend following overnight losses on the US market on disappointing earnings mainly pulled down the Sensex.

In other Asian markets, Japan's Nikkei fell by 1.13 per cent while Hong Kong's Hang Seng index was down by 0.82 per cent.

The US Dow Jones Industrial Average ended 0.11 per cent lower yesterday.

Rupee gains 7 paise against dollar

MUMBAI: The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies.

Dealers said a higher opening in the stock markets also aided the rupee sentiment.

The rupee ended 10 paise higher at Rs 45.42/43 a dollar in the previous session following smart rally in equities and a sluggish dollar overseas.

Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 75.39 points, or 0.39%, to 19,167.06 points in the opening trade on Wednesday.

Read more: Rupee gains 7 paise against dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-7-paise-against-dollar/articleshow/7317175.cms#ixzz1BTTfyVRt

Sensex trades in tight range, broader markets gain

MUMBAI: A benchmark index for an Indian equities market Wednesday was trading in a tight range even as broader markets saw moderate buying activity.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,153.31 points, was ruling at 19,138.42 points - up 46.37 points or 0.24% from its previous close at 19,092.05 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange too was ruling tightly bound at 5,737.3 points, 13.25 points or 0.23% higher.

Broader markets were in the green with the BSE midcap index up 0.76% and the BSE smallcap index up 0.75%.

Metal stocks continued to rise. PSU and oil and gas scrips too were among major gainers, while capital goods and IT scrips fell on profit booking.

The market breadth was positive, with 1,747 stocks advancing compared to 955 scrips on the decline, while 105 stocks remained unchanged.

Among gainers on the Sensex were Sterlite Industries, Reliance Infra, Hindalco Industries and M&M, while the losers included L&T, Infosys, HDFC Bank and SBI.

After two days of weakness, most other Asian stock markets rose Wednesday amid strong earnings reports from companies in the US.

The Chinese Shanghai Composite index moved up 1.63% at 2,753.05 points, while Hong Kong's Hang Seng gained 0.92% to rule at 24,376.4 points.

The Japanese Nikkei closed 0.36% up at 10,557.1 points.

Read more: Sensex trades in tight range, broader markets gain - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-trades-in-tight-range-broader-markets-gain/articleshow/7318444.cms#ixzz1BTTU2X9d

SC pulls up govt on black money issue

NEW DELHI: The Supreme Court on Wednesday chided the government for restricting names of those with black money stashed abroad to Liechtenstein Bank account details disclosed by Germany.

It said the government was wrong in treating black money as a tax issue when it was simple and pure theft of the Indian economy. The court said information from banks in all countries was needed. ( Read: Ex-Swiss banker gives secret documents of super rich to WikiLeaks )

Criticizing the government for not making public all the names on the list, the apex court said plunder of the nation had taken place. ( Read: Indian names in Swiss bank disclosure to WikiLeaks )

"It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on the niceties of various treaties," remarked a bench comprising justices B Sudershan Reddy and S S Nijjar, while hearing a petition by former law minister Ram Jethmalani and others for retrieving Indian black money stashed in foreign banks.

The remark by the bench came when Solicitor general Gopal Subramanium was explaining various steps taken by the government under the Double Taxation Avoidance Act.

The court was unhappy that the government filed an affidavit restricting information relating to the money amounting to Rs 43 crore deposited by 26 persons in Liechtenstein Bank in Germany.

"This is all the information you have or you have something more?," the bench asked.

The apex court said since it was dealing with a serious issue in a public interest litigation, it would not hesitate to expand the scope of the petition.

Meanwhile the government said it was ready to share information with the Supreme Court but not make it public since it was in the process of getting more details of foreign accounts of Indians from other countries under the DTAA regime.

A Congress spokesperson said the government was doing everything possible to bring back the black money stashed abroad. ( Read: Declare names of Swiss bank account holders: BJP )

On Tuesday, senior BJP leader L K Advani referring to the issue had said he had great hope that the Supreme Court would act on the issue of black money stashed in foreign banks as people like Ram Jethmalani and K P S Gill have taken up the matter. ( Read: BJP, Congress spar over black money issue )

"Eminent people like Ram Jethmalani, Subash Kashyap and K P S Gill have approached the court on the issue. I have a great hope in the Supreme Court," Advani had said.

"An international organisation has said that more than Rs 20 lakh crore of Indian money is stashed is foreign banks. If it is brought back, it will satisfy infrastructure needs of the country," Advani said. ( Read: Black money trail: 'India drained off Rs 20 lakh crore during 1948-2008' )

Read more: SC pulls up govt on black money issue - The Times of India http://timesofindia.indiatimes.com/india/SC-pulls-up-govt-on-black-money-issue/articleshow/7317956.cms#ixzz1BTNHnyri