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