Grahakjago (S.K.Virmani)©

Is the Digital Payment System a more burden on tax payers money? As per information available under RTI as published in public domains, the following is the cost of printing of Indian Currency:  Denomination (Rs.) Cost of Printing (Rs.) 5/- 0.48  10/- 0.96  20/- 1.50  50/- 1.81  100/- 1.79  500/- 3.09  2,000/- 3.54  Govt. of India currently in power is promoting use of digital payment discouraging cash payments. Besides other advantages, one of the advantage has been presented as saving on the cost of printing the currencies. Is it really a saving or there is some hidden agenda to ensure business for preferred payment gateways. However, the Govt. of India is not taking any step towards transaction fee being charged from the consumers towards making payment through digital modes. As an example if you are getting petrol from...

National Highway Authority of India (NHAI) has come out with a Fastag to enable motorist to cross the toll plaza barriers without stopping at any of the toll plaza. The toll fee as applicable to the particular toll plaza gets automatically deducted from the prepaid balance in the card. Three Banks have been nominated for such fastag cards namely IDFC Bank, State Bank of India (SBI) and ICICI Bank. The main terms of the financial cost in the Tags have been specified by NHAI for the car as: 1. Cost of the Tag           : Rs. 200/- 2. Security Deposit         : Rs. 200/- 3. Minimum balance       : Rs. 100/- The term Minimum Balance has been specified as "Minimum Balance is the minimum recharge amount to be done at the time of RFID tag activation" The plain reading of these costs indicates that the Tag would be costing you Rs. 500/- which will be having Rs. 100/- as minimum balance and the tag would be an active one...

  Weather your bank is refusing to accept Scribbled Notes ? If we believe social media reports, there seems to be a news that Banks are refusing to accept the scribbled notes. While there is a policy of the Govt. about "Clean Note Policy", However, the banks cannot refuse to accept the scribbled notes, the Banking Regulator Reserve Bank of India (RBI) says so. As usual with every "right" there is a "responsibility" associated. It is our responsibility that we should not write anything on the bank notes and keep the bank notes safely. Reserve Bank of India vide its notification No. ID.(Res.). No. 4530/04.00.001/2016-17 dated April 25,2017 has clarified that scribbled/coloured/faded bank notes are to be accepted from members of general public by all banks and the same may be treated as soiled notes. The said notification is reproduced below: Next time when you face any refusal from the banks in acceptance of the scribbled/coloured/faded bank notes...

Why Banks should charge transaction fee for use of ATM cards? Indian Banks Association is learnt to have requested RBI to allow banks to charge customers in the metros to pay for accessing ATMs of other banks but continue with the current cap of five free transactions a month for rural customers. The IBA also says that banks are loosing Rs. 400 crore a month because of the excess security requirement at 1.4 lak ATMs. IBA also need to consider following factors before they request the regulator RBI for allowing them to charge fee from the customers. 1. Use of ATMs have definitely reduced the burden on the banks as it has also resulted into reduction in manhours for dispensing cash from its cash counters. Indirectly it has facilitated for diversion of resources and increased business avenues and efficiency.  In fact some banks are charging annual card fee which also need to be withdrawn as the cost of operation has not increased. The technology always reduces the cost...