ECONOMY

Monthly Archives: MARCH 2017


Reliance Jio May Extend Jio Prime Membership Deadline by a Month
27.03.17 - team pt
Reliance Jio May Extend Jio Prime Membership Deadline by a Month



Reliance Jio may extend the deadline for Jio Prime membership by a month as it is falling short of the targeted sign-ups. The report by TeleAnalysis, citing sources with knowledge of the plan, says that the last day to sign up for Jio Prime membership, which is March 31, may be extended to April 30.
 
Reliance Jio has upended the telecom industry, but is said to be short of missing its target for Jio Prime members by as much as 50 percent. The report claims that so far only 22-27 million Reliance Jio users have signed up for Jio Prime membership, available at an introductory price of Rs. 99 till March 31. This figure, worryingly for Jio, represents roughly a quarter of the 100 million-strong user base the company last announced it had.
 
However, the company is yet to make a final decision on extending the Reliance Jio Prime deadline. The delay in making a final decision may be because the company could be hoping that users will sign up for the subscription plan en masse in a last-minute rush, reports NDTV.
 
Reliance Jio Prime membership will allow users to continue availing unlimited data, SMSs, and other bundled services at less than Rs. 10 per day. Once a user signs up for Jio Prime, they can get 1GB of 4G data per day for 28 days at Rs. 303, and 2GB per day at Rs. 499, among other Jio Prime plans.
 
On the other hand, rivals such as Airtel, Vodafone, Idea Cellular and BSNL have launched their bundled data plans offering up to 2GB data per day in the price bracket of Rs. 300-500 to compete with Reliance Jio Prime plans.

 




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Now Cash transaction limit to be slashed to Rs2 lakh
21.03.17 - TEAM PT
Now Cash transaction limit to be slashed to Rs2 lakh



The Narendra Modi government today moved a fresh proposal to cap cash transactions at Rs 2 lakh instead of the earlier sanctioned Rs 3 lakh.
 
In the government's annual budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at three lakhs. In an amendment to the Income Tax Act, the government has called for reducing the limit to two lakhs starting next month.
 
In the government's annual budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at three lakhs. In an amendment to the Income Tax Act, the government has called for reducing the limit to two lakhs starting next month.
 
Government had recently rolled out the Budget and today it announced as many as 40 amendments to the Finance Bill to which the Opposition parties objected when it was taken up for approval in the Lok Sabha, including Trinamool Congress (TMC), Congress, Biju Janata Dal (BJD) and others. These parties were against the proposal of amendments to 40 Acts as they believed it to be done in the form of back-door entry.
 
The proposal is aimed at curbing black money and pushing the country towards digital transactions.   

The penalty will be 100 per cent -anyone who accepts more than 3 lakhs in cash will have to pay a fine equal to the entire amount received.
 
The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on black money that was set up by the Supreme Court, Jaitley said while presenting Union Budget 2017-18 in Parliament.
 
The SIT, headed by Justice M B Shah, in July last year had submitted its fifth report to the Supreme Court on steps needed to curb black money.

Noting that a large amount of unaccounted wealth is stored in cash, SIT had said: "Having considered the provisions which exist in this regard in various countries and also having considered various reports and observations of courts regarding cash transactions, the SIT felt that there is a need to put an upper limit to cash transactions."
It recommended a total ban on cash transactions of Rs 3 lakh and above and that "an Act be framed to declare such transactions as illegal and punishable under law".

However, the cash restrictions will not apply to the government, any banking company, post office savings bank or co-operative bank.




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After Jio and Airtel, Idea makes incoming calls on national roaming free
13.03.17 - TEAM PT
After Jio and Airtel, Idea makes incoming calls on national roaming free



The country’s third-largest telecom operator, Idea Cellular, has decided to make incoming calls on national roaming free effective April 1.This facility will be available on both prepaid and postpaid connections across 2G, 3G and 4G networks.
 
This move is seen as an attempt to tackle a similar offer made by Reliance Jio on February 21. Bharti Airtel too had announced free incoming and outgoing roaming calls as well as SMSes last month.

"Effective April 1, 2017, Idea’s 200 million customers will enjoy free incoming calls while roaming on the company’s 2G, 3G and 4G networks across 400,000 towns and villages in the country,” a statement Idea read. 
 
Idea also slashed rates for outgoing calls, besides launching value packs for roaming outside India, which will bring costs down by as much as 85%. For subscribers travelling abroad, the company said it will offer bundled usage of up to 400 outgoing minutes, 100 SMS per day, large data volume and unlimited incoming calls. 

These international roaming packs will come bundled with free 1GB/2GB/3GB data and overage charges as low as Rs 3 per MB to avoid "bill shock” to travelling customers, said the company in a statement. 
 
Incoming roaming charges for Idea subscribers is Rs 0.45 per minute at present. For outgoing calls, roaming charge on local calls is Rs 0.80 per minute, while for STD calls, it is Rs 1.15 per minute. The firm has announced that outgoing calls and SMS, while on roaming, will become more affordable.
 
For Idea subscribers, the packs start at Rs 1,199 for 10 days’ validity and go up to Rs 5,999 for 30 days’ validity, offering up to 85% savings on international roaming charges. 
 
The firm said it conducted an extensive study of customer’s travel destinations, usage patterns and bill shock complaints to design a new range of value packs for handpicked destinations across Europe (15 countries), Asia (9 countries), America (the US + Canada), the UK (UK + Ireland) and the West Asia (the UAE).




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