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Indian Rupee could soon get a Unique Symbol

9-March-2009 Leave a comment

Major currencies of the world e.g. US Dollar, Pound Sterling, Yen and the Euro have an Identification symbol. The Government of India also proposes to have a symbol for the Indian rupee to be selected through public competition. Accordingly, all Resident Indians (both Professional artists and Non-professionals) are hereby invited to participate in a Competition for design of the ‘Symbol for Indian Rupee’.

Submission of Entries:
Interested persons may send their entries, along with a bank draft of Rs.500/- (Rupees five hundred only) in favour of the Pay & Accounts Officer, Department of Economic Affairs, New Delhi, drawn on a scheduled commercial bank/nationalised bank at New Delhi as registration fee, to the Under Secretary (Currency), Department of Economic Affairs, North Block, New Delhi – 110 001 to reach him latest by 1300 hours on 15th April 2009. Entries received after the stipulated time shall not be entertained and returned unopened. The Department shall not be responsible for delay by postal service s, courier agencies etc. The entries can also be deposited personally at the Information & Facilitation Counter of the Department, near gate No. 8, North Block, New Delhi. The entries should be sent in a properly sealed envelope labelled “Entry for Symbol for the Indian Rupee”. The entry should be accompanied by a brief explanation of the Design and how it best symbolizes the Indian Rupee and also the bio-data of the applicant with a passport size photograph affixed on the top right hand corner. The guidelines for preparing entries, other conditions and selection process are available on the website of the Ministry of Finance.

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Categories: Finance, India

NEFT Transaction Fee from 01-Apr-2009

20-January-2009 Leave a comment

Have you used NEFT online? While RBI has waived the processing charges till March 31, 2009. With a view to rationalize the service charges levied by banks for offering various electronic products, a broad framework has been mandated as under: –

a) Inward transactions – Free, no charge to be levied
b) Outward transactions –
Upto Rs. 1 lakh – not exceeding Rs.5 per transaction.
Rs. 1 lakh and above – not exceeding Rs. 25 per transaction.

National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system in India, to facilitate transfer of funds from any bank branch to any other bank branch.

Source: NEFT FAQ Page on RBI Website

Categories: Banks, Finance, India