Simplified Laws Guide to Taxation and Legal Concern
The Government could have avoided charging the customers for ATM withdrawals. First of all, only 17% of the Indian population is using banking facilities. Any move to improve higher utilization of banks would have been a better idea.
ATM Usage –
- Cash withdrawal from Savings Bank account through other bank ATMs will enjoy only 3 free transactions per month.
- Cash withdrawal from Savings Bank Account through bank’s own ATMs will enjoy 5 free transactions per month.
- This rule is applicable to ATMs located at Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad. In all other places, the existing rules of 5 free transactions in any bank ATM will continue.
- Beyond the above limits, the bank may levy up to Rs.20 plus taxes per transaction.
- The new guidelines will be effective from 1st November 2014
Having brought up this topic of ATM, let me write something more about it –
- ATM means Automated Teller Machine.
- Hongkong and Shanghai Banking Corporation (HSBC) introduced ATM concept in India for the first time in 1987. The Worlds first ATM was introduced in 1967 at London.
- For a country of 123 Crore people, only 160000 ATMs are there! (There is a huge potential to increase this number in next couple of years)
Please follow and like us:
