Inter-Bank ATM free of charge from April

The Reserve Bank of India circular, which has made inter-bank cash withdrawals for bank account holders through automated teller machines (ATMs) free of charge irrespective of bank in which they have account, has become effective from April 1 onwards. The newly-announced measure is expected to benefit countless ATM users countrywide, along with making the ATM usage more popular.

While ATM users from any bank will no longer be required to pay any charge for withdrawing money from an ATM, the banks have yet to decide upon a standardized rate that they would charge their counterparts for facilitating the proposed service.

Thus far, the charges pertaining to the inter-bank withdrawal facility was passed on by the banks to their clients. Lenders had either entered into bi-lateral or multi-lateral agreements, or were using national electronic fund transfer (NEFT) for speedy inter-bank fund transfers, at an economical cost.

There are some issues for the users, if the card gets stuck or cash not dispensed the user has to contact the service providing bank or the ATM owner. The users bank is not responsible for these scenarios.

Sewing machine hoax in Saudi Arabia

Saudi police say they are investigating a hoax that has seen people rushing to buy old-fashioned sewing machines for up to $50,000 (£33,500) an interesting read.

The Singer sewing machines are said to contain traces of red mercury, a substance that may not exist.

But it is widely thought that it can be used to find treasure, ward off evil spirits or even make nuclear bombs.

It is believed that tiny amounts can sell for millions of dollars, the Saudi Gazette reported.

The paper said that trade in the sewing machines was brisk across the country.

Rumours about the sewing machines have been spreading for days by word of mouth and over the internet, it said.

These included rumours that foreign experts and companies had been buying up Singers.

In Dhulum, it was reported that people had broken into two tailors' shops to steal the machines.

In the city of Madina, people were holding mobile phones up to the machines, due to the belief that they could be used to detect the presence of red mercury.

An interior ministry spokesman said authorities were trying to discover who had spread the rumours.

"We have to find out who started this hoax," he told Reuters news agency.

"People hope to make profit," he added. "This is no different to cases of citizens who put their money in untrustworthy schemes."

[via bbc.co.uk]