RBI Waives Cash Withdrawal Limits But There’s A Catch, Facebook's Express Wi-Fi Goes Live In India And Other News

A second chance: The RBI has eased withdrawal limits for new notes for those who have deposited valid currency in their accounts. The move, the government hopes, will lure more people to deposit their hoarded up cash. But the withdrawal limits for others remain capped at 24,000 rupees a week. Meanwhile, the government is giving errant tax payers another chance to come clean. The government has planned another income disclosure scheme, just two months after the closure of another such scheme.  Read more details about the new scheme in the image below (Pic credit: Livemint)

Now live: After its controversial “Free Basics” initiative, social networking giant Facebook looks to woo Indians through its Express Wi-Fi service. The service, which is now live in India, will be expanded to other regions soon. The move is aimed at providing affordable internet access to “undeserved” locations in the country. India is the second largest country for Facebook in terms of customer base. Now with Express Wi-Fi, customers will be able to buy data packs to access internet. Facebook is working with carriers, internet service providers as well as local entrepreneurs for the same. Facebook has been focusing on improving internet connectivity across the world for quite some time now and only time will tell how successful the company would be in doing so.

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Banks have collected more than 8 trillion rupees and disbursed over 2 trillion rupees till Nov. 27, following demonetization of high value currency notes.

At war: Even as the country is reeling from the aftermath of demonetization, Indian telcos continue to fight a battle of their own. Reliance Jio has moved the Competition Commission of India against top telcos Vodafone, Airtel and Idea. Alleging “abuse of dominance and cartelization,” Jio apparently filed the complaint in view of the Telecom Regulator of India’s letter to the Department of Telecom last month. Airtel and Idea have rubbished the charges and said they haven’t heard from the CCI. The ball is in CCI’s court now.  (Pic Credit: Financial Times) 

A done deal? Tata Steel is expected to sell its UK business to Liberty House Group for ￡100 million. This is the first big sign that ousted chairman Cyrus Mistry’s strategy is being implemented without any deviations. Investors earlier feared that Mistry’s ouster could lead to Tata not disposing the loss-making assets. Tata Steel replaced Mistry as chairman and appointed independent director OP Bhatt in his place. Meanwhile, it is safe for investors not to have high hopes until the two groups seal the deal.  

Cover image: Facebook, to provide affordable internet access to “undeserved” locations, has begun testing its Express Wi-Fi service in India.

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