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April 02, 2009

$1trillion Economic Deal

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LONDON: World leaders agreed a trillion-dollar deal on Thursday to combat the deepest economic downturn since the Great Depression.

At a G20 summit, they also signed off on plans to commission blacklists of tax havens and tighten financial rules to bring hedge funds and credit rating agencies under closer supervision.

British prime minister said that the world has come together to fight against recession not with words but also with a plan... of course he was correct here were starting our war against the economic shut down.

The world share market saw a positive outcome, with the shares of United Kingdom was up by 5%, japan gained 4.4%, and even NASDAQ gained 4%. All these increase in world share markets shows us some positive out come form this huge problem what we are facing now.

A new one trillion dollar will be created to solve the problem of great recession. The funds will be created International Monetary Fund(IMF). This will include $250 billion IMF reserve fund called Special drawing rights.

The G20 has also come out with a supporting hand for trade,with its new $250 billion financial package, for the next 2 years. In order to bring world economy to a proper track G20 injected 1.1 trillion.

The group has also plan the increase the IMF funds up to $750 billion. That is the Group has planned increase $500 billion in IMF funds. Out of which all the nations can get some support from IMF for its improvement.

With all this happenings, we can surely come out this attack. German and France has come out saying that spending wont solve this problem, only a tight financial norm can solve this issue out.

April 01, 2009

hip hip hurray!!! to RBI---ATM(Any teller machine)

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Here am, with an interesting hot news for you all. We all have an account and an ATM card. Those cards are provided for us to withdraw money at any time. However the purpose of these cards were not solved in full, because having an ATM card of one bank you can not withdraw money in another bank.

It was not possible because of 2 main reasons,
1. Not all the banks were interconnected with each other, that is, one banks ATM card will not be accepted by other bank.
2. The surcharges, that is, every withdrawal will of money with some other bank will be charged considerably.
To make my point more clear, if u are a account holder of KVB and if you withdraw from INDIAN BANK you will be charged Rs.20 for Rs.10

With the above two points we were literally worried to withdraw our money from banks.
you need not feel for these reasons from now. From today(1st april 09) you can walk into any bank withdraw cash without any charges.

Some banks charged as high as Rs. 57 for every single transaction, which was then reduced by Rs. 20 by Reserve Bank of India which came into immediate effect with all banks.

RBI gave guidelines to all banks to operate free ATM all over the nation from 1st april 2009. This is a great move by RBI. We need not pay extra charges to withdraw our own money.

There might be some glitches in the beginning in withdrawal but its really a good move. On 1st April which is considered to be a new year of every accountant RBI has came out with a brilliant suggestion which will really be useful.

As often some banks have refused to agree to this free withdrawal issue, but i firmly believe that Reserve bank of India wont be partial and it will implement its decision in full flow from today( 1st April 09).From now its not Automatic Teller machine, its Any teller machine.