RBI BANS USE OF CELL PREPAID BALANCE FOR SHOPPING!

By February 21st, 2009 AT 5:55 AM

Reserve bank of India has banned use of mobile phone balances for shopping purposes.

According to RBI mobile prepaid card balances cannot be used as an option to currency other than to purchase mobile contents ringtones and talk time.If allowed it will impact the monetary policy.

RBI has also levied rigorous conditions on lunch coupons gift payment cards which are used in merchant outlets.

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Nice move by RBI

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