Mukesh Ambani has a problem with pre-paid top-ups from old Rs 500 notes. Here’s why
Advertisement
Advertisement
This view was dismissed by nearly all the members of the
Experts also believe that to some extent, concerns raised by Jio may be right as there is no clarity on the number of top-ups a prepaid user can do with the old Rs 500 notes.
"A truant retailer in a Tier 2/3 town or a village can easily prey on an ignorant customer by saying that the government is only allowing top-ups up to 500, but that he is ready to offer multiple recharges for a commission to help them dispose of defunct cash. Also, a person can convert his own demonetised 500 notes into legal tender through multiple recharges," a senior executive, told ET.
Advertisement
"Such a scenario would reduce the immediate appetite for Jio's offerings as customers would get locked in to incumbents for multiple months," another industry executive familiar with the issue, told ET.
Last month, COAI had written to telecom minister Manoj Sinha seeking a relaxation in demonetisation rules to enable distributors and retailers to accept old currency notes in the interest of consumers, especially since telecom is an essential service. COAI had, however, mentioned in its letter that only Jio held a divergent view on the issue as it feared misuse.
COAI represents India's three largest phone companies -
Advertisement
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh