From Mar 31, pay Rs 20 for using any ATM

NEW DELHI: Customers will have to pay a maximum of Rs 20 for withdrawing cash from an ATM of another bank from March 31, 2008. However, balance inquiries will attract no charge with immediate effect.

The charge for cash withdrawal is only till March 31 next year, after which it will become zero. Aiming to make all ATM usage free from April 2009, the Reserve Bank of India on Monday said banks cannot charge for balance inquiries and capped the fee for cash withdrawals at Rs 20 per transaction, irrespective of the amount and the bank where the customer holds the account.

In a circular issued to all commercial banks, RBI also said that banks cannot charge their own customers for ATM usage, with immediate effect.

This is the first instance of RBI fixing tariff for the use of ATMs. So far, banks fixed such charges on their own. As charges vary from bank to bank, a customer can’t be sure of the amount he will have to pay for using an ATM of a bank other than the one in which he holds an account.

In the wake of the circular, a bank will not be able to charge more than Rs 20 for transactions carried out using the ATM card of another bank.

2,500-year-old 'First Sword under Heaven' discovered in China

A sword, said to be around 2,500 years old, has been discovered by Chinese archaeologists from an ancient tomb in the eastern province of Jiangxi.

The chief of the excavation team, Xu Changqing, has named the sword the "First Sword under Heaven."

"It is reckoned as the oldest ever excavated in the country," China Daily quoted Changqing, as saying.

The well-preserved 50 centimetre-long sword is black, gold and bright red.

"A dragon pattern was carved on both ends of the scabbard, and the middle part of the scabbard was decorated with two rows of a W-shaped design," Changqing said.

Two other heritage pieces dug out along with the sword from the same tomb have been named "First Mat under Heaven" and "First Fan under Heaven."

At least 1,000 relics have been found in the ancient tomb built in the late Spring and Autumn period (770-476 BC) since the excavation work was launched in January last year.