A festive surprise for our Jio family - Recharge for Rs. 399/- and get 100% cashback! Here's wishing you a #JioHappyDiwali #WithLoveFromJio pic.twitter.com/Kbcrm5QV44 — Reliance Jio (@reliancejio) October 11, 2017

NEW DELHI: Mukesh Ambani's Reliance Jio announced a new ' Jio Diwali Dhan Dhana Dhan ' offer that gives its users 100 per cent cashback on a recharge of Rs 399. Jio's new offer is valid between October 12 and October 18.Under a new pricing strategy, prepaid customers of the 3-month Rs 399 recharge will get full cashback by way of 8 vouchers of Rs 50 each, which they can use for availing future recharges (after November 15). Jio also said the new plan will be effective from October 19.Weeks after Trai effected a drastic cut in interconnect usage charge (IUC), the Reliance Jio offer is likely to set off a new tariff war in the Indian telecom sector.Yesterday, India’s No 1 telecom player Airtel has partnered with Karbonn Mobiles to sell 4G smartphone at an effective price of Rs 1,399, undercutting Jio’s 4G featurephone priced at Rs 1,500, through an initiative called ‘Mera Pehla 4G Smartphone’.The phone - Karbonn A40 Indian with a retail price of Rs 3,499 – will be sold for an upfront payment of Rs 2,899. Airtel will give cash back of Rs 1,500 to buyers of the phone over three years.This, however, comes with a rider — consumers must recharge their phones with a minimum pack of Rs 169 every month. The recharge will offer unlimited voice calls and 500 MB data every day.(With TNN inputs)