Microsoft India has followed up their recent buyback promotion with a new smart offer for the oncoming festive season. As part of the latest promotion, customers can exchange their old phone and buy a new Lumia 540 for ₹7,199 ($110) only, instead of the usual retail price of ₹10,199 ($160). The offer is of course valid for a limited period while stock lasts.

The Lumia 540 was an improvement over the Lumia 535 with a better display and an improved camera. The dual SIM Lumia 540 is upgradable to Windows 10 when it arrives, and packs in a quad-core 1.2 GHz processor with 1GB RAM and 8GB internal storage. There's a 8MP rear camera and a 5MP front-facing camera making it a pretty well-rounded budget phone.

Apart from the buyback offer, as part of the promotion, customers will also get discounts worth ₹3,000 on shopping via Jabong app. Also, you'll get a cashback of ₹3,600 in your Mobikwik wallet. The offer can be redeemed over a period of one year, ₹300 ($5) per month.

These two offers, along with the buyback price makes the Lumia 540 still a pretty good phone to buy if you're in the market for a budget phone that looks good and works well. Of course, once Windows 10 mobile arrives, the phone will receive a free update making it rather future-proof.