Monthly Archives: July 2013

Telecom Security Policy

Close on the heels of the announcement of the National Cyber Security Policy, the Government is likely to announce a “Telecom Security Policy”. The draft of the policy is said to have been submitted to the National Information Board and … Continue reading

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22 Banks Fined for KYC Failure

22 Banks have been fined by RBI for KYC failures. The fines range from Rs 0.50 lakhs in the case of Ratnakar Bank to rs 3.002 crores in the case of IOB. Most other Banks have been fined between 2.50 … Continue reading

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One More Export Fraud Reported from Delhi

As discussed in this column earlier, one more fraud on an Exporter has been reported from Delhi involving diversion of export proceeds. Report in TOI The loss reported in the Delhi fraud is US$31000 (Rs 18 lakhs). The two other … Continue reading

Posted in Bank, ITA 2008, RBI | Leave a comment

RBI and ECGC should consider trade remittances to Hong Kong as Highly Risky

  OPEN LETTER TO RBI AND ECGC To Reserve Bank of India Exchange Control Department Mumbai and ECGC of India Mumbai Sub: Increasing Hong Kong Risk for Importers and Exporters from India Dear Sir I have recently come across two … Continue reading

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Corporate Executives arrested for Cyber Crime

The owner and an IT official of Vast India Pvt Ltd (VIPL), a company in Mumbai were arrested by Mumbai police for alleged violation of ITA 2008. The dispute arose with the data of 3.22 lakh candidates appearing for the … Continue reading

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RBI Faces first challenge in Bank licensing on Aditya Birla Group and Conflict of interest

When the Chairman of a Group which applies for Banking license happens to be a Director of RBI for the last 6 years and continues to be so while the license application is being processed, do we need a second … Continue reading

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