Loan Through SMS ??

Posted on July 16, 2013 by Vijayashankar Na

There is an interesting website on the cyber space which promises all kinds of loans for which application can be made through SMS.

Check this interesting website http://www.cgtmse-govt.in

The site sports photographs of all Congress leaders including Mrs Sonia Gandhi, Dr Man Mohan Singh, Mr Pranab Mukherjee etc and claims to be a site of the Government of India.

Applications are sought through SMS at 09748643575

An investigation is required to find out if this is a fraudulent website and if so who is behind this fraud. The site is registered by a person in Siliguri and freely uses all Government symbols for promotion. It is possible that this could be another scam in which some of the politicians are involved.

Naavi
Posted in Cyber Law | 26 Comments

Mumbai High Court Upholds Adjudicator’s decision

Posted on July 16, 2013 by Vijayashankar Na

Mumbai High Court has upheld the decisions of the Adjudicator of Maharashtra Mr Rajesh Agarwal in respect of two cases referred to it by ICICI Bank. The Bank had challenged the order of the Adjudicator and prayed for a stay which has been rejected by the Court.

News Report

Netizens in Karntaka hope Karnataka High Court and Adjudicator of Karnataka also become as much cyber law savvy as their counterparts in Mumbai.

Naavi

Posted in Bank, ITA 2008 | 1 Comment

Android to be banned?

Posted on July 16, 2013 by Vijayashankar Na

The proliferation of adult content on android apps has drawn the attention of the Government and serious thoughts are being given to the ways and means of controlling the menace.

One of the thoughts that is flying across is whether Android OS may be banned?. This of course ,may not happen since it would amount to closure of the mobile market itself. However Google may be required to enforce better control on the security aspects of the applications.

Related report

Naavi

Posted in Cyber Law | 1 Comment

Telecom Security Policy

Posted on July 16, 2013 by Vijayashankar Na

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 after a review, will be submitted to the Cabinet Committee for approval.

More details here:

The policy is likely to address the issue of dependence of Indian telecom network on imported hardware and the consequent risk exposure.  It may therefore suggest audit of hardware and software at periodical intervals besides testing and certification at the time of purchase.

In the Cyber security policy also the Government has indicated the requirement of ensuring mandatory legal audits, following of global best practices, development of security culture etc.

The twin policies if properly implemented will significantly improve the security in the Indian Cyber Space.

Posted in Information Assurance | Leave a comment

22 Banks Fined for KYC Failure

Posted on July 15, 2013 by Vijayashankar Na

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 to 3.0 crores.

The complete list of Banks and the fines imposed is available here:

This is in addition to the three Banks who were fined last month. In this set of fines, RBI imposed a penalty of Rs. 5 crore imposed on Axis Bank, Rs. 4.5 crore on HDFC Bank and Rs. 1 crore on ICICI Bank.

Naavi

Posted in Bank, RBI | Leave a comment

One More Export Fraud Reported from Delhi

Posted on July 15, 2013 by Vijayashankar Na

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 frauds reported from Bangalore were of the order of Rs 50 to 80 lakhs. This indicates that the average losses in these frauds is very high.

Pune has also reported 6 such cases in the last 6 months. Report in TOI

These frauds are targeting both Importers and Exporters. As regards losses to exporters, the loss has to be borne by the ECGC.

In order to avoid the litigation, loss of business relationship and other adverse effects on the exporters and importers, urgent action is required from the end of RBI and ECGC.

Naavi

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