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Posts Tagged ‘Reserve Bank of India’

Indian Rupee Notes To Be Withdrawn RBI

In consumer forum on January 23, 2014 at 19:19

The Reserve Bank of India has notified that Rupee Notes issued before 2005 will be withdrawn effective 1 April 2014.

The RBI Notification.

Rupee notes withdrawn

Rupee Notes to be withdrawn

Banknotes issued prior to 2005 to be withdrawn: RBI Advisory
The Reserve Bank of India has today advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication. The Reserve Bank further stated that public can easily identify the notes to be withdrawn as the notes issued before 2005 do not have on them the year of printing on the reverse side. (Please see illustration below)

The Reserve Bank has also clarified that the notes issued before 2005 will continue to be legal tender. This would mean that banks are required to exchange the notes for their customers as well as for non-customers. From July 01, 2014, however,  to exchange more than 10 pieces of `500 and `1000 notes, non-customers will have to furnish proof of identity and residence to the bank branch in which she/he wants to exchange the notes.

The Reserve Bank has appealed to the public not to panic. They are requested to actively co-operate in the withdrawal process.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/1472

Source:

http://www.rbi.org.in/scripts/BS_ViewCurrencyPressRelease.aspx?Id=30458

 

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Sonia Gandhi’s Wealth $2.19 Billions, News Removed

In Corruption, India on December 3, 2013 at 08:40

The Huffington Post published a report ‘listing the wealthy people of the world.

Sonia Gandhi.

Young Sonia Gandhi.

I am informed that the above photo of Sonia Gandhi is not that of hers but of Reese Witherspoon.

The site on this.

I did the same when I found this image above circulated on FB and on many internet news sites. Sad part is  many people like it, believed it and commented so bad / good about the persons mentioned there. I have made a comment with links to the original image of Reese and got a few people realizing the fact.

I have no intention to support the congress person neither oppose. My point is there are 3rd persons who use hoaxes to fool the people. This is to just expose them and the truth.”

http://propelsteps.wordpress.com/2013/11/07/alert-they-could-fool-you-too-hoax-messages/

Sonia Gandhi was ranked at 12 , richer than Queen Elizabeth, along with former emir of Qatar Hamid bin Khalifa al-Thani .

Within hours of this news story, Huffington Post removed Sonia Gandhi’s name from the list, obviously under pressure.

To make it look natural, they have also removed the name of Hamid bin Khalifs as Thani.

Reason is not far to seek with the election fever running high in India.

No body can mention SG and get away with it.

Editor’s Note: Sonia Gandhi and the former emir of Qatar Hamid bin Khalifa al-Thani have been removed from this list. Gandhi was originally included based on a listing on a third party site which was subsequently called into question. Our editors have been unable to verify the amount, removed the link, and regret any confusion. Qatar’s emir was succeeded by his son Tamim in 2013. “

(Huffington Post)

Sonia’s Affidavit on her wealth.

n 2009 while filing her nomination for the Lok Sabha election, Gandhi, stated that she owns neither a car nor a house in India but she has an ancestral home in Italy valued at Rs18.02 lakhs.

Sonia Gandhi’s assets, according to the affidavit, totalled Rs1.38 crore, nearly Rs1 crore less than what her son Rahul Gandhi reportedly has.

Gandhi’s affidavit said that she had Rs75,000 in cash and Rs 28.61 lakh in bank deposits.

In addition she had mutual funds worth about Rs 20 lakh and Rs12 lakh in Reserve Bank of India bonds.

A sum of Rs.199,000 was deposited in post offices and Rs 24.88 lakh with the Public Provident Fund.

Sonia Gandhi’s jewellery, weighing about 2.5 kg, was valued at Rs11 lakh while 88 kg of silver possessed by her was stated to be worth about Rs18 lakh.

She owns two plots of agricultural land totalling up to about 15 bighas and valued at Rs219,000. Their location is not mentioned in the affidavit.

Sonia Gandhi paid Rs558,000 in income tax for the assessment year 2008-09 and Rs32,512 in wealth tax.

But this report in one of the top websites in the world claims, the INC president has $2 billion wealth which is roughly Rs90,000 crores.

However, the report does not clearly state how it has arrived at the comparisons and monetary values of the leaders.

The Middle East according to the report is the richest region as 7 in the list of 20 come from there.

According to http://www.worlds-luxury-guide.com/business/worlds-richest-politicians, Sonia Gandhi is the Fourth richest Politician.

She has not been able to have name removed from this list.List: World’s Richest Politicians

Name

Country

Position

Wealth

Abdullah Bin Abdul Aziz

Saudi Arabia

King

$21 billion

Hassanal Bolkiah

Brunei

Sultan

$20 billion

Michael Bloomberg

USA

Mayor of New York

$18.1 billion

Sonia Gandhi

India

President, Indian National Congress (political party)

$2-19 billion

http://www.dnaindia.com/india/report-sonia-gandhi-is-richer-than-queen-elizabeth-and-the-sultan-of-oman-claims-huffington-post-report-1928180

See the original Affidavit below.

http://eci.nic.in/GE2004_Affidavits/Uttar%20Pradesh/Affidavits/19/Sonia%20Gandhi/SG_sc2.html

http://www.huffingtonpost.com/2013/11/29/richest-world-leaders_n_4178514.html?utm_hp_ref=tw

Check the site opensecrets.org.

Now there is a counter attack from the Media supporting Sonia Gandhi.

“However, the numbers clearly look dodgy.

Since Business Insider is a highly frequented site and not a fly-by-night operator, Sonia Gandhi may need to take cognisance of this and either sue the publication or take other action to clear her name.

http://www.firstpost.com/india/us-website-says-sonia-wealth-at-2-19-bn-time-to-sue-241597.html?utm_source=ref_article

And there are more sites which question the Riches story of Sonia Gandhi as found in the HuffingtonPost , world luxury.

Let me add to this with the information that the said amount seems to tally with what has paid by KGB to Sonia Gandhi, through Rahul gandhi’s account in Swiss Bank.

http://ramanan50.wordpress.com/2011/02/16/kgb-paid-money-to-sonia-rahul-rajiv-gandhi/

http://mboard.rediff.com/newboard/permapost/s/belection2009may08slide-show-1-narendra-modi-in-jalandhar/re–want-to-be-ruled-by-kgb-spy–.html


“In 1992 the media confronted the Russian government with the Albats disclosure. The Russian government confirmed the veracity of the disclosure and defended it as necessary for ‘Soviet ideological interest’. The Hindu of July 4, 1992 carried this report….In November 1991 the respected Swiss magazine, Schweitzer Illustrate, published a report alleging that LK Advani had 2.5 billion Swiss francs, equivalent roughly to two billion US dollars, in numbered Swiss bank accounts.

Aadhaar Must For Cards Bangalore Centers

In consumer forum on November 29, 2013 at 06:06

The Reserve bank of India has now made it mandatory for the Credit/Debit card Holders to  link their Aadhaar Card to their Cards.

Aadhar Card,India

Aadhaar Card

“The Reserve Bank of India has made it mandatory for banks to implement Aadhaar authentication for card transactions at merchant locations.

The central bank said “all new card’s present infrastructure” has to be enabled for recent security measures, including an embedded EMV chip and a mandatory PIN, besides Aadhaar validation at point of sale (PoS) terminals.

Aadhaar is currently used by banks to establish identity while opening bank accounts, which can then be used to make sur ..

Bangalore Aadhaar Centers.
PLEASE NOTE: If your state / district is not listed here that means there are no AADHAAR centers in that locality at the moment. If you wished to be notified when AADHAAR center is opened in your localty, click here.

Select State
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Co-Operative Banks Launder Money India RBI Retracts

In banks, Corruption on May 5, 2013 at 23:59

Co operative banks which were started to help the local poor have now graduated into laundering Big money.

 

Reserve Bank of India.

RBI

The RBI has investigated and found that they were at the centre of the Home Trade scam too in 2001 Rs600 crore were found to have been swindled from more than 25 cooperative banks —13 of them in Maharashtra and 12 in Gujarat….

‘While the banking secretary announced last evening that action will be taken against the three private sector banks that were caught laundering money in the Cobrapost sting operation, Moneylife has learnt from banking sources that the trail of the moneylaundering investigation is leading up to a large number of cooperative banks across the country, who first accept cash and introduce it into the banking system.

 

Banking sources tell us that scores of cooperative banks have been found literally acting as a back-office for initiating the conversion from black money to white money. They happily accept fake PAN cards and dodge detection by opening hundreds of accounts without proper KYC with each deposit carefully under Rs50,000. The money is then transferred to the larger private banks, through a prior arrangement, allowing these ‘successful’ Indian private banks to maintain a clean image.”..

In the 1992securities scam Mercantile Cooperative and Bank of Karad were found to be involved in issuing false securities and had to be closed down. Then too, multi-national banks such as Standard Chartered systematically ensured that fake Banking Receipts (BRs) were passed through the smaller banks, in order to protect themselves. However, they were caught when the multi-disciplinary Janakiraman Committee began to investigate their actions with a fine-tooth comb.  Again in the scam of 2000, Ketan Parekh was found to have used Madhavpura Cooperative Bank as his own personal property in diverting cash Rs800 crore to support his speculative positions. The bank has collapsed causing losses to tens of thousand ordinary depositors and other banks.”

The irony is that the same RBI, which confirmed the fraud,gave a clean chit to about 30 Banks  by  30/4.2013!

The Reserve Bank of India’s (RBI’s) repeated assertion that it has found no evidence of money laundering in its inspection of three private banks, even before its inspection report is complete, has caused outrage.

However, what is not clear is whether this refers only to the three banks that were targeted by the Cobrapost sting or covers all the 30-odd banks and their tentacles into the poorly regulated cooperative banking sector all over India.

One bank has claims that a forensic investigation has given it a clean chit.

But numerous whistleblowers, hopeful that RBI is serious about unearthing dubious business practices, have been forwarding details to central bank inspectors.

Whistle -blowers confirmed this to MoneyLife.But numerous whistleblowers, hopeful that RBI is serious about unearthing dubious business practices, have been forwarding details to central bank inspectors.

At least two such messages have also been forwarded to Moneylife and we believe that RBI has launched an investigation into the linkages with cooperative banks only on the basis of such confidential information. The second discovery is the massive mis-selling of third-party financial products, including insurance, derivatives and portfolio management without formal approval from SEBI. This includes dumping expensive insurance policies on home loan seekers by making it mandatory. Here is some feedback obtained by Moneylife through whistleblowers and bankers.

Some cooperative banks are freely permitting significant cash deposits and withdrawals, which are probably not being reported to the financial intelligence unit (FIU) in the finance ministry, as required under money laundering rules. Or, if they are reported in a perfunctory manner, there is no evidence that the FIU either notices or acts on the information.

In one case, a whistleblower has shown us documentary proof of a dummy account (the account-holder is a drunkard who apparently lent his name for a small price and even signed blank cheques to permit withdrawal of cash) opened with a cash deposit of Rs5,000. Within days, the bank permitted large cheques of Rs15 lakh+, totalling up to Rs80 lakh, being deposited and withdrawn in cash within three days.”

Source.

http://www.moneylife.in/article/whistleblowers-contradict-rbis-clean-chit-to-money-laundering-by-banks/32469.html?utm_source=PoweRelayEDM&utm_medium=Email&utm_content=Subscriber%2315960&utm_campaign=Today%27s%20Exclusives

 

How To Complain About Banking Services Details

In banks on April 18, 2013 at 19:08

We often come across problems while transacting .

Banking Services

Banking Services

It may be delayed Credit,non payment of interest,non acceptance of small denomination Notes,Delay in issue of drafts,failure to provide Loans, mis-selling of Financial products.

RBI has issued separate Guidelines on this and has provided an Ombudsman to address such issues.

What is the Banking Ombudsman Scheme?

The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

2. Who is a Banking Ombudsman?

The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.

3. How many Banking Ombudsmen have been appointed and where are they located?

As on date, fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals. The addresses and contact details of the Banking Ombudsman offices have been provided in the annex.

4. Which are the banks covered under the Banking Ombudsman Scheme, 2006?

All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

5. What are the grounds of complaints?

The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services (including internet banking):

  • non-payment or  inordinate delay in the payment or collection of cheques, drafts, bills etc.;
  • non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
  • non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof;
  • non-payment or delay in payment of inward remittances ;
  • failure to issue or delay in issue of drafts, pay orders or bankers’ cheques;
  • non-adherence to prescribed working hours ;
  • failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents;
  • delays, non-credit of proceeds to parties accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any, applicable to rate of interest on deposits in any savings,current or other account maintained with a bank ;
  • complaints from Non-Resident Indians having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters;
  • refusal to open deposit accounts without any valid reason for refusal;
  • levying of charges without adequate prior notice to the customer;
  • non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on ATM/Debit card operations or credit card operations;
  • non-disbursement or delay in disbursement of pension (to the extent the grievance can be attributed to the action on the part of the bank concerned, but not with regard to its employees);
  • refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government;
  • refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of Government securities;
  • forced closure of deposit accounts without due notice or without sufficient reason;
  • refusal to close or delay in closing the accounts;
  • non-adherence to the fair practices code as adopted by the bank or non-adherence to the provisions of the Code of Bank s Commitments to Customers issued by Banking Codes and Standards Board of India and as adopted by the bank ;
  • non-observance of Reserve Bank guidelines on engagement of recovery agents by banks; and
  • any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.

A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advances

  • non-observance of Reserve Bank Directives on interest rates;
  • delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;
  • non-acceptance of application for loans without furnishing valid reasons to the applicant; and
  • non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank’s Commitment to Customers, as the case may be;
  • non-observance of any other direction or instruction of the Reserve Bank  as may be specified by the Reserve Bank for this purpose  from time to time.
  • The Banking Ombudsman may also deal with such other matter as may be specified by the Reserve Bank from time to time.

6. When can one file a complaint?

One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one s representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.

7. When will one s complaint not be considered by the Ombudsman ?

One s complaint will not be considered if:

a. One has not approached his bank for redressal of his grievance first.

b. One has not made the complaint within one year from the date one has received the reply of the bank or if no reply is received if it is more than one year and one month from the date of representation to the bank.

c. The subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court etc.

d. Frivolous or vexatious.

e. The institution complained against is not covered under the scheme.

f. The subject matter of the complaint is not within the ambit of the Banking Ombudsman.

g. If the complaint is for the same subject matter that was settled through the office of the Banking Ombudsman in any previous proceedings.

8. What is the procedure for filing the complaint before the Banking Ombudsman?

One can file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online (at “click here to go to Banking Ombudsman scheme” or by sending an email to the Banking Ombudsman. There is a form along with details of the scheme in our website.However, it is not necessary to use this format.

9. Where can one lodge his/her complaint?

One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.
For complaints relating to credit cards and other types of services with centralized operations, complaints may be filed before the Banking Ombudsman within whose territorial jurisdiction the billing address of the customer is located.

Address and area of operation of the banking ombudsmen are provided in the annex.

10.Can a complaint be filed by one s authorized representative?

Yes. The complainant can be filed by one s authorized representative (other than an advocate).

http://www.rbi.org.in/scripts/FAQView.aspx?Id=24

 

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