Money & Banking
All you needed to know about account aggregators
The Reserve Bank of India (RBI) on 2 September 2016 notified the Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 (Directions) which is in furtherance to the draft guidelines (Draft Guidelines). Before that RBI issued press release on 3 March 2016 and 2 July 2015 where the central bank had expressed its intent to set up new kind of non-banking financial company (NBFC), which would carry out the business of accounts aggregator (AA). The concept of account aggregation however was a brain child of the Financial Stability and Development Council, and the same has been doing its rounds from 2014 in the 10th meeting of FSDC Secretariat and the matter was confirmed only in the 12th meeting of FSDC in 2015.
 
With the NBFC-AA Directions in place, RBI has taken a step forward in regulating such type of companies. We appreciate the fact the central bank has taken an initiative to regulate these companies. However, we still feel that it is not appropriate at the RBI's end to call it as an NBFC; reason being the scope of the AAs does not allow them to carry any financial activity whereas the term NBFC signifies a company, which is not a bank but carries out financing activities. 
 
What is an Account Aggregator?
 
As per the Directions, AA has been defined to mean an NBFC which will undertake the business of an account aggregator for a fee or otherwise. 
 
Further, the business of account aggregator has been defined in the Directions as follows: 
 
3. (1) 
 
XXX
 
(iv) “business of an account aggregator” means the business of providing under a contract, the service of, retrieving or collecting such financial information pertaining to its customer, as may be specified by the Bank from time to time; and consolidating, organizing and presenting such information to the customer or any other financial information user as may be specified by the Bank;
 
Provided that, the financial information pertaining to the customer shall not be the property of the Account Aggregator, and not be used in any other manner.
 
Financial Information has been further defined in the Directions as follows: 
 
3. (1) 
 
XXX
 
(ix) “Financial Information” means information in respect of the following with financial information providers:
a. bank deposits including fixed deposit accounts, savings deposit accounts, recurring deposit accounts and current deposit accounts,
b. Deposits with NBFCs
c. Structured Investment Product (SIP)
d. Commercial Paper (CP)
e. Certificates of Deposit (CD)
f. Government Securities (Tradable)
g. Equity Shares
h. Bonds
i. Debentures
j. Mutual Fund Units
k. Exchange Traded Funds
l. Indian Depository Receipts
m. CIS (Collective Investment Schemes) units
n. Alternate Investment Funds (AIF) units
o. Insurance Policies
p. Balances under the National Pension System (NPS)
q. Units of Infrastructure Investment Trusts
r. Units of Real Estate Investment Trusts
s. Any other information as may be specified by the Bank for the purposes of these directions, from time to time;
 
This means that an NBFC doing business of AA will only be allowed to collect and provide financial information in relation to any customer either to the bank or any other financial user. AAs shall not be undertaking any financial activities or say any fund based activities as such which is a basic test of eligibility to be termed as an NBFC as per section 45I of RBI Act, 1934. Conclusively, AAs will simply be agents holding information on financial assets of customers and will disseminate such information only under contractual obligation or under express consent of the customers whose information they hold. They cannot use the information for any other purpose. This ultimately brings us to the moot question – whether the new class of NBFC floated by RBI is actually an NBFC or not? Prima facie looking at the scope of operations and activities that shall be carried out by AAs makes it apparent that they will not be undertaking any financial activities and hence, are not to be considered by NBFCs by nature; except the fact that it has RBI certified label of being called as NBFC.  
 
Duties & Responsibilities of AAs 
 
With the limited scope of operations, the main responsibility of the AAs is to procure and disseminate financial information of any customer under explicit consent and to keep it safe so as to not let it pass from one hand to another freely. The Directions lay down the duties and responsibilities of the AAs for:
 
  • obtaining consent of customer;
  • obtaining authorisations for providing the services;
  • method of proper identification of customers;
  • laying down Citizen’s Charter for protection of rights of customers; and
  • safeguarding financial information of customers and ensuring no retrieval and no transfer of such information happened without explicit consent of customer 
 
Registration of NBFC-AA
 
The registration process of this new kind of NBFC has been aligned with the recently notified relaxed norms of NBFC registration and the same will be allowed to be registered through the fast track process as the NBFC-AA, given its limited scope of operations and functions, shall not be holding any public funds and will neither have any customer interface. 
 
  • The basic requirements demarcated in the Directions for registering an NBFC-AA are as follows:
  • It should be a company registered under section 3 of the Companies Act, 1956 or a company registered under sub section (20) of section 2 of the Companies Act, 2013;
  • Mandatorily required to obtain Certificate of Registration (CoR) from RBI for doing business of account aggregator under section 45-IA of the RBI Act, 1934;
  • The minimum net owned funds of the company to be Rs. 2 crores or more;
  • Equipped with necessary resources and wherewithal to offer such services to customers such as information technology system;
  • Promoters are fit and proper;
  • Management character not to be prejudicial to the interest of the public;
  • Leverage ratio of the company should not be more than 7 times.
 
Quick Registration FAQs:
 
Do I need registration if I am regulated by other financial sector regulator?
No, entities being regulated by other financial sector regulators and aggregating only those accounts relating to the financial information pertaining to customers of that particular sector will be excluded from the above registration requirement.
 
I am already doing business of account aggregator. Do I also need registration?
Yes, all entities carrying business of AA shall apply for registration within one month from the date of these Directions (i.e. before October 01, 2016).
 
I am doing business of AA and have already made application for registration. Should I put my operations on hold until CoR is granted?
No, companies which have applied for registration as an NBFC-AA, shall be permitted to continue the business of an AA till their application for issue of CoR is rejected or twelve months from date of the application, whichever is earlier.
 
I am doing business of AA but don’t comply with NOF requirement. Should I increase NOF upto 2 crores before making application for registration?
No, those companies not having a NOF of minimum of Rs. 2 crore at the time of seeking registration, shall meet the NOF criteria within the period of validity of the in-principle approval for grant of CoR given by RBI.
 
What is the period of validity of the in-principle approval for grant of CoR?
Twelve (12) months from the date of granting such in-principle approval.
 
What is to be done by the company during period of validity of in-principle approval?
Within the period of validity of in-principle approval, the company shall put in place the technology platform, enter into all other legal documentations required to be ready for operations and report position of compliance with the terms of grant of in-principle approval to the RBI.
 
  • CoR once granted; can be cancelled?
  • Yes, RBI may at the occurrence of the following events cancel the CoR of the NBFC-AA if it:
  • ceases to carry on the business of an Account Aggregator in India; or
  • has failed to comply with any condition subject to which the certificate of registration has been issued to it; or
  • it comes to the notice of the Bank that the Account Aggregator is no longer eligible to hold the certificate of registration; or
  • at any time fails to fulfill any of the conditions required for registration
  • fails to -

 

  • comply with any direction issued by RBI; or
  • maintain accounts, publish and disclose its financial position in accordance with the requirements of any law or any direction or order issued by RBI; or
  • submit or offer for inspection its books of account or other relevant documents when so demanded by the Bank.
 
Does RBI defines the fit and proper criteria for promoters/directors?
 
Yes, clause 12.5 of the Directions specifies the criteria for promoter and directors to ensure that they are fit and proper to assume such roles. For this purpose, an AA shall:
i. have a policy for ascertaining the fit and proper criteria of the directors/ managing director/ CEO at the time of appointment, and on a continuing basis. The policy on the fit and proper criteria shall be on the lines of the Guidelines contained in Annexure 4 of these Directions;
ii. obtain a declaration and undertaking in format given in Annexure 5 of these Directions from the directors/ managing director/ CEO giving additional information on the directors/ managing director/ CEO.
iii. obtain a Deed of Covenant signed by the directors/ managing director/ CEO, which shall be in the format as given in Annexure 6 of the Directions;
iv. furnish to the RBI an annual statement on change of directors/ managing director/ CEO duly certified by the Statutory Auditors that fit and proper criteria in selection of the directors has been followed within 15 days from the closure of year.
Data Security
 
Since the AAs will be bestowed with a lot of financial information of various customers, it becomes very essential to have proper IT infrastructure in place to provide for adequate security of such data. The AAs shall adopt sound IT framework which is commensurate with the amount of financial information being held by them. They will be responsible for the safe storage as well as safe transfer of data from financial information providers to their own systems and from their systems to the financial information users. It will be the duty of AAs to ensure safety of data when at the same time they need to ensure that their systems do not retrieve or store any customer credentials.  The Directions specify the following for safety of data:
  • protection from unauthorised access, alteration, destruction, disclosure, or dissemination of records and date
  • scope to upscale the technology with respect to any financial information or financial information provider
  • appropriate measures for Disaster Risk Management and business continuity
  • timely Information System Audit by CISA certified external auditor
 
Other Provisions for NBFC-AAs
 
Apart from the specific provisions as made applicable to NBFC-AA in these Directions, the normal provisions as applicable to NBFCs at large have also found a place in the same Directions so that one may not need to look beyond these Directions for the provisions applicable to this class of NBFCs. The following are the other provisions which have been incorporated in the Directions:
 
a) Customer Grievance Policy for handling/disposing of customer complaints within a specified time period not exceeding later than 1 month.
 
b) Pricing of services of AAs shall also be done by a policy and shall be in conformity with internal guidelines in this regard of the AAs.
 
c) Corporate Governance - AAs shall have adequate internal mechanisms for reviewing, monitoring and evaluating its controls, systems, procedures and safeguards for which it shall have the following committees: 
  • Audit Committee – in line with section 177 of Companies Act, 2013
  • Nomination Committee – in line with section 178 of Companies Act, 2013
  • Risk Management Committee – for designing a framework for risk management and strengthening system security to protect access to customer data, etc.
d) Provisions with respect to change/ acquisition of control over the management of the companies.
 
e) Returns shall be filed in by AAs as may be specified by RBI from time to time.
 
f) Inspection may be carried out by RBI or any of its authorised officers at such intervals as it may deem fit.
 
g) Exemption from provisions of these Directions may be granted by RBI to any company or class of companies subject to such conditions as it may impose. 
 
 
(Dheeraj Kumar Sharma works as Manager in the Financial Services Division at Vinod Kothari & Company) 

User

COMMENTS

B S Bhupal

3 months ago

A detailed article on new type of NBFC AA. Really useful.Thanks

QNet: Hyderabad Police arrests 4 for cheating
Cracking the whip against agents of controversial multi-level marketing (MLM) company QNet, the Hyderabad City Police arrested four independent representatives (IRs) for cheating about 200 people under the pretext of giving a job and collecting around Rs2 to Rs3 crore.
 
In a release, the Hyderabad Police stated that cracking QNet case, they arrested four accused Sreenath Konda, Prasanna Kumar Reddy, Kanchana Vobbilichetty and Beemarthi Dhan Raj, who hatched plan to grab money from the innocent people on the name of providing job in e-commerce business through their websites, www.qnet.et and www.qnetindia.in.
 
 
"By using the registered ID the accused persons conducting seminars to the innocent peoples and giving false assurance that by making investment in QNet. The personals of QNet promised to provide job to them. The accused person uses credit card, debit card and e-card for making investment in QNet business while opening of portal in QNet website of innocent peoples. The accused persons used to take the innocent people to invest in QNet business, which is online business. After collecting cash from the innocent people, the accused persons open portal on the name of innocent people fails to give any clarity on QNet and they used to postpone the assurance of job to the innocent persons on one pretext or the other."
 
"The above accused persons cheated about 200 members and taken amount of rupees about Rs2 to Rs3 crore from the innocent peoples on the name of making false assurance to provide job. The Managing Director and Directors of  Qnet Ltd, Hong Kong and Vihaan Direct Selling (India) Pvt Ltd and the above accused persons used to visit frequently to foreign countries i.e., Malaysia and Dubai and spent the money lavishly by enjoying," the statement from Hyderabad Police says.
 
According to the Police, in this case, the Managing Director and Directors of QNet Ltd and Vihaan Direct Selling (India) Pvt Ltd and some others still at large and sincere efforts are in progress to apprehend them by the CCS Police.
 
Hyderabad Police also warned public not to indulge or make any investment in QNet and Vihaan Direct Selling in any form. "As per law every member who promotes such business and enlist other members also will be prosecuted treating as promoters of multi-level marketing, chain system business," the release says.

User

COMMENTS

Venky Kamarthapu

3 weeks ago

me to cheated by my cousion brother

upto 2.25 invested and wasted my time am money

Narinder Sarao

1 month ago

I was cheated by my neighbour whom I trust the most. I was trapped in this scheme by his senior and invest 3 lakh in this business of qnet.Now I come to know about this , it is just to fool your trustworthy people. Also I have signed an affidavit from qnet company for the purchasing by money which I have invested. Now I cant able to file case on that fucking neighbour because of affidavit which I have signed. Please advise me what can I do to take my money back.

REPLY

vimlesh

In Reply to Narinder Sarao 1 month ago

Be ready to fight against QNET/VIHAAN and all your uplines including friend.
Find QNET REFUND PROCESS and COMPLAINT AGAINST QNET procedure as below.
1st Option
If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
1. Get your IR ID first. It will come to your mail box once your upline register your email id on portal. If email id is given wrong then call Qnet customer support numbers and complain about your upline. Ask your IR ID and products purchased details from them.
2. Send a cancellation mail for both products and IR ID to the support team of QNET with a subject line as "REFUND IN****" provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
3.Once this mail is sent, the support team will create a CRF number and sends to Hong Kong team for approvals for the refund request. It will take 15-20 working days for the approvals for refund request.
4.Meanwhile, mail them or call them on every alternative days for an update. QNET Numbers are :
9900060061,62,64,68-Veronika
9900060605, 9148149320Jasvinder
5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account. If you opt for account transfer, then you have to send a scanned copy of your cancelled account cheque leaf or bank statement.
6.After 20 working days, you will get your money refunded of the product to your bank account.
7.Rest of money left , you collect from your upline by filing complaint in local police station.

2nd Option
pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after 30 days are over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
https://drive.google.com/file/d/...
In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money. Please whatsapp me at 9702003368 only if any confusion.

vimlesh

In Reply to Narinder Sarao 1 month ago

Whatsapp me on 9702003368. I will help u.

Nagendra Babu Koripalli

2 months ago

Dear Guys,

Don't believe QNet Company(Not even a branch office in India).
I called to one of my friend while I was working abroad. He said he is visiting Malaysia for a business oppourtunity and he had great confidence in improving this business. I asked him what is it about and He said "cannot explain on phone and need face to face meeting".
After I reached India, I called him as a friend and fixed time to meet and enjoy the evening.
As we met in the evening he tried to explain to me regarding the business oppourtunity at QNet. As I was aware about pyramid type of schemes implemented by MLM companies, I told him it is fraud. He objected and said they will do business based on relationship rather than anything. He said some bullshit about business and which is not workable as the pyramid builds up more people are going to loose their fortune. My friend asked me to meet his senior and he will explain in detail and clear my doubts. He said the person is very brilliant, he worked in top 5 companies in India, blah blah blah. Although I was aware about this type of hype I said " Ok Will behave So". They have arranged meeting at Westin Hotel at Hyderabad. Me and my friend went to the hotel and sat in the lobby and my friend started calling and sending watsapp messages to his so called seniors(Useless fellows). My friend asked me to wait in the lobby, he and his senior went to the Toilet and discussed about the knowledge I have abt the business. My friend and his senior came to me and his senior started to ask me " what is your understanding about doing business?"
"Why do you want to do business?" "What do you know about QNet?" and started to describe the abilities and talent of his senior and asked me to behave before his senior.My friend asked me to tell everybody that "He didnot say anything about the business" and I told them that I was unaware abt the business they are doing.
Now they said I am going to meet his senior. We went to the dining table across the corner and met his senior(Very intelligent as per QNet People). He started acting like he was busy talking in phone and maintaining multiple phones and Ipads(Just hyping himself). Then he asked what do I know about Multi Level Marketting and QNet business strategies. After some talk he said they are not concentrating on promoting products but their strategy depends on how many people can I bring into the organization. They say their business is purely systematic( Not systematic -- barbaric), My friend joined by paying 5.5Lacs purchased tourism package(useless package) and a watch(They say limited edition watch). When I asked about investment he said I will be getting only tourism package for 10 Lacs(I am unaware why system changed here).

As I am screwing the person with the details I require to do an investment with QNet and how I am going to bring people into the company. He always says there will be training sessions and I need to join inorder to avail training.
Afterthat he changed the discussion to general issues avoiding further embrassement.

I sincerely request you folks "Please don't join QNet as it is not worth you pay them and mere waste of time and efforts".

REPLY

Varra Venkata Reddy

In Reply to Nagendra Babu Koripalli 2 months ago

Thank you very much

gurupreet

3 months ago

GOOD NEWS...QNET VICTIMS IN MUMBAI...DEDICATED QUESTIONS & ANSWERS SESSION FOR QNET VICTIMS on Sunday 18th September 2016.

Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis allotment..so make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

atul gupta

3 months ago

Madras High Court in 2005 declared MLM as illegal business. Qnet previously known as Goldquest and Questnet have been declared fraudulent companies by SFIO and Parliament of India. Qnet founder Vijay Eswaran is an accused in fraud Goldquest case filed by Chennai police in 2008. MPID Act have been imposed on Qnet and Bombay High Court has declared it as nothing but money circulation as per PCMS Act. Enforcement Directorate has registered a case and Economic Offenses Wing Mumbai has arrested few leaders like Ram Singh of Qnet Infiniti group. Lookout circular issued against Infiniti leaders like Sachin Gupta, Kavita, Sharfun Shaikh, who have fled to places like Dubai. CERT has blocked Qnet websites under Court’s order. CB-CBI of Andhra Pradesh shut down Questnet and case is going on in court. Govt of Andhra Pradesh has passed order for attachment of properties of Questnet. Questnet MD Pushpam Appalanaidu has been arrested. Michael Ferriera of Team Faith and shareholder of Vihaan Direct Selling, a franchise of Qnet have been denied anticipatory bail by High Court. Maharashtra CM has assured enquiry into Qnet operations. Now case has reached in supreme court and I am sure that after rejection of anticipatory bail finally from Supreme Court Vihaan Directors and Michael ferreira along with suresh thimri will go to jail. In India Qnet IR are duping and looting people on daily basis by using planned scripted way of showing their knowns and friends a business opportunity and chance to earn 5 crores in 5 years of project in partnership. They lure friends for investment from 3 lakh to 10 lakh to start business and after taking moneybuy products on online store of Qnet portal which are very expensive and useless products. Real purpose is not to sell products online but to induce new IR to indulge in chain business to trap more and more people for earning huge commissions through binary compensation plans. Even after cases going on Qnet in all over India still these agents are continuing this banned business of Qnet agressively.

atul gupta

3 months ago

Madras High Court in 2005 declared MLM as illegal business. Qnet previously known as Goldquest and Questnet have been declared fraudulent companies by SFIO and Parliament of India. Qnet founder Vijay Eswaran is an accused in fraud Goldquest case filed by Chennai police in 2008. MPID Act have been imposed on Qnet and Bombay High Court has declared it as nothing but money circulation as per PCMS Act. Enforcement Directorate has registered a case and Economic Offenses Wing Mumbai has arrested few leaders like Ram Singh of Qnet Infiniti group. Lookout circular issued against Infiniti leaders like Sachin Gupta, Kavita, Sharfun Shaikh, who have fled to places like Dubai. CERT has blocked Qnet websites under Court’s order. CB-CBI of Andhra Pradesh shut down Questnet and case is going on in court. Govt of Andhra Pradesh has passed order for attachment of properties of Questnet. Questnet MD Pushpam Appalanaidu has been arrested. Michael Ferriera of Team Faith and shareholder of Vihaan Direct Selling, a franchise of Qnet have been denied anticipatory bail by High Court. Maharashtra CM has assured enquiry into Qnet operations. Now case has reached in supreme court and I am sure that after rejection of anticipatory bail finally from Supreme Court Vihaan Directors and Michael ferreira along with suresh thimri will go to jail. In India Qnet IR are duping and looting people on daily basis by using planned scripted way of showing their knowns and friends a business opportunity and chance to earn 5 crores in 5 years of project in partnership. They lure friends for investment from 3 lakh to 10 lakh to start business and after taking moneybuy products on online store of Qnet portal which are very expensive and useless products. Real purpose is not to sell products online but to induce new IR to indulge in chain business to trap more and more people for earning huge commissions through binary compensation plans. Even after cases going on Qnet in all over India still these agents are continuing this banned business of Qnet agressively.

atul gupta

3 months ago


Be ready to fight against QNET/VIHAAN and all your uplines including friend.
Find QNET REFUND PROCESS and COMPLAINT AGAINST QNET procedure as below.
1st Option
If your purchase on product receipts is in INR rupees then with in 30 days of purchase or if your purchase is in USD dollar then with in 7 days you can send email to Qnet customer support for refund otherwise Qnet will deny you refund. Then go to 2nd option which all need to go for even after you get refund to get QNET banned from India and to save our brothers & sisters.
1. Get your IR ID and products receipts first. Both will come to your mail box once your upline register your email id on portal. If email id is given wrong by your friend/upline then first send email to Qnet customer support with copy of Pan Card and ask them to update your email id first. Qnet will confirm you updation of your email id. Then call Qnet support and ask your product purchase details.
2. Send a cancellation mail for both products and IR ID to the support team of QNET with a subject line as "REFUND IN****" provinding all details of transactions and product details.Usually IR number will be like IN4444 and all. Attach scanned PAN CARD and product receipts in the mail to them.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
3.Once this mail is sent, the support team will create a CRF number and send to Hong Kong team for approvals for the refund request. It will take 20-30 working days for the refund to be processed by Qnet.
4.Meanwhile, mail them or call them on every alternative days for an update. QNET Numbers are :
9900060061,62,64,68-Veronika
9900060605,9148149320Jasvinder
5.Once Refund request is completed ,they ask for the mode of payment. Better go for Money transfer to your account, then you have to send a scanned copy of your cancelled account cheque leaf or bank statement.
6.After 20 working days, you will get your money refunded of the product to your bank account.
7.Rest of money left , you collect from your upline by filing complaint in local police station.

2nd Option
pls all go for 2nd option even if you get money refunded as per option 1 by QNET to ban QNET and save indians.
File written complaint/FIR against your friend and all uplines at local police station and write in complaint that QNET is running money circulation scheme which is banned in india as per prize ,chit and money circulation scheme ,1978. Your uplines will be called by police and they will return you money through QNET or themselves as you can not get refund from Qnet after 30 days are over if products purchased through indian portal and after 7 days if purchased through world portal. Warn your uplines that you are going to file complaint/FIR against them. Besides above process kindly by post or by hand send your complaint to THE DCP, ECONOMIC OFFENSES WING, MANDIR MARG, DELHI also to ban QNET by using format of complaint given below.
https://drive.google.com/file/d/0ByQ-yz2wwceEX3BEV3kxZlNkbDg/view?usp=drivesdk
In your complaint attach uplines photos, mobile numbers, your bank account statement if you transferred money from your account to upline account or cash/DD deposit receipt, pan card, address proof, purchase receipts. Mention in your complaint that meeting took place nearby your home or office otherwise local police will ask you to lodge complaint at police station where actual meeting took place. File complaint at your nearby police station and EOW DELHI both to fight against QNET. Do not sign any affidavit asked by your uplines to give back your money.

vimlesh

3 months ago

https://m.facebook.com/permalink.php?story_fbid=387225901401695&id=107676632689958

vimlesh

3 months ago

https://m.facebook.com/permalink.php?story_fbid=387225901401695&id=107676632689958

vimlesh

3 months ago

QNET-Cheating in the name of trust.
I have been cheated by Qnet IR(Independent Representative-Agent) IN400465, Mudit mishra, 9702003362(Sr Managar, Idea Cellular Ltd Mumbai corporate team). He convinced me to put INR 450,000/- and asked me to make Demad draft in the name of Vihaaan Direct selling, saying that this is for tracking centers for business opportunity.He never disclosed the name of the company before putting the money, type of work to be done, my role in the company, returns from investment etc.

He told many things.

1. This is business opportunity.
2. You will earn 5.2 cr per year.
3. This opportunity is for generations. We are doing registration for 120 years.
4. This is not for you, but for generations to come. Your wife and childeren can work in place of you if you are no more.
5. Mudit Mishra said, "sometimes in a single day, I earn more than your months salary".
6. "Dont you believe me, have faith on me. I am sr manager with Idea Cellular Ltd, Corporate team".
7. He convinced me to take the loan for the same too.

8. "Do you want to do this Gulami or live a free life by becoming financially free".
9. "If business did not work out I will give you double of your investment after 5 years".

He passed many sarcastic comments in convincing me, day in and day out.

He did not tell me the modus operandi and name of the company before putting money in. After transferring money he gave me a receipt which says, I have purchesd some product " QVI Club Gold Vacation Club Membership(INR 315,675.00) and Q-breaks 13D/12N Sawadee Samui(INR 116,800.00)" but actually I did not purchase this.

Infact on asking Mudit Mishra about the refund, he denied saying "there is no refund policy", but actually it is there. He did not let me know about the policy and he pushed me to continue, saying " If you have started something then you should not move back, you should move till the end", but after following him for 4-5 months, I realized there is no end and I would end-up criminalizing the society and myself. It is the breach of trust.

Now he is asking me to either work(recruit more people) or forget the money.

It was all done in 2 meetings.
One on weekend, saturday 4:00 PM. Other on thursday. I took leave from office as mudit mishra insisted me that Santosh rao(his super great senior) is very busy, he can meet only on week days(actually money can be transferred easily on working days).........Santosh took me to nearest branch of icici bank in his red BMW car. These people just play with words........All these are greedy people........Finally I have EMIs for the next 4 years.......Total amount including interest is more than 6.5 lacs.

Please!!!!!!! Beware of this Con-Man. He carries a dual behaviour.
His aids are 1. Rupesh shinde 2. Santhosh Rao 3. Chandrakant Dalvi 4. Pooja soni 5. Jayesh Surve

REPLY

lokesh k

In Reply to vimlesh 2 months ago

what happen ur money not refunded ah......

vimlesh

In Reply to lokesh k 2 months ago

No

Behind Karnataka's anger: Rainfall deficits in 90% of state
Karnataka's angst and anger over a Supreme Court (SC) order to release water of the Cauvery river to neighbour Tamil Nadu is rooted in the failure of the monsoon in the state, a hidden variation of India's statistically normal monsoon.
 
Reservoirs in the Cauvery catchment are half as full as they should be, 42 per cent of minor irrigation tanks are dry statewide and 90 per cent of Karnataka's talukas -- subdivisions of districts -- recorded deficit rainfall in August. The water in Karnataka's reservoirs must now be shared between farmers in Karnataka and Tamil Nadu and meet Karnataka's own drinking water needs.
 
Overall, the state was 16 per cent short of normal rainfall between June 1, 2016, and September 5, 2016, according to data from the Karnataka State Natural Disaster Monitoring Centre (KSNDMC).
 
The Meteorological Department classifies this as a "normal" deficit, but rainfall was intermittent and uncertain through the monsoons.
 
After two consecutive droughts, India received normal rainfall -- 2 per cent less than the 100-year average -- by the end of August 2016, but within that normality, more than a third of the country is short of rain, according to India Meteorological Department (IMD) data.
 
Protests erupted in parts of Mysore-Mandya region on September 6 following the SC order and the government's decision to release water to Tamil Nadu. The government has sought a modification of the order.
 
In August, Karnataka's four zones -- south and north interior, the southern Malnad region and the coast -- recorded a 39 per cent deficit in rainfall.
 
The Malnad region, which is critical for the Cauvery's catchment area, received 977 mm in August, against the normal 1,369 mm, a 29 per cent deficit.
 
The situation worsened over the monsoon: 101 of 176 talukas in Karnataka recorded deficit rainfall (-20 to -59 per cent), while 55 talukas recorded scanty rainfall (-60 to -99 per cent) in August 2016.
 
The August rains are critical to the sowing of important crops, such as paddy, ragi, maize and sugarcane. With no more than four weeks left for the end of southwest monsoon, farmers are struggling.
 
Water levels of reservoirs in the Cauvery catchment area, including the Krishna Raja Sagara (KRS) dam in Mandya district, Kabini in Mysore, Harangi in Kodagu and Hemavathi in Hassan were less than normal (based on a 15-year average) and less than the levels in 2015, according to KSNDMC data on September 3.
 
Of 3,598 minor irrigation tanks in the state, 42 per cent are dry and no more than 12 per cent of tanks are more than half full, according to KSNDMC data.
 
The water level at KRS on September 3 was 17.96 tmcft (thousand million cubic feet), against its capacity of 49.45 tmcft, lower than last year's level over the same period (25.30 tmcft). KRS is normally full by this time.
 
The SC's order to release 15,000 cusecs to Tamil Nadu over 10 days would mean the state has to release 13.6 tmcft of water, 24 per cent of the water now available in the Cauvery basin reservoirs.
 
The situation in nine other reservoirs statewide was no better, except for Krishna Basin reservoir's Almatti dam, in northern Karnataka, which is full; Ghataprabha dam, which is at 87 per cent of its capacity; and Narayanapuram dam which is at 96 per cent of its capacity.
 
This could worsen Karnataka's drinking water situation in the coming days. Farmers' representatives argued that their livelihoods are at stake if Karnataka releases more water.
 
"We (farmers) have reduced sugarcane cultivation in 70 per cent of the area as it is water-intensive and have opted for paddy cultivation," Karnataka Rajya Raitha Sangha (Karnataka State Farmers' Association) leader and member of legislative assembly K.S. Puttannaiah told 101reporters.com. "If the government cannot release water even for this, what will the farmers of this region do for a living?"
 
For decades, the two state governments have been fighting for water based on the rains that are unpredictable. They should find a permanent solution to the problem and consult farmer leaders before taking any decision.
 
In Mandya, where protests against the SC order are intense, sowing has been less than 25 per cent of normal as on August 22, 2016, according to Karnataka Agriculture Department data.
 
"With deficit rainfall across the state in August, there will be a reduction in proportionate yield and overall production," said H. Shivanna, Vice Chancellor, University of Agricultural Sciences, Bengaluru. "In the Cauvery basin, they are transplanting paddy (into fields) now, as it requires lesser water than sugarcane. Sowing is already delayed, and if it does not rain for another 10 days, farmers in the state will be severely hit."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

PPM

3 months ago

Karnataka has built so many small check dams and increased the area under cultivation by multifold, and claiming thee is not enough water for them now. TN is not begging water from Karnataka and is asking only the legal rights. Why karnataka is fighting with Maharastra for water as Maharastra also received less rain. The people of Karnataka feels that Cauvery is the property of karnataka and others are after their property. Can karnataka keep the Cauvery within Karnataka, not a single drop to be sent into TN as TN can not be their drainage during flood.

Bhuvaneswaran K

3 months ago

When Karnataka itself is in difficult situation, what will happen to TN, which is dependent on Cauvery water. Both the states should've worked on an alternative long back.

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