Due to the proactive monitoring of NAMS on the print and TV ads, it has helped in tracking a large number of misleading ads
Advertising Standards Council of India (ASCI) recently bagged the Best Practices Silver Award at European Advertising Standards Alliance’s (EASA) Annual Meeting held in Milan, Italy for the introduction of the path-breaking initiative NAMS. The EASA Best Practice Award is presented each year to the self-regulatory organisation that has most effectively implemented an element of the EASA Best Practice Model—a set of operational standards for advertising standards bodies.
Commenting on the achievement, ASCI’s Chairman, Mr Arvind Sharma said, “ASCI through NAMS has done path breaking work in tracking down and removing ads which make misleading, false or unsubstantiated claims. And the EASA Best Practice Silver award is recognition by the global ad Self Regulatory Organisations (SRO) that ASCI not only follows global best practices but also helps in innovating new ones.
“This recognition encourages us to further strengthen the professional and ethical standards in the ad industry to ensure responsible advertising and thereby protect the interests of the consumers.” Due to the proactive monitoring of NAMS on the print and TV ads, it has helped in tracking a large number of misleading ads. The number of ads against which complaints were received and processed by ASCI has jumped from 177 in 2011-2012 to 784 in 2012-2013, which is almost 5 times!
ASCI is a self-regulatory voluntary organization of the advertising industry. ASCI along with its Consumer Complaints Council (CCC) deal with complaints regarding advertisements which are considered as false, misleading, illegal, leading to Unsafe practices or Unfair to competition and consequently in contravention of the ASCI Code for Self-Regulation in Advertising. They receive complaints both from the consumers and the industry.
In May, 2012 ASCI introduced National Advertising Monitoring Service (NAMS) in order to strengthen the process of tracking and reducing misleading advertisements which harm the interests of consumers. NAMS which comprises of the AdEx India, a division of TAM Media Research and with the support of trained personnel from the ASCI keeps a continuous check on all the newly released TV and Newspaper print ads to see that they are not violating any ASCI’s advertisement code related to unsubstantiated, misleading or false claims. On an average they monitor 1,500 TV and 45,000 newspaper ads monthly. They track advertisements against which there have been complaints and monitor if the respective ads are being changed or removed as per the complaint. If the ads are not being altered and they are still being aired in the same manner, then the ASCI reports this to the relevant statutory authorities for action.
In order to fasten the decision making process and to handle the recent jump in the number of complaints received and processed, the ASCI introduced the Consumer Complaint Council (CCC) and appointed Shweta Purandare as Chief Operations Officer (COO) to drive the investigation of complaints besides heading the complaint redressal and follow up process. The meetings are being conducted every week instead of every fortnight so as to reduce the average complaint adjudication time.
“The Reserve Bank will keep a track of growth as it evolves, keep track of inflation as it evolves and keep track of aspirations and inspirations as it evolves,” RBI governor D Subbarao said
Ahead of its mid-quarter policy, the Reserve Bank of India (RB) today said its monetary actions in the coming months will be determined by the outlook on monsoon and ensuing impact on inflation.
“And most importantly we also chase monsoon like millions of farmers across the country. So, the monsoon outlook, the monsoon performance is going to be the important factor in determining the RBI policy in the next three months,” RBI governor D Subbarao said while delivering a lecture in Hyderabad.
As per the Indian Meteorological Department (IMD) prediction, the monsoon is expected to be normal this year.
“The Reserve Bank will keep a track of growth as it evolves, keep track of inflation as it evolves and keep track of aspirations and inspirations as it evolves,” he said.
The RBI is scheduled to unveil its first mid-quarter monetary policy review on 17th June. There is pressure on the central bank to cut the policy rate in view of declining inflation and the urgency to boost sagging growth.
Although the headline inflation and core inflation has moderated below 5%, food inflation still remains high.
Food inflation in April stood at 6.08%, while the overall WPI inflation fell to a three-year low of 4.89%. However, retail or consumer price index (CPI) inflation is at 9.39% in April.
Noting that food inflation is still high, finance minister P Chidambaram had yesterday expressed confidence that it will come down with the full harvest of rabi crops.
“Food inflation is still elevated but we hope that it will come down further as full Rabi crops arrive in the market,” he had said.
Last month, the central bank lowered the short-term lending (repo) rate to 7.25% from 7.50% cent, lowest since May 2011, while retaining the CRR for banks unchanged at 4%.
The central bank has reduced the key policy rate thrice by 0.25% each so far in 2013 in its effort to boost growth which hit a decade low of 5% in 2012-13.
Chidambaram highlighted that while the RBI has already cut the repo rate by 125 basis points since early 2012, the commercial banks have cut rates by only 30 basis points.
“I think the RBI has told banks not to sell gold coins,” the finance minister P Chidambaram told a news agency. Well, gold sales from banks are small and will not help in reducing gold imports or lowering CAD. However, consumers will benefit from not buying gold from banks
There is a new twist to the story of banks selling gold coins. According to a Reuters report, finance minister P Chidambaram said, “I think the Reserve Bank of India (RBI) has advised banks that they should not sell gold coins”. Earlier, the RBI had refused to ban sale of gold coins by banks, citing that it wants to encourage ‘genuine’ investment in the commodity. While the FM is trying to contain gold imports in order to rein in current account deficit, from our perspective, stopping banks from selling gold coins is in the interest of the customer.
What happens when you buy gold coins from a bank? You end up losing twice. One, banks sell gold coins at a higher price than the jeweller and when you want to sell the same coin, they can’t buy it back, thus leaving you at the mercy of the local jeweller. The jeweller would readily buy the gold coin, unlike the bank, but would deduct the regular 2% cut. So you would shell out more money for buying gold coins from a bank but would have to suffer loss while selling it to a jeweller. For more details read
The reason for this leniency about gold sales by banks is that RBI wants investors to ‘genuinely’ buy gold rather than buy financial gold vis-a-vis gold ETFs and gold mutual funds and such. Last week, RBI governor D Subbarao said that the route of buying gold for genuinely saving should be available to the people, while emphasising that investment in the financial sector is good for the economy.
The RBI had earlier said that specially minted gold coins sold by banks might not be in the nature of bullion or primary gold, there would be no objection to the bank granting loans against these coins. Yet, by allowing banks to continue gold coin sale, it is exacerbating the current account deficit (CAD) deficit further.
The decision to restrict or stop gold coin sales comes after India had imported a whopping 162 tonnes of gold in May 2013, instilling fears that CAD will worsen and be uncontrollable. To cull demand, the government raised import duty of gold by 2%, from 6% to 8%, a second such hike in six months.
The price of gold on MCX has declined by 13% since December 2012, to Rs27,905 per 10 grams, making it an attractive proposition for consumers to buy jewellery and coins. But little do consumers know that buying gold is fraught with risks, especially when bought from banks in form of gold coins.
A gold coin of 2 grams from Bank of Baroda costs Rs5,860 as of 30 May. The same thing from a jeweller was priced at Rs5,028, about 16% less than what the bank had quoted.
It is not that RBI allows banks to sell at premium but also made the process for consumers to walk into any bank and buy gold easily. Some banks require KYC and some do not. We also had written this in detail over here: Gold sales by banks: High and inconsistent rates and different KYC rules. The idea of walking to a bank and buying gold without proof is ridiculous as it also permits money laundering in form of gold.