Number of online frauds high: RBI official

Madurai: The Reserve Bank of India (RBI) has cautioned the public to be aware of online frauds, especially involving lotteries, and fraudsters who were faking websites of banks and RBI documents and circulars, reports PTI.

"While the RBI picks up only secondary information, the number of complaints of such online frauds is high... in Chennai it is one a day," RBI general manager (foreign exchange department) S K Maheswaran said.

Stating that even fake websites of RBI or commercial banks were being created to lure unsuspecting individuals, he asked the public to cross check anything purported to be RBI circular with information on its website 'www.rbi.org.in.'

A common online fraud was informing a person that he had won a lottery in London and asking him to deposit a sum towards processing charges. The tricksters get somebody to open a bank account and give him a share. The money gets withdrawn immediately. But such transactions were a violation of Foreign Exchange Management Act, 1999, he said.

Mr Maheswaran, who was here to conduct an awareness campaign recently, said some tricksters cheat exporters by promising better prices in exchange for a registration fee or offering loans at cheaper interest rates.

RBI AGM A J George said website of all banks had "https" in the prefix of their website with the "s" standing for secured websites. While fraudsters could create fake bank websites with similar designs and identical address such fake sites would have only "http" prefix.

He said the banks would never ask the customers the PIN details of their accounts, especially over the telephone except while using their website. He also urged the people to avoid conducting bank transactions from internet cafes.

User

Wednesday Closing Report: The bulls are at it, but for how long?

The market opened in the green on positive cues from its regional peers. It was supported by gains in auto, realty and metal stocks in early trade. However, after touching the day's high, the indices were range-bound. The positive opening of the European markets sent the domestic benchmarks higher in the post-noon session. The indices closed with gains of over 1.25%.

The Sensex settled 234.75 points (1.31%) higher at 18,206. The index touched a high of 18,227 and a low of 18,027, intraday. The Nifty was up 69.45 points (1.29%) at 5,472. The benchmark swung between a high-low of 5,478 and 5,403, respectively.

The market breadth continued to be positive for the second day. The Sensex had 27 stocks in the green while three stocks ended lower. The Nifty had 43 advancing stocks while seven ended in the red. The broader indices outperformed the key benchmarks today. The BSE Mid-cap index gained 1.67% while the BSE Small-cap index jumped 1.81%.

The top Sensex gainers were Reliance Communications (RCom) (up 4.94%), Hindalco Industries (up 4.48%), Sterlite Industries (up 3.57%), Bharti Airtel (up 3.1%) and Tata Steel (up 2.94%). The laggards of the index were Hero Honda (down 1.8%), HDFC (down 0.42%) and Oil & Natural Gas Corporation (ONGC) (down 0.38%).

BSE Metal index (up 3.02%), BSE Realty (up 2.98%), BSE TECk (up 2.25%), BSE IT (up 2%) and BSE Public Sector Undertaking (PSU) (up 1.64%) were the top sectoral gainers. There were no losers in the sectoral space today.

Markets in Asia, with the exception of Shanghai Composite, ended in the positive zone today. Data for two purchasing managers' indexes in China showed that factory activity grew in China, set to be the world's second-biggest economy this year. The official China PMI rose to 51.7 from 51.2 in July, its first rise in four months. HSBC's China PMI rebounded to a three-month high of 51.9 from 49.4.

The Hang Seng was up 0.43%, Jakarta Composite was up 1.73%, KLSE Composite was up 0.67%, Nikkei 225 was up 1.17%, Straits Times was up 1.10%, Seoul Composite was up 1.26% and Taiwan Weighted was up 0.68%. On the other hand, the Shanghai Composite was down 0.60%.

India's exports grew by 13.2% to $16.24 billion in July compared to the same period of the last fiscal, posting growth for the 9th month in a row. Imports, too, jumped by 34.3% to $29.17 billion in July compared to the same month last fiscal, according to the official data released today.

During the April-July period of this fiscal, exports posted a growth rate of 30% to $68.62 billion on year-on-year basis. Imports during the April-July period grew by 33.3% to $112.2 billion.

Wall Street ended almost unchanged on Tuesday. Stocks made early gains after housing, manufacturing and consumer-confidence data came out slightly better than expected. But those gains vanished after minutes of the August Federal Reserve meeting showed policymakers disagreeing over how to support the faltering economic recovery. The Dow advanced 5 points (0.05%) to 10,014.72. The S&P 500 gained 0.41 points (0.04%) to 1,049.33. The Nasdaq fell 6 points (0.28%) to end at 2,114.03.

Foreign institutional investors were net buyers of stocks worth Rs288 crore on Tuesday. Domestic institutional investors were net sellers of equities worth Rs595 crore on the same day.

Chennai-based TVS Motor Company (up 1.30%) today reported its highest-ever monthly sales at 1,70,735 units in August, registering a 33.52% jump over the same month last year. The company had posted a total sales of 1,27,875 units in the corresponding month of 2009, the company said in a statement.

TVS Motor's two-wheeler sales last month witnessed a 31.75% increase at 1,67,109 units compared to 1,26,842 units in the same month last year, it added.

Consumer goods major Colgate Palmolive India (down 0.02%) today said it has received the judicial approval to merge its wholly-owned subsidiary, CC Health Care Products with itself.

The Andhra Pradesh High Court has sanctioned the scheme of amalgamation of CC Health Care Products by its order dated 11 August 2010, the company said in a filing to the Bombay Stock Exchange.

Automaker Tata Motors (up 0.11%) today reported a 32.38% increase in its total sales during August at 65,938 units compared to 49,810 units in the same month in 2009.

The home-grown firm's total passenger vehicle sales in the domestic market stood at 25,196 units in August against 17,364 units in the same month last year, a jump of 45.10%, the company said in a statement.

User

All stops removed for 3G mobile service launch

New Delhi: Decks were cleared today for launching third generation (3G) mobile and broadband services in the country, with the government allocating air waves to private operators after making certain amends to the licence terms, reports PTI.

The operators are authorised to use the spectrum for a period of 20 years from today, according to the amended licence conditions that allows companies to offer 3G services till the validity of the spectrum even if their telecom licences expire prior to that.

The government has imposed a roll-out obligation, under which the service providers would have to cover at least 90% of the service areas in the metros within the next five years.

Bharti Airtel, Vodafone, Reliance Communications (RCom), Tatas, Idea Cellular, Aircel and S Tel were the operators who had bagged 3G spectrum in the auction in May that fetched the government over Rs51,000 crore apart from about Rs16,000 crore from the two telecom PSUs — Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL).

BSNL and MTNL were awarded spectrum more than a year ago in view of their obligation to procure equipments through cumbersome process of inviting tenders. BSNL offers services throughout the country, except Delhi and Mumbai where MTNL is the operator.

The operators have been awarded 5 MHz of spectrum in each circle they won in the auction.

In the two metros of Delhi and Mumbai, three operators — Bharti Airtel, Vodafone and Reliance Communication had emerged the winners while no operator could bag pan-India spectrum in the auction that was conducted between 9th April and 18th May this year.

The government had auctioned three 3G slots throughout the nation, while four slots were offered in five circles.

3G allows high-speed mobile broadband access enabling users to download full length movies, make video calls and watch live television programmes.

According to the amendment, if the operators fail to achieve the roll-out obligations, they would be given extension for one more year after paying 2.5% of the spectrum acquisition charge per quarter.

Also, in case of two companies merging, only one slot of spectrum can be retained, according to the amended rules.

The operators will have to pay the upward revised spectrum usage charges ranging between 3%-8% depending upon the quantum of spectrum held by them.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)