From Wall Street in the US to the main street in India, public protests are raging
Within a month of TRAI’s regulation curbing unsolicited calls and SMSes came out, telemarketers seem to have found a way of reaching mobile subscribers by using servers located outside the country to send such unwanted commercial communication
New Delhi: The Telecom Regulatory Authority of India (TRAI) and service providers are now working together to find a solution to the problem of telemarketers using international websites to send pesky calls and SMSes—a menace which has resurfaced within weeks of a blanket ban on them, reports PTI.
Within a month of TRAI’s regulation curbing unsolicited calls and SMSes came out, telemarketers seem to have found a way of reaching mobile subscribers by using servers located outside the country to send such unwanted commercial communication.
According to the Cellular Operators Association of India’s director general Rajan S Mathews, telemarketers have started sending messages from servers located outside India which does not fall under the purview of TRAI.
“TRAI is concerned, it is looking into the matter as to how it can curb this (the new method adopted by telemarketing companies). We do not want the customer to suffer and we as an industry are working with TRAI to find the best possible solution,” Mr Mathews said.
“It is difficult to monitor messages sent through servers outside, but we will find a way out, he added.
TRAI has already penalised 15 telemarketers till date and issued notices to 900 individuals for violating the norms. Subscription of 90 people have also been disconnected.
TRAI’s regulation, which came into effect on 27th September, says that if an unsolicited commercial communication (UCC) originates from a subscriber who is not registered with the regulator as a telemarketer, the service provider shall issue a disconnection notice to that subscriber.
It further says the phone shall be disconnected if the subscriber continues to send such communications.
In case of violation of regulation by registered telemarketers, TRAI has recommended penalty ranging between Rs25,000 to Rs2.5 lakh for a violation.
The RBI, however, has been expressing reservations on setting up a sovereign wealth fund. The central bank wants the government to set up a sovereign wealth fund from the budget and not out of forex reserves
New Delhi: Supporting the industry ministry’s proposal to set up a sovereign wealth fund to finance infrastructure projects, chief economic adviser Kaushik Basu on Monday said India can use a part of its large foreign exchange reserves to create the fund, reports PTI.
“If a small part of our forex reserves is used to set up a sovereign wealth fund and deployed strategically, this can yield steady long-run returns and at the same time enhance India’s policy role in the world,” Mr Basu told PTI.
Sovereign wealth funds have existed for a long time, though they got this name only six or seven years ago.
Recently, the industry ministry in a discussion paper suggested that India should consider setting up a sovereign wealth fund to finance infrastructure which would require an investment of $1 trillion in the next five years.
The paper recommends that government should use a part of its foreign exchange reserves to set up the sovereign wealth fund as has been done by countries like China, Korea and Singapore.
Mr Basu said sovereign wealth funds could be set up under the control of either the government or the Reserve Bank of India (RBI).
“A sovereign wealth fund does not necessarily mean money moved from the RBI to the government,” he said.
Mr Basu said, “The returns from the first $15 or $20 billion set aside for this can be enormous.”
India has one of the biggest foreign currency reserves in the world at $320 billion. It is, however, far less than $3.2 trillion held by China and $1 trillion by Japan.
The RBI, however, has been expressing reservations on setting up a sovereign wealth fund. The central bank wants the government to set up a sovereign wealth fund from the budget and not out of forex reserves.
Citing example of Singapore, Mr Basu said, “There are countries with relatively small foreign exchange holdings that have operated very successful sovereign wealth funds.”