Economy
RBI announces fresh steps to tackle rupee volatility

Under the measures announced, RBI raised lending rates to commercial banks by 2% to 10.25% making the loans costlier

In a move to stem the continuing fall of rupee, the Reserve Bank of India (RBI) late Monday came out with a clutch of measures including hiking the lending rates for banks and sucking up of Rs12,000 crore, to make the currency dearer.

 

The measures came after high level meetings between the prime minister and the finance minister followed by discussions with RBI governor D Subbarao who was called to Delhi as the rupee lost 33 paise to reach 59.89 per dollar after touching over 61-levels last week.

 

Under the measures announced, RBI raised lending rates to commercial banks by 2% to 10.25% making the loans costlier.

 

The RBI will conduct sale of Government of India Securities to suck up Rs12,000 crore on 18th July from the market, in a move to make rupee dearer.

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US Army says war records gap is real, launches recovery effort

Army Secretary John McHugh confirms to members of Congress that commanders in Iraq and Afghanistan failed to keep required field records: "Steps are being taken to make sure this doesn't happen again"

July 12:
This post has been updated.

The U.S. Army has conceded a significant loss of records documenting battlefield action and other operations in Iraq and Afghanistan and has launched a global search to recover and consolidate field records from the wars.
 

In an order to all commands and a separate letter to leaders of the House Committee on Veterans’ Affairs, Secretary of the Army John McHugh said the service also is taking immediate steps to clarify responsibility for wartime recordkeeping.
 

The moves follow inquiries from the committee’s leaders after a ProPublica and Seattle Times investigation last year reported that dozens of Army and National Guard units had lost or failed to keep required field records, in some cases impeding the ability of veterans to obtain disability benefits. The problem primarily affected the Army but also extended to U.S. Central Command in Iraq.
 

McHugh, in his letter to committee leaders, said that while the Army had kept some of the required records, “we acknowledge that gaps exist.”
 

And in an enclosure responding to specific questions from the committee, McHugh confirmed that among the missing records are nearly all those from the 82nd Airborne Division, which was deployed multiple times during the wars.
 

McHugh’s letter was addressed to Chairman Jeff Miller, R-Fla., and the panel’s senior Democrat Michael Michaud of Maine, who said in an email Friday that the records were of critical importance to veterans.
 

“The admission that there are massive amounts of lost records is only the first step,” Michaud said. “I appreciate the Army issuing orders to address this serious problem, but I’m concerned that it took a letter from Congress to make it happen.”
 

“Our veterans have given up so much for our country, and they deserve a complete record of their service – for the sake of history as well as potential disability claims down the road,” he said.
 

A call and an email to Miller were not returned. Maj. Chris Kasker, an Army spokesman, said McHugh was not available for further comment.
 

In his order to Army commands, McHugh notes that units are required under federal law to keep field records, including “daily staff journals, situation reports, tactical operations center logs, command reports, (and) operational plans.”
 

“In addition to providing support for health-related compensation claims, these documents will help capture this important period in Army history,” he wrote.
 

But ProPublica and the Seattle Times uncovered assessments by the Army’s Center of Military History showing that scores of units lacked adequate records. Others had wiped them off computer hard drives amid confusion about whether classified materials could be transferred home.
 

In one 2010 report, investigators found infighting between the Army and U.S. Centcom over recordkeeping in Iraq and “the failure to capture significant operational and historical" materials in the theater.
 

The missing records do not include personnel files and medical records, which are stored separately from the field records that detail day-to-day activities.
 

McHugh’s response to the congressmen said Army rules delegate recordkeeping responsibility to commanders at all levels, but they weren’t always followed.
 

“Although numerous directives have been issued to emphasize the importance of the preservation of records,” the response says, “these directives unfortunately were often overcome by other operational priorities and not fully overseen by commanders.”
 

“Steps are being taken now to make sure this does not happen again,” the letter says.

McHugh’s order launching an Army-wide search for records also shifts responsibility for maintaining them in a new central repository.
 

Under regulations, individual units are charged with maintaining their records under the direction of the Army’s Records and Declassification Agency (RMDA), which archives some records but is not required to collect them. Separately, the Center of Military History sends trained historians into combat zones to collect materials to write the official history of the Army campaigns.
 

In Iraq and Afghanistan, the historians found themselves becoming de facto archivists in combat, chasing down what field reports they could find. Their reports of missing or inadequate recordkeeping prompted alarms and complaints from military and civilian historians but little corrective action from Army brass.
 

Emails obtained by ProPublica show that the Center of Military History and RMDA have long argued about which Army branch should be gathering different records. Now, McHugh’s memo orders commands to send whatever they have to the Center, which is to assess what the Army does and does not have by Dec. 31.
 

Calls to the Center for Military History were not returned. Officials at the National Organization of Veterans' Advocates, which had called on the Army to reconstruct missing field records, were not immediately available for comment.
 

A representative of the nation’s largest wartime veterans’ service group, the American Legion, called for more congressional hearings on the issue.
 

“It’s sad. My overall impression is it’s not good enough," Rich Dumancas, the Legion’s deputy director of claims, said of McHugh’s order. Missing reports need to be recreated by reaching out to affected veterans, he said.
 

Historians say the recordkeeping lapses echo the 1990-91 Iraq war, when the Army spent several years and millions of dollars to reconstruct the whereabouts of troops suffering from Gulf War Syndrome illnesses.
 

In 2003, as U.S. attacks on Iraq began anew, fresh orders went out about the importance of keeping operational records — explicitly citing the Gulf War failures to reinforce why records matter for veterans’ benefits and unit history.
 

The message didn’t always get through. In the case of the 82nd Airborne Division, with two deployments to Iraq and several more to Afghanistan, it appears that few records exist and there is low likelihood more will surface.
 

According to McHugh’s letter, military history detachments picked up some 82nd Airborne records in Afghanistan. However, “Subsequent attempts to collect documents from the division and its brigades during operations in Iraq and after redeployment to their home station were largely unsuccessful.”
 

Last year, ProPublica and the Times filed Freedom of Information Act requests for field records from several Army units and were told none could be found. The units included the 1st Battalion, 41st Infantry Regiment, 1st Armored Division.
 

The two congressmen also inquired about the 1st Armored Division. McHugh’s response states that, from 2003 to 2008 when the division deployed in Iraq, “some of their records and historical documents appear to have gone missing.”
 

An Army division usually contains between 10,000 and 18,000 soldiers.

McHugh told the Congressmen the Defense Department has records in a number of repositories and that the Center for Military History has collected 92 terabytes of digital and paper records from war on terror operations. Additional materials, including unit after-action reports, are in specialized collections held by the Army Center for Lessons Learned and Combat Studies Institute, his letter says.
 

Courtesy: ProPublica.org

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Reliance Life’s corporate agent AB Capital offers to help victims of fraudulent “interest-free loan”

Moneylife Foundation’s Insurance Helpline has solved three cases of life insurance sold with a bait of fraudulent “interest-free loans”. In all the cases, Reliance Life’s corporate agent AB Capital was involved

Moneylife Foundation’s Insurance Helpline has helped three persons to get refunds of Reliance Life Insurance policy premium as the product was fraudulently sold by enticing the customer with a fake “interest-free loan” of 10 times the premium from Reliance Capital. The latest case was of Shailendra Dheer (name changed) who had paid Rs30,000 premium to AB Capital with hope of getting Rs3 lakh “interest-free loan”.
 

With Moneylife Foundation’s intervention, Mr Dheer immediately got a call from head–customer care of Reliance Life who helped to get refund of Rs30,000 within two days. The fourth case has just been reported to AB Capital wherein the customer paid Rs20,000 premium for lure of Rs2 lakh loan. Customers even get a fake loan reference number to make it look authentic. The waiting period for the fake loan is ‘forever’.
 

Read - Is Reliance Life’s corporate agent AB Capital involved in fraudulent “interest-free loan” offers? Will Reliance or the regulators initiate action?
 

In the previous two cases, Prashant Gupte (name changed) got a refund of Rs2 lakh and Dr Sujay Verma (name changed) got a refund of his premium of Rs60,000.  Mr Gupte had taken a personal loan of Rs2 lakh to pay the premium. Clearly, these are cases of outright cheating ought to make the regulator sit up, but until they do, people are getting trapped into taking a loan to buy high premium insurance plans of trivial value with the lure of an “interest-free” loan of 10 times the premium. Dr Verma was running pillar to post for six months to get the refund without any success, but within two hours of our taking up his case with the company, Reliance Life promised to make amends.
 

Read Reliance Life refunds Rs60,000 in a suspicious transaction: Another Moneylife success
 

We had stated in our previous article without mincing any words, “Will the Insurance Regulatory and Development Authority (IRDA) act quickly to cancel AB Capital’s license before it cheats more people?”AB Capital, a corporate agent of Reliance Life has written to Moneylife Foundation probably after facing the heat of its name entangled in the three cases that were resolved.
 

AB Capital’s email states that “We would like to bring to your attention that AB Capital is committed to protecting its customers' interests and ensure customer delight. We are therefore taking these reported incidents very seriously. As a result, based on our internal vigilance, we plan to lodge FIRs against the perpetrators and terminate their employment. We have strengthened our pre-login verification calling wherein each and every customer is called for verification and confirmations.”
 

AB Capital asks Moneylife readers to bring any such incidence of spurious selling to their notice by writing to them at [email protected] . Please drop a line to Moneylife Foundation Insurance Helpline [email protected] so that we are kept in the loop and can ensure justice to the hapless consumer. AB Capital’s email ends with “We would also like to caution your readers to not let greed get the better of them and not fall prey to any such lucrative and bogus offers.” If only such bogus offers were never made by those associated with AB Capital, the problem would not have arose.
 

AB Capital should evaluate at all the policies sold by them instead of waiting for policyholders to make complaints. Reliance Life has also a lot to answer even if it did not directly make such fraudulent offers. IRDA can surely get the menace to stop, in case, it acts. Reliance Life and IRDA—are you listening?
 

Read:

Is Reliance offering 10-year interest-free loan for buying insurance?

Reliance Life ULIP mis-selling: Justice served

Life insurance: Don’t fall for assured returns, look for comprehensive cover and avoid dubious agents who promise you fantastic combination plans

Are your insurance details all in the public?

User

COMMENTS

Paresh

3 years ago

Same case happen with Me.
A B CAPITAL AND RELIANCE BOTH INVOLVED in this type of fraud.
DO not procure any thing from Reliance as well as A B Capital.
Also dont believe on phone call received from Delhi.
All calls are for cheating purpose.

Deepak Sholapurkar

3 years ago

One ore Great service by money life

Vaibhav Dalvi

3 years ago

I am also one of the victim of them. I have also paid premium of Rs. 50000/-.

Kindly help me out.

-Vaibhav Ramchandra Dalvi.
9892489511

REPLY

Moneylife Foundation

In Reply to Vaibhav Dalvi 3 years ago

Greetings!

Moneylife foundation has launched a FREE Insurance helpline for Moneylife foundation members and subscribers to Moneylife magazine, providing one to one basic help and guidance on issues and problems regarding insurance. Click on the link to know more
http://moneylife.in/promotion/insuranceh...

To avail the free insurance helpline. We would suggest you to become a moneylife foundation member. It is FREE and simple. Click on the link to become a member http://www.moneylife.in/register.html

Our helpline is on a best effort basis. We would request you to send us a synopsis of your issue in not more than 500 crisp words at [email protected]

MDT

In Reply to Vaibhav Dalvi 3 years ago

Thanks for your comment.
Kindly use our FREE Helpline for insurance related grievances. http://moneylife.in/promotion/insuranceh...

Regards,
MDT

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