The Reserve Bank has urged the public to remain alert and not to fall prey to frauds or scams perpetrated by individuals who impersonate to be employees of the Reserve Bank of India.
The Reserve Bank of India (RBI) has reiterated that it never contacts the public via unsolicited phone calls or emails asking for money or any other type of personal information. The Reserve Bank does not maintain/give money/foreign currency or any other type of funds to individual or opens accounts for/in the name of individuals. The Reserve Bank has urged the public to remain alert and not to fall prey to frauds or scams perpetrated by individuals who impersonate to be employees of the Reserve Bank of India.
RBI’s cautions include the fact that it does not hold any accounts for individuals. It has said that the public must beware of impersonated names of RBI officials. Nobody from RBI calls up people about lottery winnings/funds received from abroad. RBI does not send any emails intimating award of lottery funds, etc. RBI does not send any SMS or letter or email to communicate fictitious offers of lottery winnings or funds received from abroad. The only official and genuine website of the Reserve Bank of India is (www.rbi.org.in) and the public may be careful and not get misled by fake websites with similar addresses beginning with ‘Reserve Bank’, ‘RBI’, etc., along with fake logos. Inform local police or cyber crime authority about such frauds.
The Reserve Bank of India has, on several occasions in the past, cautioned the members of public not to fall prey to fictitious offers / lottery winnings / remittance of cheap funds in foreign currency from abroad by so-called foreign entities/ individuals or to Indian residents acting as representatives of such entities/individuals.
Describing the modus operandi of the fraud, the Reserve Bank has stated that the fraudsters send attractive offers to gullible public through letters, e-mails, mobile phones, SMSs, etc. To lend credence to such offers, the communication is often sent on/from letterheads/websites that appear to be like that of some public authorities like the Reserve Bank of India. The offers are purportedly signed by top executives/senior officials of such authorities. While the names of the officials might be correct but their signatures are fake. The offer document would contain contact details of a so-called RBI officer working in some department in the Reserve Bank/public authorities.
The fraudsters initially ask potential victims to deposit small sums of money for reasons, such as, processing fees/transaction fees/tax clearance charges/conversion charges, clearing fees, etc. The victims are asked to deposit the money in a specified account in a bank. The fraudsters often have multiple accounts in the names of individuals or proprietary concerns in different bank branches for collecting such charges. Genuine but gullible account holders are persuaded by the fraudsters to even lend their accounts for such fraudulent activities on the promise of receiving some commission.
Once the initial amount is deposited, demands for more money follow with more official sounding reasons. After accumulating a sizeable amount in these accounts, the fraudsters withdraw or transfer the money abroad and vanish leaving the victims in a lurch. Many residents have already become victims and have lost huge sums of money by falling for such fictitious offers.
The public is advised to register their complaints with the local law enforcement agencies.
Pramerica Short Term Floating Rate Fund new fund offer closes 9th February 2012.
Pramerica Mutual Fund has launched, Pramerica Short Term Floating Rate Fund, an open-ended income scheme.
The investment objective of the scheme is to generate regular income through investment in a portfolio comprising primarily in short maturity floating rate debt/money market instruments.
The new fund offer closes on 9 February 2012. The minimum investment amount is Rs5000.
CRISIL Short-Term Bond Fund Index is the benchmark index. Mahendra Jajoo, executive director and CIO, fixed income, is the fund manager.
While the decision on direct import of ATF and allowing foreign airlines to invest would go to the Union Cabinet for a final nod, the Cabinet Committee on Economic Affairs would take up Air India’s financial restructuring plan for approval soon, civil aviation minister Ajit Singh told reporters in New Delhi
New Delhi: In major initiatives to strengthen the cash-strapped aviation sector, a Group of Ministers (GoM) today decided to allow airlines to directly import jet fuel to enable them save on high incidence of tax and permit Air India to raise Rs7,400 crore by issuing bonds or other means.
The GoM, headed by finance minister Pranab Mukherjee, was also apprised of the decision to allow foreign airlines pick up 49% stake in Indian carriers.
While the decisions on direct import of aviation turbine fuel (ATF) and allowing foreign airlines to invest would go to the Union Cabinet for a final nod, the Cabinet Committee on Economic Affairs would take up Air India’s financial restructuring plan for approval soon, civil aviation minister Ajit Singh told reporters after the 90-minute meeting here.
“First thing is that on Air India’s financial restructuring, the GoM has taken a view. Bonds will be issued, but this will have to go to the Cabinet. Bonds, and there are other ways, GoM has more or less taken a view on this,” he said, adding that about Rs7,400 crore would be raised through these means.
On ATF imports, Mr Singh said “airline companies will be allowed to import fuel directly for their use. This also has to go to the Cabinet. GoM has approved this. We will try to see whether some kind of credit arrangement can be made.”
The meeting was also attended by home minister P Chidambaram, petroleum minister S Jaipal Reddy, commerce minister Anand Sharma and Planning Commission deputy chairman Montek Singh Ahluwalia, apart from top officials.
To questions on allowing foreign airlines to buy equity in Indian carriers, the civil aviation minister said the issue, on which a decision was taken earlier, did not come up before the GoM which was apprised of the issue.
“FDI (by foreign carriers) did not come before the GoM. I met finance minister (17th January). We are moving a note. Then it will be moved to the Cabinet. It is basically for allowing 49% FDI by foreign airlines. I expect this note to be sent soon,” Mr Singh said.
Asked about government infusing additional equity of about Rs6,600 crore in Air India, official sources said this would also be done. Allowing the ailing national carrier to raise funds through government-guaranteed bonds or other means was “over and above equity infusion decision”, they said.
Banks and financial institutions had proposed several measures to beef up Air India’s net worth and these were among the measures approved by the GoM, the sources said.
Official figures show the debt-ridden carrier has outstanding loans and dues worth Rs67,520 crore, of which Rs21,200 crore is working capital loan, Rs22,000 crore is long-term loan on fleet acquisition, Rs ,600 crore is vendor dues besides an accumulated loss of Rs20,320 crore.
On jet fuel imports, they said the procedure for direct import of ATF and filling up the planes would be decided in the coming days.
Noting that flights were disrupted when oil companies suddenly stopped fuel supplies to airlines due to non-payment of dues, the sources said, “Some ways have to be worked out to see that this does not happen.”
In the same vein, Mr Singh also said that “we have to see if any step can be taken to avoid such situations. Now the airlines are given a three-month credit period by oil companies.”
The sources said FDI was one of the key factors that would help the industry to survive the current financial crisis. A Committee of Secretaries has proposed a 49% cap on FDI by foreign airlines.
“We all know that the aviation industry is under a lot of stress. Allowing foreign airlines to pick up stake in Indian carriers would mark a major policy shift,” Mr Singh had said.
Earlier, foreign airlines were not allowed to invest in Indian airlines, though foreign direct investment of up to 49% was allowed.
While the civil aviation ministry had suggested 24% as the limit, the Department of Industrial Policy and Promotion (DIPP) had recommended 26%.
At present foreign investment of up to 49% is permitted in the aviation sector, apart from 100% in MRO (maintenance, repair and overhaul), airports, helicopter and sea-plane operations, but foreign carriers are not allowed to invest in their Indian counterparts.