Consumer Issues
RBI rationalises categories of pre-paid payment cards

As per revised guidelines, pre-paid payment cards have been divided in to three categories and would require necessary documents depending on the card value

 
Mumbai: The Reserve Bank of India (RBI) has rationalised categories and value limit of pre-paid payment cards to three broad categories from five earlier, reports PTI.
 
The pre-paid cards, technically known as semi-closed pre-paid instruments (PPI) are convenient alternatives to cash and cheques. These are mainly issued by banks and non-banking financial companies (NBFCs) on payment of specified amount and are used for purchasing goods and services from limited outlets.
 
As per revised guidelines, the first category of cards will have cash limit of Rs10,000 and the re-load should not exceed the said limit during a month. These cards can be issued minimum with details of the customer.
 
Secondly it said, for issuing cards of value of Rs10,001 to Rs50,000, officially valid documents will be required and these should be non-reloadable in nature.
 
It further said for issuing cards up to value of Rs50,000 full know-your-customer (KYC) details will be needed and these can be relodable in nature.
 
RBI said these cards can only be issued in electronic form.
 
RBI said non-banking entities issuing pre-paid cards are required to maintain the outstanding balance in an escrow account with any commercial bank and the account should be credited as and when the issuer sells such a card to the end-user.
 
To promote cashless transfer of funds, the central bank has also relaxed domestic money transfer norms and said the three categories of pre-paid payment cards will qualify for domestic money transfer.
 
Under the domestic money transfer facility amount up to Rs10,000 can be transferred to beneficiaries not having a bank account subject to an overall monthly cap of Rs25,000 per beneficiary.
 
Such facilities have been made to facilitate fund transfer, particularly to migrants, who face difficulties in want of proof of identity or address.
 

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Kingfisher declares partial lock-out, suspends flights till Thursday

Kingfisher operations got completely paralysed after pilots and some other staff joined the striking engineers protesting non-payment of salaries for the last six months

 
Mumbai: Kingfisher Airlines on Monday night declared a partial lock-out with immediate effect and suspended till Thursday flight operations which came to a grinding halt following a strike by a section of its employees, reports PTI.
 
In a statement, the Vijay Mallya-owned private carrier said it has been forced to declare a "partial lock-out" following a series of "protracted and unabated incidents of violence, criminal intimidation, assault, wrongful restraint and other illegal acts" including refraining from attending work, by a small section of "recalcitrant" employees.
 
The airline said the action by the recalcitrant employees who have regrettably chosen to take law into their own hands forcing a complete paralysis of operations were all "unnecessary and unprovoked."
 
"It has been decided that flight operations will be suspended for the next three days, i.e. until 4 October 2012," it added.
 
The operations got completely paralysed on Monday after pilots and some other staff joined the striking engineers protesting non-payment of salaries for the last six months, sending the shares of the airline tumbling by 5%.
 
Before commencing legal action, the airline said it will make efforts to continue to engage with striking employees to persuade them not to indulge in any intimidatory tactics.
 
The management earlier in the day warned of a temporary shutdown, citing lack of funds to pay salaries even for a month.
 
"We had a long meeting with the CEO Sanjay Aggarwal but no solution has come out rather he threatened a temporary shutdown saying it did not have funds to pay salaries even for a month," a representative of the striking engineers who was part of the meeting told PTI.
 
The meeting between the representatives of striking engineers and Aggarwal lasted for around two-and-a half-hours.
 
With its engineers on strike, Kingfisher reportedly approached Air India and others for getting its aircraft checked for certification.
 
Earlier in the day, the Aviation Minister Ajit Singh had said, "We can't allow Kingfisher to fly until their aircraft are certified. (Since) their engineers are on strike, they can get the planes certified by other engineers also." 
 
However, the minister warned that if the DGCA finds that Kingfisher is not sticking to its schedule or violating safety norms, action will be initiated.
 
Significantly, Singh ruled out shutting down the airline saying, "the government is not in the business of shutting down businesses," as that will "create lot of problems. Even with the 3% market share Kingfisher has, such a move will create a havoc." 
 
For the second day today, operations of the private carriere were paralysed as most of its pilots and engineers, who have not been paid for the six months, struck work.
 

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Rs1,880 crore for Sonia's foreign trips but apology if charge is wrong: Modi

While the Gujarat Chief Minister has made allegations against Congress chief Sonia Gandhi referring to an RTI, the activist who had filed the application says he is still waiting for reply from the government and doesn’t know from where the figure Rs1,880 crore appeared

 
Junagadh/Jesar (Gujarat): Gujarat Chief Minister Narendra Modi has offered to tender a public apology if his allegation that Rs1,880 crore was spent from state exchequer for Congress President Sonia Gandhi's foreign trips is found to be false, hours after he made the claim, reports PTI.
 
"I had said this thing based on the report of a newspaper. If my information is wrong, today I say that I will publicly accept this mistake", Modi said addressing a rally in Junagadh.
 
Earlier in on Monday, Modi, addressing a rally at Jesar, targeted the Congress President by claiming that Rs1,880 crore has been spent from the public exchequer for her foreign trips. 
 
Addressing the Jungadh rally, Modi said a response given by the government to an Right to Information (RTI) application of a youth of Hisar in Haryana, published in a newspaper on 12th July this year, was the basis for his claim.
 
However, the youth Ramesh Sharma, who had filed the RTI application, questioned figures announced by Modi and said he had not received any reply to his RTI query.
 
Speaking at Jesar, Modi said "to those Congress friends, who are accusing our government of uncontrolled expenditure, I want to ask: is it not true that on the foreign travels of the President of the Congress Party, Sonia Gandhi, in the past three years, Rs1,880 crore has been spent from the public exchequer".
 
"This clearly means that more than the total yearly budget of Bhavnagar, Jamnagar, Junagadh and Rajkot Municipal Corporation combined has been spent only on the foreign trips of Sonia Gandhi and on her luxury hotel stays," he added.
 
"I want to ask the Delhi Sultanate what is the compulsion that they have to allow this uncontrolled spending of poor people of the country," Modi told the rally as part of his month-long pre-assembly election tour of the state.
 
Sonia Gandhi will be launching Congress' campaign for the state elections on Wednesday by addressing a rally of farmers in Rajkot. This will be her first visit to the poll-bound state.
 
Ramesh Sharma, the RTI activist questioned Modi's claim that Rs1,880 crore were spent from state exchequer for UPA chairperson Sonia Gandhi' foreign trips.
 
"The figures Mr Modi has given today is Rs1,800 crore. The government has not given any response to it. I never got any such information from the RTI I had filed. I have not got any figure of Rs1,800 crore. I don't know where Mr Modi is referring to it", Verma said from Hisar.
 
"I can say that that I haven't got any figure of Rs1,800 crore because I haven't received any information...", he added.
 
He claimed he was never contacted by Modi.
 
Congress dismissed Modi's charge as "falsehood" and said "it is regrettable that the Chief Minister of Gujarat has resorted to blatant lies which now stand exposed after the reavalations of the Hissar based RTI activist to divert the attention of the people of Gujarat from the real issues confronting the state.
 
"The reality is that the CM of Gujarat has no answer to the charges made by the MP's of Gujarat in a representation to the CVC that Rs1 lakh crore have been plundered over the past 11 years in 17 different scams", Tewari said.
 
"It gives ballast to the charge of the former CM Keshubhai Patel that the current CM is a liar with a capital L and that the entire myth of a vibrant Gujarat rests on the foundations of falsehood", he charged.
 
Modi said the "people of Gujarat would be well served to look beyond the Gobellian false hoods which are the raison de etre of the BJP's political existence.
 

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COMMENTS

UPA Ghotala

4 years ago

Sonia Gandhi spent Rs 1800 crores in foreign trips http://www.upaghotala.com/2012/10/sonia-...

MOHAN

4 years ago

Mr. Modi may be lying. But, It is a fact that she has had umpteen number of trips to foreign countries. Therefore, what is the actual amount spent on Sonia's foreign trips? (I have a doubt, can Sonia’s trip to Italy be called “foreign trip !?” )

TIHARwale

4 years ago

Modi is an inheritor of a cult which recognised for its strong and efficient enough network capable in ensuring lies reach down to grass root level during the past and will continue to do it in coming years also. one has to recall his mentors during emergency successfully spread rumour that Govt has a programme in which it is going inject a vaccine capable of rendering children of India incapable of reproduction. this rumour unleashed was so powerful that parents refused to send children to school for about a week, the fact is till date there is no such vaccine. as Modi wants to declare as a potential PM he had been forced to tender apology this time for uttering a foolish lie that Govt has spend Rs 1800 crores on Sonia during her trips abroad also he was aware that if he doesnot tender apology L.K.Advani would have tendered apology in a couple of days ( just as he had done earlier because BJP sympathiser S.Gurumurthy made himself a howler regarding Bank account of Sonia)

if my understanding of is correct the legal framework for administration of exchange control in India is provided by the Foreign Exchange Management Act, 1999. Sonia on return to INDIA after her trips abroad Under the Act, will be filing declaration with her Bankers regarding her details regarding expenses incurred abroad and if her hosts abroad has footed her expenses even that has to be declared to tax authorities. if Govt has footed the bills Govt will definitely inform the same. if it has been footed by party , the party will file it in its tax returns. So Gandhi family haters like Jaitely, Lekhi, Gurumurthy etc would definitely know how to obtain this info, so Modi should have got in touch with these persons before he went ballastic yesterday.

REPLY

Kalpesh P Shah

In Reply to TIHARwale 4 years ago

Technically you are right on declarations to tax authorities.

However, how does one get that kind of info? using RTI? Can you try that? ;)

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