TDSAT sets aside DoT demand on Idea for not rolling out services

As per Unified Access Service Licence conditions, the telecom companies are required to roll out their networks within a year from the date of allocation of spectrum. In case new licensees fail to roll out services within the stipulated period, DoT shall be entitled to recover liquidation damages

New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on Thursday quashed the direction of the Department of Telecom (DoT) that imposed penalty on the Aditya Birla group firm Idea Cellular for failing to roll out the services on time, reports PTI.

Allowing Idea’s petition, TDSAT set aside the demand notice issued by DoT.

In January, TDSAT had directed Idea to pay 60% of the penalty imposed by DoT.

DoT had sent notices to several firms that got new second generation (2G) licences bundled with start-up spectrum in 2008, but they have not started offering services in various circles.

As per the conditions of the Unified Access Service Licence (UASL), the telecom companies are required to roll out their networks within a year from the date of allocation of spectrum.

According to the agreement, in case new licensees fail to roll out services within the stipulated period, DoT shall be entitled to recover liquidation damages.

This was challenged by Idea in the TDSAT.

Idea Cellular had approached TDSAT for one circle of West Bengal.

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RBI tightens return filing format for NBFCs

As per the new regulation, deposit taking NBFCs would have to submit reports on deposits and prudential norms to the RBI on quarterly basis while non-deposit taking NBFCs to file statements on capital funds, risk weighted assets, risk asset ratio, among others on quarterly basis

Mumbai: The Reserve Bank of India (RBI) on Thursday tightened the return filing format for non-banking financial companies (NBFCs) under which they will have to make disclosures about their deposit and lending activities to the central bank more frequently, reports PTI.

As per the new regulation, deposit taking NBFCs would have to submit reports on deposits and prudential norms to the RBI on quarterly basis, as against annual and half-yearly basis respectively earlier.

Similarly, the apex bank asked non-deposit taking NBFCs to file statements on capital funds, risk weighted assets, risk asset ratio, among others on quarterly basis.

The regulations relating to reporting about liquid asset, exposure to capital markets, among others have been retained.

The deposit taking NBFCs will have to file quarterly returns on liquid assets to the RBI. Also, NBFCs with a total assets of Rs100 crore and above will file monthly returns on exposure to capital market, the notification said.

Non-deposit taking NBFCs would continue to file monthly returns on important financial parameters.

RBI said the returns, under the new norms, concerning deposits, prudential norms for deposit taking NBFCs and statement of capital funds, risk weighted assets, risk asset ratio for non-deposit taking NBFCs should be submitted for the July-September quarter.

All these filings will have to be done by NBFCs to the central bank in the revised formats notified by the apex bank, the RBI said.

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RBI asks banks to implement safety measures for card usage

The central bank has directed banks to strengthen the existing payment infrastructure and future proofing system along with adoption of fraud risk management practices within a period of next 12-24 months

Mumbai: In order to minimise fraud cases and ensure security of transactions, the Reserve Bank of India (RBI) on Thursday asked banks to implement various safety measures related to credit card and debit card usage over a period of next two years, reports PTI.

The central bank has directed banks to strengthen the existing payment infrastructure and future proofing system along with adoption of fraud risk management practices within a period of next 12-24 months, RBI said in a notification.

“The increased usage of credit/debit cards at various delivery channels also witnessed the increase of frauds taking place due to the cards being lost/stolen, data being compromised and cards skimmed/counterfeited. There is, therefore, an imperative need to secure such card based transactions...,” it said.

It also emphasised on the need to migrate to Euro pay MasterCard Visa (EMV) chip and PIN based cards from the present magnetic strip cards as the later is vulnerable to skimming and cloning.

“The need for a complete migration to EMV chip and PIN based cards could be considered based on the progress of ‘Aadhar’ (Unique Identification Card) in about 18 months,” it noted.

As per the circular, the central bank has directed banks to implement improved fraud risk management practices by 30 September 2012. The banks have also been directed to strengthen merchant sourcing and monitoring process by 30 September 2012.

The central bank also given a timeframe till 30 September 2013 to banks for securing the technology infrastructure.

To strengthen infrastructure for accepting these cards, RBI has said that commercial readiness of acquiring infrastructure to support PIN at POS (points of sale) should be ready by 30 June 2013.

Similarly, the enablement of all POS terminals to accept debit card transactions with PIN should be completed by 30 June 2013.

The apex bank also directed banks to be ready from technical perspective to issue EVM cards by 30 June 2013.

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COMMENTS

a v moorthi

5 years ago

Similarly, the enablement of all POS terminals to accept debit card transactions with PIN is very much required as always i have noticed shop attendants never ever try to match the signature of presenter on charge slip with the one on the card. So mobile alerts should be made mandatory for issuance of cards because by this at least the card holder is warned that his card is used at POS and his account is being debited for. This way card holder is alerted for any un authorised transaction. Similarly is accpted even sites like IRCTC while booking tickets is accepting 4 digit numeric PIN rather it should insist for PIN of net banking as netbanking PIN can consist of alpha numeric and special charcters there by offering more secure PIN. Another area is all net banking sites should offer virtual key board so that even persons using internet cafes need not worry about compromising their PIN while doing net transactions. .

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