In your interest.
Online Personal Finance Magazine
No beating about the bush.
The Tata group company has restored its website tcs.com after hackers allegedly changed its domain name and put it up for sale
Tata Consultancy Services Ltd, (TCS), India's largest software company, has restored its website tcs.com after hackers allegedly changed its domain name and put it up for sale.
The Internet Protocol (IP) address of TCS's website is 18.104.22.168. However, the hackers changed it to 22.214.171.124, re-pointing the name server (NS) records of the company's website which may have been done by breaking into the NS or the registrar account, said a cyber-security expert.
The most prominent types of name servers in operation today are the name servers of the Domain Name System (DNS), one of the two principal name spaces of the Internet. The most important function of these DNS servers is the translation (resolution) of humanly memorable domain names (for example tcs.co) and hostnames into the corresponding numeric IP addresses (216.15.xxx.xxx), the second principle Internet name space, used to identify and locate computer systems and resources on the Internet.
Incidentally, the changed domain ID, 126.96.36.199, shows the ISP name as Network Solutions LLC, which is the registrar of tcs.com as well. So primarily, it appears that someone might have entered into TCS's registrar account; possible using a compromised password, added another expert.
According to a report from plugged.in, the hackers had put up the domain name 'tcs.com' for sale and even provided their e-mail id '[email protected]', besides displaying a whos.among.us widget to display how many people are on the site at any given point. Although TCS has now restored its website, this incident has raised many questions on the alleged breach of security as well as the expertise of Indian engineers.
Moneylife Knowledge Centre set up by the Moneylife Foundation in Mumbai will supplement the efforts of regulators and providers of financial services at spreading financial literacy and redressing grievances.
Sanjay Nirupam, Member of Parliament, on Saturday inaugurated the Moneylife Knowledge Centre—a seminar-counselling-and-free reading room— set up by the Moneylife Foundation at Dadar in Mumbai, on Saturday.
Introducing the Congress MP from Mumbai, Moneylife Foundation’s Founder-Trustee Sucheta Dalal said, “Mr Nirupam is among those politicians who empathise with the need for financial literacy initiatives and has always made an effort to understand issues and take them up in Parliament. He has been especially concerned about the lack of understanding among borrowers of concepts such as floating interest rates. With teaser loans being offered by the biggest banks, these issues will come up again. At that time, investors and consumers will need a valuable voice like Mr Nirupam in the Lok Sabha.”
Speaking on the occasion, Mr Nirupam said, “I congratulate the Moneylife team for taking this wonderful initiative. I am happy that the Moneylife Knowledge Centre is being launched on my birthday. I would like to give my best wishes to Moneylife Foundation’s Knowledge Centre.
Talking about the need for financial literacy among the masses, Mr Nirupam said, “India’s middle-class population is set to reach nearly 80 crore. The entire world is eying to capture this huge market, which has highlighted the need to teach economics to the population, especially the middle-class. There is a deluge of schemes in the market that lure investors into buying them. That is why it is important that the masses are educated about various financial and economic aspects.”
Earlier, Debashis Basu, Founder-Trustee of Moneylife Foundation, said, "The need for Moneylife Foundation and the Moneylife Knowledge Centre arises from the stark reality that the ordinary person with money to spare is staying away from capital markets and is also wary about mutual funds. This is evident from very poor subscriptions to Initial Public Offerings (IPOs) and also mutual funds, which is in sharp contrast to the vaulting stock indices, frequent public issues of equity and extensive media coverage of investments. There is also very poor knowledge about basic financial products such as credit and debt cards, insurance, mortgage or housing loans etc, and the precautions required while using electronic transaction systems.”
The Moneylife Knowledge Centre will supplement the efforts of regulators and providers of financial services at spreading financial literacy and redressing grievances. The Centre would aim at creating deeper interest in financial markets, increase financial literacy and protect investors and consumers through information, counselling and grievance redressal.
The Moneylife Knowledge Centre is stocked with a range of books, magazines and financial literature—starting from the basic comic books produced by the Reserve Bank of India (and contributed to ML Foundation)—to reference books for students and market experts. There is also a range of corporate biographies and books on business, economics and finance. Members of the public can access the reading room free of charge.
Moneylife Foundation is registered as a not-for-profit trust and intends to engage in spreading financial literacy through workshops, round-table meetings and awareness campaigns; advocacy to crystallise policy and bring about regulatory changes to protect investor rights and grievance redressal, counselling and research. The Foundation is offering free inaugural membership. Those who wish to become members can contact 022-24441060 or visit www.moneylife.in/foundation.
While the initial focus of the Moneylife Foundation will be on Mumbai, it has plans to extend its reach to other cities where investors are deprived of opportunities to access unbiased information about financial products and are unaware of the cares to be exercised while borrowing or investing.
Moneylife Foundation is also looking for experts who are willing to volunteer their time (for a small honorarium) to conduct workshops and to translate this effort into regional languages.
For more information contact:
Moneylife Foundation: Deepa: 022-24441059-60
Or write to [email protected]
Address: Moneylife Foundation, 304-05, Hind Services Industries Premises Limited,Off Veer Savarkar Marg, Shivaji Park Seaface,
Dadar (W), Mumbai 400 028 (near Chaitya Bhumi)
Pictures of the event
Online shop eBay’s popular electronic payment system PayPal seems to have been blocking all personal transactions to and from India. Strangely, it has offered no justification for this decision
In a perplexing move, popular electronic payment gateway PayPal Inc has suddenly started blocking personal transactions to and from India. PayPal was allowing business transactions till a few days ago, but now has also stopped it along with personal and gift payments.
PayPal is an online payment and money-transfer service that allows you to send money via email, phone, text message or Skype.
This move from PayPal has left thousands of its Indian users, especially IT coders who work with many entities overseas and receive payments through PayPal, high and dry. Users whose transactions have been reversed are venting their frustration on online forums and message boards. Funds requested through PayPal India are being reversed to their senders, and users have no access to them.
Here is the standard response PayPal is sending to customers:
“Your payment of xxx has been sent back to the sender of the payment. We reversed this payment because we have stopped allowing personal payments to be sent to or from India.
“If this was a payment for a purchase of goods or services, and not a personal payment, then you may contact the buyer and have him or her resend the payment as follows: (a) click the Send Money tab, (b) select “Goods,” and (c) provide a shipping address.
“If this payment was a personal payment such as a gift, then we have requested that the sender find another payment method until we restore personal payments to and from India. We are trying to resolve this issue as quickly as possible and we’re sorry for any inconvenience.”
According to a reports from techcrunch.com, Anuj Nayar, director for global communications at PayPal had said, “I can confirm that personal payments to and from India have been suspended while we address some questions from our business partners. You can still make commercial payments. We’re trying to resolve the situation as quickly as possible and we’re sorry for any inconvenience this may cause.”
Last year in November, the Indian government had issued a notification (No No.13/2009/F.No.6/8/2009-ES dated 12 November 2009) for prevention of money laundering. Under this notification, the Reserve Bank of India (RBI) has asked all banks and financial institutions to maintain proper record of all transactions and verify identity and address of a non-account based customer or a walk-in customer.
Payments to and from PayPal to its account users in India may also involve the foreign exchange maintenance act (FEMA) that has been under a cloud over the black money issue. On Friday, many renowned personalities had filed another petition in the Supreme Court seeking a direction to the Indian government to bring back unaccounted black money to the tune of around Rs65 lakh crore (Rs65 trillion) stashed away in banks abroad.
Although PayPal provides money transfer service to and from India, neither the company nor its account holders pay any tax on the transaction. When Moneylife contacted the RBI to know about the PayPal issue, an official said,”We have no idea why this is happening. PayPal doesn’t come under RBI’s purview.”
The question is then how can the country receive money, in foreign currencies, without any accountability and supervision? Some of the comments on techcrunch.com also say that many Indian account holders ask their payee to make the payment as a ‘gift’ rather than payment for services to avoid PayPal fees. One such comment said: “A lot of business must be transacted in India via PayPal—business done with personal transactions. So a money-hungry Indian government is aggravated at some perceived revenue loss (taxes, customs, etc.) and (has) put pressure on PayPal to stop the payments either directly or indirectly.”
We don’t know. What we know for sure is PayPal users from India are left with no alternative but to search for an alternative payment service. Team