Issue of Prepaid Forex Cards- Due Diligence and Adherence to KYC norms

 

            In the recent past many banks have entered the arena of ‘prepaid foreign currency cards’. To increase the reach of their offerings, these cards are also made available through the network of Authorised Dealers/Full-fledged money changers.

             It has been brought to Reserve Bank of India  notice that some authorised dealers / full-fledged money changers may neither be exercising due diligence nor adhering to KYC norms while selling prepaid foreign currency cards (issued by a few select banks) to their customers.

Hence, Reserve Bank of India, vide Notification No RBI/2014-15/147 A.P. (DIR Series) Circular No.14, dtJuly 25, 2014 has larified that prepaid foreign currency cards are a form of foreign currency, similar to foreign currency notes or travellers cheques.

As such, the authorised dealers/FFMCs selling pre-paid foreign currency cards for travel purposes are required to comply with the same rigorous standards of due diligence and KYC as they would in case they were selling foreign currency notes/ travellers cheques to their customers.

It is expected after this clarification that the KYC norms will be strictly complied while selling pre-paid foreign currency cards.

Mission Bengaluru Midnight Marathon 2014 activated

After the resounding success of Bangalore Midnight Marathon 2013, the organizers are going to be back for the 2014 edition.

The preparations have begun, with the activation of the event on it’s website.

The top 10 facts of Bangalore Midnight Marathon 2014 are as under:

01)The title sponsor is State Bank of India

02)The event will be held on 13th December  2014

03)The organizers are Rotary Bangalore IT Corridor (RBITC).

04)The venue is at KTPO (Karnataka Trade Promotion Organization), Whitefield.

05)Milkha Singh is the Brand Ambassador

06) The online registrations open on 1^st September 2014

07)The website has a fully functional help guide with chapters for Diet and Nutrition, Expert Advice, Join Workshop, Training Tips, Optional Hotel Packages

08)On registration, each runner will be allotted a Chest Number. This Chest Number has to be displayed while participation in the event.

09)Families and friends are encouraged to be part of the event day.

10)So register to run for a greater cause… Run for those who can’t.

The following are the exciting Race-day Events

• COMMUNITY RELAY: Team of 5 members running 1km each, as a relay.
• FUN RUN: The IT City Run, a flagship event of BMM is a 5 Km run packed with run.
• 10K RUN: The 10k run is branded the dream run where the runners rub shoulders with the other enthusiasts and fitness ambassadors of the events.
• HALF MARATHON: As the name suggests, this is half the distance of the full marathon.
• FULL MARATHON: The marathon is a 42.195 kilometer race in the heart of the city’s famed IT section.
• CORPORATE RELAY: Team of 8 (Men and/or Women) represent their companies by running 5kms each, as a relay.
• WOMENS RELAY: Team of 8 Women members only running 5kms each, as a relay.

Cash on Delivery – India’s Gift to Amazon

 

            The Cash on Delivery is not a payment option in any Amazon eCommerce site, except India.

            In December 2013, through a tie up with India Post, Amazon added the Cash On Delivery payment method to its Payment Options.

            The model has been so successful that Amazon is planning to roll-out similar services in China and Japan. Yes, you have read it right, Amazon will offer Cash on Delivery in China and Japan.

            As an introductory offer, there is no additional service fee for Cash of Delivery.             Cash on Delivery is not yet available for all pin codes. This is due to limitations of courier services we use. However, in near future the same would be available for  all Indian Pin codes

The present Terms & Conditions of Cash on Delivery as displayed on the companies’ website are as under:

• The payment option of Cash on Delivery is available only for all orders Fulfilled by Amazon and for certain Seller fulfilled orders.
• Cash on Delivery can be used as payment method only for orders less than   50,000. The order value limit could be lower depending on the pin code of your address.
• Convenience fees of   39 will be charged on orders placed using Cash on Delivery. However, for a limited period, no convenience fees will be charged on any orders placed using Cash on Delivery.
• Cash on Delivery cannot be used to pay for orders containing a mix of seller fulfilled items and items Fulfilled by Amazon.
• The order amount has to be paid in full before receiving the package and signing the delivery sheet. The package can be opened only after the payment is made.

Safe ePayments on the Roll – NPCI & NABARD join hands to train RRBs for Electronic Payment Systems

 

            In India, the large number of Regional Rural Banks spread across the country play a vital role in economic system.

            Majority of the RRBs have migrated to CBS (Core Banking System). To leverage the full benefits of CBS, RRBs have to roll out Safe ePayment modules.

            RRB customers are willing to migrate from paper based transactions to electronic based transactions provided that they are assured the safety of their account balances.

            As a steps toward Safe ePayment Modules, NPCI (National Payments Corporation of India) and NABARD (National Agricultural Bank for Rural Development) are conducting two day workshops, with a focus on procedural guidelines for various electronic payment products available in our country.

            It might be noted that as a result of amalgamation, number of the RRBs has been reduced from 196 to 64 as on 31 March 2013. However the number of branches of RRBs increased to 17856 as on 31 March 2013 covering 635 districts throughout the country. The amalgamation exercise is expected to enhance the operational efficiencies of the RRBs.

            Out of the present 56 RRBs present in our country, 47 RRBs are part of the NPCIs NFS (National Financial Switch) network. A NFS member can access the NPCIs ATM network, as well as other electronic payment products viz CTS, NACH, IMPS.