RBI proposes new prepaid card for transactions up to Rs 10,000

News Network
December 5, 2019

Mumbai, Dec 5: The Reserve Bank on December 5 proposed the introduction of a prepaid payment instrument (PPI) for transactions up to ₹10,000 on goods and services.

PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement issued post announcement of the monetary review on Thursday.

“To further facilitate its (PPI) usage, it is proposed to introduce a new type of PPI which can be used only for purchase of goods and services up to a limit of ₹10,000,” the statement said.

The central bank said the loading and reloading of such PPIs can be done only from a bank account and used for making bill payments and merchant payments.

Such PPIs can be issued on the basis of essential minimum details sourced from the customer. The RBI said it will give instructions in this regard by December 31, 2019.

PPIs are instruments to facilitate purchase of goods and services, including financial services, remittance facilities among others against the value stored on such instruments.

These can be loaded and reloaded by cash or debit to a bank account or by credit card or from other PPIs up to a limit of Rs 50,000 per month. As on now, banks and non-bank entities are permitted to issue and reload such payment instruments.

There are currently three kinds of PPIs allowed by RBI — closed system PPIs, semi-closed system PPIs and open system PPIs.

The banking regulator also announced to allow the International Financial Service Centre Banking Units (IBUs) to open foreign currency current accounts of their corporate borrowers in order to facilitate ease of operations.

As regard to liquidity coverage ratio, it has also allowed the IBUs to accept fixed deposits in foreign currency of less than one year tenor from non-bank entities and consequently remove the current restriction on premature withdrawal of deposits.

“However, the current prohibition on acceptance of retail deposits including from high net worth individuals (HNIs) will continue. Necessary instructions are being issued shortly,” the RBI said.

The Reserve Bank also put forth the reviewed foreign exchange hedging facilities allowing users to undertake over the counter (OTC) currency derivative transactions up to $10 million, without the need to evidence underlying exposure.

“Banks shall be provided with the discretion, in exceptional circumstances, to pass on net gains on hedge transactions booked on anticipated exposures. Strengthening of the safeguards to ensure, that complex derivatives are sold only to users that are capable of managing the risks,” the RBI said.

The final directions in this regard will be issued after notification of the changes to Foreign Exchange Management Act (FEMA) Regulations, RBI said in the ‘Statement on Developmental and Regulatory Policies’.

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News Network
October 4,2024

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Mysuru: Chairman of JD(S) core committee and Chamundeshwari constituency MLA G T Devegowda on Thursday expressed his solidarity with Chief Minister Siddaramaiah saying the latter need not resign, while lambasting leaders of his own party and alliance partner BJP, including Union Minister H D Kumaraswamy.

In his speech during Mysuru Dasara inauguration he said that if persons against whom FIR is registered have to resign, many leaders from all the three parties, including Opposition Leader R Ashoka, will have to resign.

“All are sitting in glass houses... Since I know Siddaramaiah well, I am talking about him. At a time when mines and real estate are ruling politics, Siddaramaiah has survived in politics. He has never done any favour,” Devegowda said.

He added, “Allegations against Siddaramaiah are unexpected and accidental. If the Governor and Chief Justice order an investigation, it does not mean that he should resign."

He continued, asking, "Have they told Siddaramaiah to resign or have they asked to imprison him? When a person becomes a Central minister, he or she should realise their dignity and responsibility. Instead of recognising the good work done by Siddaramaiah, they ask him to resign. Will Kumarswamy (facing an FIR) resign? Should Siddaramaiah, who has become CM with a support of 135 MLAs, resign?"

"Opposition leaders are not remembering the good work of earlier CMs Kengal Hanumanthaiah, Veerendra Patil, Ramakrishna Hegde, H D Deve Gowda or S M Krishna. Karnataka is a model state. It is a bad trend to topple an elected government which is doing good work,” he further said.

Devegowda added, “Siddaramaiah is Goddess Chamundeshwari’s ‘Varaputra’ and hence has her blessings during tough times. He won the election in Chamundeshwari Assembly constituency, when the BJP-JD(S) government was in power in 2006. With the blessings of the Goddess, he has held varied positions right from becoming an MLA for the first time in 1983. He presented 15 budgets and has become CM for a second time. He took H C Mahadevappa, a Dalit leader to the state level. Siddaramaiah has the support of Deputy CM D K Shivakumar as ‘Jodeththu’. Blessings of the beneficiaries of guarantee schemes are with him (Siddaramaiah).” 

Siddaramaiah said, “Devegowda was a MUDA member. He knows the truth. Hence, he is saying this. His words have filled strength in me. ‘Satyameva Jayate’, Truth will always triumph.” 

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News Network
September 28,2024

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Bengaluru, Sep 28: The Special Investigation Team (SIT) probing charges against arrested Karnataka BJP MLA N. Munirathna Naidu, including allegations of rape, honey-trapping, and other offences, on Saturday conducted raids at his residence and 15 other locations across the city.

Sources confirmed that the raids were taking place at his Vyalikaval residence and other properties owned by the BJP MLA. The operation is being conducted by the SIT under the Criminal Investigation Department (CID) led by ACP Kavitha.

The team is examining documents, electronic devices, and other materials related to the rape and honey-trapping case. The SIT is being supported by experts from the Forensic Science Laboratory (FSL), with Superintendent of Police (SP) Sowmya Latha also participating in the search and inspection at Munirathna’s Vyalikaval residence.

According to sources, the raids were triggered by information provided by the victim, who alleged that Munirathna recorded footage of sexual assaults and used it to blackmail politicians and public servants, including IAS and IPS officers.

The victim reportedly revealed that she was used to entrap the woman who had lodged a rape case against a senior IFS officer. She was allegedly instructed to frame the rape victim in a drug peddling case.

The complainant told police that she was tasked with capturing compromising videos of the rape victim who had filed the case against the IFS officer. She claimed that, after several failed attempts to obtain the videos, the victim was drugged with sleeping pills, and obscene footage was recorded without her consent. Later, the IFS officer was bailed out from the charges.

Furthermore, the complainant has accused MLA Munirathna of raping her at his office within the state legislature, in his official vehicle, and at his godown. She has alleged that he recorded videos of these assaults.

Police sources also revealed that the victim in the MLA's case provided details of a plot involving sending HIV-infected women to Munirathna's targets in an attempt to ruin them politically and personally. She also disclosed the names of several politicians whom she had entrapped through honey-trapping.

The woman further claimed that Munirathna had threatened to have her son kidnapped and killed if she refused to comply with his demands. According to her, the MLA had a well-organised team dedicated to carrying out these honey-trapping operations, and she provided details about his close associates and relatives involved in the scheme.

Munirathna, who was in judicial custody following his arrest in the rape and honey-trap case, has now been taken into the custody of the SIT.

The MLA was transferred from Bengaluru Central Jail to the CID office on the night of September 24. The BJP legislator, however, has denied all the allegations, claiming they are false.

Karnataka Congress leader D.K. Suresh had alleged that Munirathna was trying to infect his adversaries with HIV and that the government should investigate the matter.

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News Network
September 24,2024

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Mangaluru, Sept 24: A blanket of gloom descended over Dakshina Kannada and Udupi as heavy rains battered the coastal Karnataka districts on Tuesday. Substantial rainfall has been drenching the region since Monday, intensifying as the day progressed.

In Dakshina Kannada, torrential downpours began early Tuesday, followed by overcast skies and humid conditions. 

The showers persisted intermittently through the afternoon, with areas like Beltangady experiencing moderate rainfall, while Puttur and Bellare bore the brunt of heavier storms. 

Overnight showers were reported in Bantwal, and Mangaluru city, along with its surrounding rural areas, witnessed a steady increase in rainfall, peaking by the evening.

After a brief respite, the return of intense rainfall has brought a welcome drop in temperatures. In Udupi, Karkala, Udupi city, Kundapur, and Hebri taluks all faced substantial rains throughout the day, continuing from late Sunday night.

The Indian Meteorological Department (IMD) has issued a red alert for the coastal districts, predicting more heavy rainfall in the coming hours. 

A yellow alert has been placed for Wednesday, signaling the likelihood of additional downpours. Fishermen have been cautioned to remain vigilant, as the possibility of strong winds looms over the coastal waters.

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