Govt ties up with foreign labs to promote NIFTEM-made products (See 'TOG News')Mumbai Police to operate UAVs to enhance women's safetyGovt adopts cloud technology to boost e-governance (See 'TOG News')Govt prioritizes state-run DISCOMs for allotment of coal (See 'TOG News')TP - Without any agreement between assessee & its AEs, AMP expenses incurred by assessee cannot be termed as 'international transaction' & do not attract TP adjustment: ITAT (See 'TOG Latest')I-T - AO cannot make disallowance u/s 14A r/w Rule 8D when determining receipt of exempt income without examining a scheme in which assessee had invested: ITAT (See 'TOG Latest')Customs - The issue of determining classification of imported products, where involving appreciation of facts, does not warrant interference of writ court: HC (See 'TOG Latest')Central Excise - Exemption under Notfn No 89/95-CE can be claimed on waste generated during anufacture of Fatty acids, Wax, Gums & Spent earth: CESTAT (See 'TOG Latest')A Basic Primer on GDPR and its Relevance to the Indian Context (See 'TOG INSIGHT')India-CLMV business meet held in Cambodia to boost trade ties (See 'TOG News')TP - Order passed to reopen assessment where based on existing information, can be construed as 'change of opinion' & so non est in law: ITAT (See 'TOG Latest')I-T - An order of release passed u/s 132B is required to consider existing liabilities only & not those arising in future: HC (See 'TOG Latest')Central Excise - Partial exemption from duty cannot be interpreted as a complete exemption from duty: CESTAT (See 'TOG Latest')Service Tax - An officer of Additional Commissioner rank is empowered to rectify an error apparent from record in an Order-in-Original, within 2 years of it being passed: HC (See 'TOG Latest')Bring Diesel & Petrol under GST to cut prices: Fadnavis (See 'TOG News')
Tax on Go
Budget 2015
Click the banner to download Documents


RBI steps up efforts to prevent bank frauds
By TOG News Service
Mar 13, 2018

TOG News Service, NEW DELHI, MAR 13, 2018: THE Union MoS for Finance, Mr Shiv Pratap Shukla, today in Parliament stated that in light of a series of bank frauds recently, the Reserve Bank of India (RBI) had taken a number of measures to prevent banks from getting defrauded.

For starters, the RBI had established a framework for dealing with loan frauds of Rs 50 crores and above, under which banks would classify potential fraud accounts as red-flagged accounts, based on their observation & evaluation of early warning signals. Accordingly the banks would take time-bound action. Moreover, an online searchable database of frauds reported by banks had been created, in the form of Central Fraud Registry, to provide a tool for timely identification, control and mitigation of fraud risk and for carrying out due diligence during credit sanction process. Besides, the RBI had also issued caution advices, providing names of known fraudsters and their modus operandi.

Further, the RBI directed the re-verification of title deeds in respect of all credit exposures of Rs 5 crores and above by banks. It also issued various master circulars to banks, so as to restrict imprudent practices and at the same time, ensure sound procedures for conduct of business. The RBI also mandated that banks put in place adequate audit and compliance mechanisms with Board-level reporting through the Audit Committee of the Board. Further, the RBI undertook to review and supervise the systems and procedures in banks, as part of the Risk Based Supervisory framework for banks.