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Fraught by frauds The recent high profile fraud cases in our banking sector have deeply jolted all the stakeholders and have once again highlighted the vulnerability of our banks, specially while dealing with corporate loans and celebrity industrialists who manipulate the banking system by conveniently bypassing protective mechanisms. Successful economies minimise corruption, embezzlement and frauds which are characteristics existing everywhere but unfortunately for us, the instances of banking frauds which are a silent killer of our economy only seem to be on the rise as a result of corruption, inefficient regulations, lack of oversight, business pressures to meet unreasonable targets, lack of tools to identify potential red flags and collusion between employees and external parties. Whether it’s issuance of fake LoUs by two junior employees (as in case of PNB) or conflict of interest on the part of CEO ICICI Bank, it’s amply clear that our banking industry is confronted with deep internal threat wherein anyone from a CEO to lower level employees can manipulate and defraud their bank while both internal and external auditors look the other way. Such high profile frauds , scams and wilful defaults have a detrimental impact on the economy and ease of doing business, employees morale and investors' confidence. Indian banking has always been a soft target for fraudsters and in recent years the frequeny, volumes and gravity of frauds and wilful defaults have only seen a rise. We as a developing nation cannot afford such setbacks and need to get our act together. Fraud risk management needs to be given utmost importance and diligence in order to prevent and detect fraudulent activities thereby limiting the losses incurred. The banks need to be more agile and think ahead of the fraudsters. A comprehensive and effective anti frauds programme comprising preventive, detective and responsive mechanism can enable banks to identify weaknesses inherent to their processes and identify new threats. Over the years, frauds and scams in this sector have become more sophisticated and hence, their redressal is a major concern. Banks need to make themselves secure, become vigilant and build resilience in order to beat fraudsters in this cat and mouse chase. It is important for banks and financial institutions to understand that fraud investigations require specific skills like forensic accounting and technology to collect adequate evidence which needs to be relevant and comprehensive to be admissible in a Court of Law. Other important aspects like source of evidence, legitimate witness, electronic evidence can add credibility to the case. If these are not in line with legal requirements, the organisations will not have confidence to take legal recourse against the fraudster which can also be the reason why many banks may not be reporting all their cases to law enforcement agencies.
Expressing concern over delay in disbursing money awarded as maintenance to women by courts, the centre has asked the High Courts to setup a mechanism to fast track the process.Law minister Ravi Shankar Prasad has written to the Chief Justices of all High Courts flagging the issue of"procedural delays". Matrimonial issues require deep understanding and since advice can make or mar a decision, we at KMLAWASSOCIATES , the top rated law firm in Delhi , let our vast and successful experience be your best guide. Our team is committed to helping our clients succeed. We offer best legal services in issues related to divorce and other matrimonial disputes like: Maintenance/alimony Child custody Annulment of marriage Domestic Violence Criminal proceedings (498A, 406IPC) Restitution of conjugal rights NRI divorce
BEWARE, SOMEONE IS WATCHING The debates between Aadhaar card and privacy rights have been making headlines every now and then, where privacy has been a key focus. Doesn’t our society lack enough privacy as it is?Are we ready for Big Brother (Aadhaar card) eavesdropping, controlling and manipulating every aspect of our personal lives? There are heightened privacy concerns and questions over the security of biometric data in possession of the Unique Identification Authority Of India(UIDAI).Many have opined that it is an intrusive tool open to misuse by the Government or others. Another area of concern is that our country presently lacks cyber security norms and which , it would not be wrong to say, are almost non existential. Aadhaar card is a convenience, no doubt about that as it’s a never-fail identification document that we need and provides a unique identity to avail Govt schemes. However, UIDAI guidelines are not only confusing but also contradictory. On one hand, it’s website says, ”Aadhaar number empowers residents of India with a unique identity and a digital platform to authenticate anytime, anywhere and is accepted as proof of identity of the cardholder for any purpose.” On the other hand , it says that Aadhaar number should not be shared with anyone. While it says that biometric information is never shared, company like Reliance Jio is already collecting fingerprints of its customers to simplify the eKYC process which is nothing short of a 'privacy nightmare'. Leakage of Aadhaar data of cricketer M S Dhoni made headlines, however, similar leakages of lesser known mortals have gone unnoticed. A recent report by 'The Tribune' claims that it had gotten access to around a billion Aadhaar Numbers in 10 minutes by paying Rs500/- to an anonymous seller. A few more security breaches which have surfaced are: -Money in Bank accounts withdrawn fraudulently using Aadhaar data -210 Govt.websites made Aadhaar data public. -Water and sanitation ministry breached Aadhaar privacy. -Aadhar details of over 6 million people leaked on a website managed by the Jharkhand Directorate of social security. Hacking into databases for data is not very difficult for a person with the necessary motivation, skills and time. Systems are hack proof only until the first hack. So what is one supposed to do in these confusing times and discussions? Is there any way to ensure that personal data is not misused? Well yes, there are a few weapons available to a cardholder in terms of certain actions which can protect his personal data . A mechanism exists under which a card holder can choose to block his Aadhaar card along with his demographic and biometric information if he wants to opt out of the UIDAI system. Biometric data should be locked by the cardholder so that no one can access it and the same can be unlocked by following the process given in UIDAI website. A cardholder must not give a photocopy of Aadhaar card in Physical/digital form and must not share his/her Aadhaar number. If there’s no option but to produce a photocopy of Aadhaar card, the cardholder must write the purpose on it and must also self attest it. After all, someone has rightly said BETTER SAFE THAN SORRY. KMLAWASSOCIATES is the first choice of victims of security breaches in Delhi NCR. Whether it’s misuse of personal information or CCTV coverage, the professionally led , expert team of KMLAWASSOCIATES ensures that hassle free justice is delivered to those whose personal space has been encroached.
YOUR HONOUR, DOES THE END JUSTIFY THE MEANS? In an unprecedented move which is rightfully being called a revolt, the 4 most senior judges of the Supreme Court of India, through a joint press conference on 12Jan2018, cast aspersions on the way in which cases are being selectively allocated to certain benches by the CJI. This insinuation , by these four judges, has created a storm not only in the judiciary but also in the minds of the citizens of this vast nation for whom the buck stops at the Apex Court , which for them, is the court of last resort and their faith vested in this supreme institution has undoubtedly taken a big hit. The charges levelled by these judges initially evoked disbelief and were criticized and frowned upon by one and all. However, the same has served as a catalyst for the CJI( the master of the roster) who is now trying to find ways to ensure transparency in allocation of cases. So, what's the way forward? What may be some of the ways to improve the administrative system in times to come? Well, while the 5 senior most judges may decide all the constitutional matters and CJI could reserve the right for keeping to himself hearing on certain extraordinarily important cases of national importance, other cases may be allocated through a computerized mechanism (to remove human element of favouritism) or based on the specialisation/years of experience in handling specific types of cases by the judges. And why not? In most other professions, there are areas of specialization, be it Medical, Teaching, Engineering , Defence Services . Without rule of law, it's not possible to fight corruption, poverty, disease and all other forms of injustice which are a hindrance in the development of a society. According to a survey of 1.1 lakh people across 113 countries, conducted by the World Justice Project, our country doesn't count among the most lawfully run countries (even seventy years after independence) and finds 66th place in this list. These rankings have been based on 8 parameters:curb on government power, absence of corruption, open government, fundamental rights, order and security, regulatory enforcement, civil justice and criminal justice. People of our country have immense faith in the Supreme Court of India and have extremely high respect for what this institution stands for. By washing dirty linen in public, these judges have achieved their target but at the same time, have planted a seed of doubt regarding the credibility of this supreme institution. "The Supreme Court's only armor is the cloak of public trust;its sole ammunition, the collective hopes of our society." Said Irving R.Kaufman. So once again, my lordships, does end justify the means? KMLAWASSOCIATES is the best and most trusted law firm with superlative success in corporate , business and commercial matters in Delhi NCR .
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