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43 It is over a decade now that, we, Indians have been putting up with the harassment, humiliation and mental agony of banks arrogantly freezing savings and current accounts for technical reasons, the most common one being non-compliance with frequent updation of know-your-customer (KYC) documents mandated by the government. Banks blame it on the Reserve Bank of India (RBI). RBI washes its hands off any responsibility by pointing to the Prevention of Money Laundering Act, 2002 (PMLA) and the rules for maintenance of records framed in 2005.
Logically, if the government genuinely has reason to suspect that the money in a bank account or lockers represents the fruit of criminal activity, money laundering or tax avoided income, it can demand explanations and ask banks to freeze the account. But there is something drastically wrong when the power to freeze money, deposited in trust with a bank, is delegated to branch-level staff, who can wreak havoc with the lives an ....
0 Downloading and using mobile apps is the way to go for various entertainments and everyday services that you seek, as your phone has become a one-stop virtual platform for your real-life activities. Adding to the ocean of help that’s accessible at the tip of your fingers, Moneylife Foundation has launched a unique app called ‘RTI Advice’ which offers quick guidance on any issue you face about (Right to Information).
The unique quality of the ‘RTI Advice’ app is, that it breaks all language and location barriers. For, if you can’t express your query in English, you can upload your 15 second video in your language and the RTI expert will video back his or her reply in the same language! An endeavour which the government should have undertaken as the RTI Act mentions that public awareness campaign should be spread by it, has been realised by a reputed NGO (non-government organisation). The ‘RTI Advice’ app is available for both Android and IPhone ....