Page 15 - Banking Finance June 2023

ROUNDUP

firms to the fund - 59.3 per cent of ognition programme in collaboration east region, and it is now ready for
total donation of Rs 4,910.5 crore. with the industry. pan-India deployment, a senior gov-
ernment official told.
The top five donors among the list of The department of consumer affairs
57 are Oil and Natural Gas Corporation emphasised the importance of educa- The CEIR system, will enable people to
(Rs 370 crore), NTPC (Rs 330 crore), tion for influencers and creators re- block and track their lost mobile
Power Grid Corporation of India (Rs garding laws and regulations. phones. The system has been designed
275 crore), Indian Oil Corporation (Rs to discourage mobile phone theft and
The industry representatives agreed
265 crore), and Power Finance Corpo- facilitate the tracing of lost or stolen
on the importance of education for
ration (Rs 222.4 crore). mobiles to the police, detection of
influencers and creators, as well as the
cloned or counterfeit mobiles, and re-
role of influencer marketing in adver-
International trade in ru- tising, said the department. striction of the use of such cloned mo-
biles. Furthermore, the CEIR system
pee soon: Goyal
will safeguard the interests of consum-
NSE issues framework for
Commerce and Industry Minister ers by providing them with informa-
Piyush Goyal expressed hope that trad- appointing forensic audi- tion related to fake and cloned mobile
ers will soon be able to settle foreign phones, thereby preventing them from
tors
trade in the rupee currency as several falling prey to fraudulent activities.
The National Stock Exchange (NSE) is-
banks from different countries are
sued a framework for the selection of
opening special Vostro accounts with Chartered accountants
auditors for conducting forensic audits
Indian banks.
of brokers. Such forensic audits are now under ambit of
The Reserve Bank of India (RBI) has
done particularly in cases of critical vio-
approved 60 requests to open Special money laundering law
lations including misuse of client assets,
Rupee Vostro Accounts (SRVAs) of cor- Notifying changes to the Prevention of
unauthorised portfolio management
respondent banks from 18 countries, Money Laundering Act, the Finance
services and providing assured returns
including the UK, Singapore, and New Ministry has brought in practicing char-
to the clients.
Zealand. tered accountants, company secretar-
The stock exchange will define the
ies, and cost and works accountants
Govt plans to partner with scope of audit, timelines for comple- carrying out financial transactions on
tion, and invite quotations from the behalf of their clients into the ambit of
influencers for better com-
auditors who are empaneled with the
the money laundering law. Lawyers
pliance market regulator to conduct the foren- and legal professionals, however, seem
sic audit, NSE said in a press release.
The government is planning to partner to have been kept out in the new defi-
with industry stakeholders, including nition of entities covered under the
Phone stolen or lost? Govt
influencer marketing companies, to PMLA.
prepare and promote guidelines to system can help find it
In a May 3 notification, the Union Fi-
help them understand these better
In a move to combat mobile phone nance Ministry said an activity will be
and improve compliance.
theft, the Indian government is rolling recognised under the PMLA if these
During a discussion with influencers, out a tracking system that will enable professionals carry out financial trans-
content creators, and their agencies people to block and track their lost or actions on behalf of their client such as
on the recently released guidelines for stolen mobile phones across the coun- buying and selling of any immovable
celebrities, influencers, and virtual try. The Centre for Department of property; managing of client money,
influencers on social media platforms, Telematics (CDoT), a technology devel- securities or other assets; manage-
Rohit Kumar Singh, consumer affairs opment body, has been running the ment of bank, savings or securities ac-
secretary, suggested forming a self- pilot of the Central Equipment Identity counts; organisation of contributions
regulatory organisation for influencer Register (CEIR) system in some of the for the creation, operation or manage-
marketing companies and the devel- telecom circles, including Delhi, ment of companies; creation, opera-
opment of a creator or influencer rec- Maharashtra, Karnataka, and North- tion or management of companies,

14 | 2023 | JUNE | BANKING FINANCE