Invest In India

Internet-based rip-offs jumped 33 percent last year over the previous year, causing a loss of $265 million to the victims, with the fifth largest number of complaints coming from India, according to a new report.

Americans filed 275,284 reports (92.4 percent), claiming to be ripped off on the Internet, the highest number reported since the Internet Crime Complaint Centre, a partnership of the Federal Bureau of Investigation (FBI) and the National White Collar Crime Centre, began keeping statistics in 2000.

Canada came a distant second with 1.77 percent complaints followed by Britain (0.95 percent), Australia (0.57 percent) and India 0.36 percent.

“This report illustrates that sophisticated computer fraud schemes continue to flourish as financial data migrates to the Internet,” said Shawn Henry, the FBI’s assistant director of the cyber division.

At $265 million the total dollar loss from such crimes was $26 million more than the price tag in 2007, the Centre said.

Beginning April 1, one can walk into the ATM of any bank and withdraw cash or check the balance, at no extra charge.

This is when the Reserve Bank of India’s guidelines, allowing free access to ATMs, become effective.

It was feared that the move may prompt banks to go slow on ATM expansion, in view of the fee from customers disappearing.

“Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive.

Investment in Unlisted Equity Shares
With a view to bringing about uniformity in calculation of NAVs of mutual funds schemes, the following guidelines are being issued for valuation of unlisted equity shares in consultation with Association of Mutual Funds in India (AMFI).