TMI BlogFinance Minister Smt. Nirmala Sitharaman chairs meeting on “Illegal Loan Apps”X X X X Extracts X X X X X X X X Extracts X X X X ..... Finance Minister Smt. Nirmala Sitharaman chairs meeting on “Illegal Loan Apps” - News and Press Release Dated:- 9-9-2022 - News - Finance Minister Smt. Nirmala Sitharaman chairs meeting on Illegal Loan Apps Multiple steps outlined to prevent operations of such Illegal Loan Apps Union Minister for Finance Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting yesterday to discu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss the various issues related to Illegal Loan Apps outside the regular banking channels. The meeting was attended by the Finance Secretary, Ministry of Finance; Secretary, Economic Affairs; Secretary, Revenue, Corporate Affairs (Addl. Charge); Secretary, Financial Services; Secretary, Electronics Information technology; Deputy Governor, RBI; and Executive Director, RBI. The Finance Min ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ister expressed concern on increasing instances of Illegal Loan Apps offering loans/micro credits, especially to vulnerable low-income group people at exorbitantly high interest rates and processing/hidden charges, and predatory recovery practices involving blackmailing, criminal intimidation etc. Smt. Sitharaman also noted the possibility of money laundering, tax evasions, breach/privacy of dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a, and misuse of unregulated payment aggregators, shell companies, defunct NBFCs etc. for perpetrating such actions. After detailed deliberations on legal, procedural technical aspects of the issue, it was decided in the meeting that: RBI will prepare a Whitelist of all the legal Apps and MeitY will ensure that only these Whitelist Apps are hosted on App Stores. RBI will monitor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the mule/rented accounts that may be used for money laundering and to review/cancel dormant NBFCs to avoid their misuse. RBI will ensure that registration of payment aggregators be completed within a timeframe and no un-registered payment aggregator be allowed to function after that. MCA will identify shell companies and de-register them to prevent their misuse. Steps should be taken to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... increase cyber awareness for customers, bank employees, law enforcement agencies and other stakeholders. All Ministries/Agencies to take all possible actions to prevent operations of such Illegal Loan Apps. The Ministry of Finance will monitor the actionable points for compliance on a regular basis. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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