Breaking the financial code. Banks bite
Malini Chaudhri 8 Apr 2018

Breaking the financial code. Banks bite

Global arrangements have strived hard to perfect India’s entry into digital citizenship. Shops and small enterprises have given way to the great banners of e-commerce. All banking communities in the world know the advantage of timely transactions, seamless effective operations, clear accounting and the necessary protocols for best financial practices.

In India However, For Authors Entering The New Marketplace And Scoring In It, Banks Bite.

An author may enroll their books on Createspace to sell globally in Amazon’s giant support infrastructure, its 21,000 connected book sites through Library thing and the usual promoters who pick up best books for sales. Amazon takes 40% for its arrangement from book sales. US takes 15% from India for tax.

The nightmare begins when Wells Fargo Bank remits through cheques to India. Cheques are invariably stolen. Secure arrangements must be made privately for collection, as Amazon letters are unregistered. Banks take three to four weeks to clear dollar cheques, and charge forty dollars fees, even for a hundred dollar cheque. Of late, over and above this more taxes are imposed in India. A fee of Rs 750 on courier is levied despite the clearance charges of $ 40.  This was a system used in China to have funds in exports. Items sold at a few dollars were levied with high courier costs.

The larger implications and dangers of such financial policy as that of Indian government is that colossal losses will be noticed when NRI Indians return home, overseas borrowing, project development and Start-Up forecasts will be unmanageable. There are only losses in sight.

Lending is at I2% rate of interest. Borrowing is at 6% to 7% rate of interest. Dividends are being noticed on government bonds to be diverted mysteriously elsewhere. There is a marked absence of financial managers, assessors, and controllers in a very corrupt country. Clearly, the mindset of the working Indian executive is also arranged to lose the world and its home.

The Law Does Not Support Action On An Emergency Basis.

Indian Penal Code provides sections as with “Cheating” for citizens to resort to when urgent attention is necessary. It is time for legal boards to arrange provisions for the public along with international networks to consolidate the process of digitization and transformation in the economy. Experts must also dig out concealed ministeries and their systems of theft worldwide which is an issue of conflict in matters of India’s growth.

Linking Aadhar card was considered an option to track financial databases in India and locate or prevent scams through dual control. Satelites engaging in controlling bank data from global infrastucture is checked by datacoms providing data information through Aadhar. However other issues are being considered as Supreme Court has put away the hope that Aadhar linking can stop financial scams.

Banks have apparatus of IOT, that map customers and their visits to the bank. Operators located remotely know when a dollar cheque is deposited and can move systems remotely to manage concealed financial robbery.

The systems of IOT are devious and known to exploit those in other fields. The high technical arrangement makes it difficult to locate snags and default operations. A possible route to recovery is to engage IOT experts to locate fraud operations. Neutral satelites can check and control enemy operators through threat intelligence.  Banks should appeal to companies as Alien Vault, which secures US Government for best prevention and detection development skills in banking.

By – Malini Chaudhri

Content Writer @ Legal Bites

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