Hackers take over high profile Twitter accounts in Bitcoin scam

Abhijith NS Jul 17, 2020 Cyber security Comments Disabled

What happened? On Wednesday, July 15, 2020, several high-profile Twitter accounts were hacked and used for a “smash-and-grab” type scam. The scam involved these compromised accounts sending out tweets requesting BTC donations to a wallet (presumably...

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Does Stamp Duty have to be paid on Electronic Instruments?

Abhijith NS Jul 16, 2020 Digital Stamp Comments Disabled

Does Stamp Duty have to be paid on Electronic Instruments?

Digital Stamp

At some point, most of us have registered our legal documents by getting the document stamped and paying stamp duty. But does the same procedure hold for electronic instruments?  Before tackling this question, let’s first define precisely what...

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Is digital stamping legally valid in India?

Abhijith NS Jul 13, 2020 Digital Stamp Comments Disabled

Is digital stamping legally valid in India?

Digital Stamp

Digital Stamping Digital stamping is a process involving the secure payment of stamp duty online, also referred to as e-stamping, to legalize documents. Digital stamping is an alternative to physical stamping and since the process is still relatively...

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How does Video KYC benefit MSMEs?

Abhijith NS Jul 10, 2020 V-CIP Comments Disabled

How does Video KYC benefit MSMEs?

V-CIP

RBI, in a recent notification, approved the use of Video KYC for the purposes of verifying customer identity. The notification was passed after a recommendation by an expert committee set up by RBI to investigate the problems faced by Micro, Small, and...

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Why you should be onboarding customers with Video KYC

Abhijith NS Jul 10, 2020 V-CIP Comments Disabled

Why you should be onboarding customers with Video KYC

V-CIP

Video KYC The Reserve Bank of India (RBI) recently issued a notification dated January 9th, 2020, legitimizing the Video-Based Customer Identification Process (VCIP) as a valid method for collecting the KYC information of customers and subsequently onboarding...

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Are Clickwrap Agreements Enforceable in a Court of Law?

Abhijith NS Jul 08, 2020 eSign Comments Disabled

Are Clickwrap Agreements Enforceable in a Court of Law?

eSign

Clickwrap Agreement “Clickwrap agreement” sounds like one of those obscure legal terms that you’ll never come across in real-life unless you’ve done something wrong, but chances are you’ve agreed to several clickwrap agreements in just the last...

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Why your bank should be using eSign-based eMandate?

Abhijith NS Jul 06, 2020 eMandate Comments Disabled

Why your bank should be using eSign-based eMandate?

eMandate

eSign Mandate In a recent notification, NPCI permitted eSign-based E-Mandates for NACH member banks thus overturning the decision made in 2018 to stop the service due to a ruling by the Supreme Court of India.  NPCI states in its circular that the updated...

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RBI introduces norms to curb digital lending malpractices

Abhijith NS Jul 02, 2020 Regulations Comments Disabled

RBI introduces norms to curb digital lending malpractices

Regulations

In a recent notification, RBI introduced a set of fair practice codes and outsourcing guidelines for banks and NBFCs to follow when they make use of digital lenders to outsource financial services such as providing loans and recovering dues. But why is...

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What are the steps in RBI’s new VCIP?

Abhijith NS Jul 02, 2020 V-CIP Comments Disabled

What are the steps in RBI’s new VCIP?

V-CIP

V-CIP  In a move with far-reaching consequences, RBI issued a notification dated January 9th, 2020, officially recognizing the Video-Based Customer Identification Process (VCIP) as a method of customer identification.  This means that banks and Regulated...

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SEBI notification now allows paperless investor onboarding

Abhijith NS Jun 15, 2020 eKYC Comments Disabled

SEBI notification now allows paperless investor onboarding

eKYC

SEBI notification now allows paperless investor onboarding In a circular released on April 24 2020, SEBI has permitted the KYC process for individual investors to be completed online. The circular allows investors to begin an account-based relationship...

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