RBI hops on snail mail’s ‘back’ to fore-warn masses

Dear Comrades,

A mail or parcel coming through the Indian postal service will now come with words of caution by the Reserve Bank of India. The latter has entered into a tie up with the post department to inform people about the fraudulent monetary activities that many get trapped in. The aim is to target the lucrative offers on emails and mobile phones asking people to deposit money or mention their personal information including bank account details etc.

"Each and every mail or parcel going through the Indian Post would be stamped with a message of caution issued by the RBI. Since it has a wide coverage area and reaches to the remotest locations in the country, the message is bound to reach millions," said Sachin Kishore, director postal headquarters UP circle.

 

Such offers have led to great monetary losses both for individuals and for the national currency. What concerns the RBI is that the fictitious lottery often mention RBI officials and they indicate the involvement of the RBI in the process. This often misguides people and they follow the instructions including transfer of money and end up incurring massive losses.A number of people have become victims of such offers and have indulged in money transfers which are against the Foreign Exchange Management Act, 1999.
There have also been attempts to duplicate the RBI website for such fraudulent transactions and thus the apex body has decided to spread awareness about such fake transactions.
The RBI has taken such initiatives to reach out to people and spread awareness about safe money transaction both through direct transfers and netbanking in the past also. Special directions have been issued to the banks dealing in foreign exchange.
Senior officials of the bank and the postal services would get together to kick off their joint awareness initiative on Tuesday at the General Post Office.

Hindustan Times