Delhi Police on Sunday busted a fake marksheet racket and arrested two people including the kingpin. The syndicate was involved in preparing forged degrees and certificates of various government and private universities and state education boards across India, the police said. The kingpin, who has been identified as Dal Chand Meherolia, was arrested from his education institute at MH Eduversity, Digital School of India in northwest Delhi’s Pitampura. As many as 19 fake mark sheets and degrees from Shanghai International University, William Carey University, Universities of Shillong, Uttarakhand, Rajasthan, Karnataka, Uttar Pradesh, Haryana, Kalinga, Bihar, and other states, were recovered, the police said. 11 laptops, 14 mobile phones, and fake stamps were also seized from the spot. “During the investigation, co-accused Mahaveer Kumar was also arrested from Burari and huge incriminating material including fake and blank degrees, certificates, mark-sheets and migration certificates of various universities and state education boards as well as laptop/ printers, fake stamps, etc. used in crime were recovered from his house,” the police said. During interrogation, the accused said that he had been running this institute since 2020 and had employed many tele-caller girls in his office. He revealed that the tele-caller girls used to call students to seek admission to universities and colleges and provided the data of interested students to him. Meherolia then contacted them through WhatsApp and lured them to get a degree without the required documents. He did not meet any student personally, the police said. For providing fake mark sheets from Class 10th to PhD, he charged ₹ 20,000 to ₹ 2,20,000. After receiving the amount, Meherolia used to send the degree through courier. Holograms of the documents were also prepared by both of them. Both the accused also told police that they have sold more than 2,000 fake degrees and that many of the marksheet holders have even jobs on the basis of forged documents provided by them. Nov 13,2023 Source: NDTV

Birla Institute of Management Technology (BIMTECH), one of India’s leading B-schools, organised the 7th BIMTECH Insurance Colloquium in Mumbai on Friday. The Colloquium was themed at “Expanding the Sustainable Value Chain: Climate Change’s Impact on Property & Casualty, Health and Life Insurance.”  There were intriguing and insightful conversations about the important relationship between climate change, insurance, and sustainability. Dr. H. Chaturvedi, Director, BIMTECH gave a heartfelt welcoming address to kick off the Insurance Colloquium. Prof. Bejon Kumar Misra, an expert in international consumer policy and a member of the General Insurance Council’s executive committee then gave an insightful theme address. Setting the tone for the day’s talks, former LIC of India Chairman M.R. Kumar then took the stage to give an engaging keynote address. release of the “India Insurance Report,” which offered insightful information about the current situation of the insurance market in India, was one of the event’s major highlights. Prof Bejon Kumar Misra, International Consumer Policy Expert, Member Executive Committee -General Insurance Council said, “In today’s world, we must prioritize sustainability, innovation, and the well-being of every individual. Let us work together, consult all stakeholders, and create a future where no one is left behind. As we strive to achieve ambitious goals, remember, there’s no shortcut to success, and customer delight is the key. We have the power to overcome challenges and make healthcare affordable for all. Let’s take the pledge to work together, innovate, and build a brighter future for India and the world.” M.R. Kumar, Former Chairman, LIC of India said, “Climate change will significantly impact the insurance industry with higher severity of cat losses, inadequacy of property coverages, and higher business interruption losses. India is one of the most vulnerable countries to climate-induced flooding and heat stress. The city of Mumbai could suffer economic damages of USD 49 to 50 billion by 2050 due to sea level rise. Insurers must integrate both physical and transition risks and find ways to manage them effectively. Policymakers may need to require insurers to extend coverage where economically unfeasible.” Atul D. Boda, Group Chairman of all the J.B. Boda Group of Companies, said, “Through 80 years of dedicated work, I have been privileged to witness the growth and success of J.B. Boda Group, a journey made possible by the collective efforts of a remarkable team. I extend my heartfelt gratitude to all our clients, stakeholders, and especially my life partner and family members for their unwavering support. With renewed energy and enthusiasm as a result of this recognition from BIMTECH, I will forward to continuing our journey and making great progress in the years ahead.” Prof. (Dr.) Abhijit K. Chattoraj, a Chartered Insurer and the Dean of SWSS; Professor & Chairperson of PGDM-IBM at BIMTECH, emphasized the importance of a net zero transition in underwriting while moderating the first session. The panel discussed how to mitigate losses caused by climate risks. Property and casualty underwriters must strategically work to seize the growth opportunities resulting from this transition. Underwriters must adjust their portfolio to minimize their carbon footprint.” The Colloquium concluded on a high note with the presentation of the Lifetime Achievement Award to  Atul D. Boda, Group Chairman of all the J. B. Boda Group of Companies. His acceptance address highlighted the industry’s commitment to addressing climate-related challenges. Nov 07,2023 Source: Bilkulonline

McAfee, a renowned cybersecurity company, recently conducted its first-ever Global Scam Message Study, aiming to comprehend the impact of scam messages and the growing sophistication of scams powered by artificial intelligence (AI) on consumers worldwide. Over 7,000 adults from seven countries, including India, took part in the study. According to the study, Indians receive an average of 12 fake message or scams per day, and they spend approximately 1.8 hours per week identifying these fraudulent messages. Shockingly, a staggering 82% of Indians have fallen victim to these fake messages. The most common types of scams reported are fake job notifications/offers (64%) and bank alert messages (52%). The survey conducted in India further revealed that 60% of respondents find it increasingly challenging to identify scam messages as hackers are utilizing AI to make them more believable. Additionally, 49% of individuals mentioned that these scam messages are now error-free, highly convincing, and even contain personal information, making them harder to recognize. The study also highlighted that Indians spend an average of 105 minutes per week verifying the authenticity of messages. Furthermore, 90% of individuals receive fake messages via email and text on a daily basis, while 84% encounter them on social media. Shockingly, 82% of participants admitted to clicking on these fake messages. As a consequence of the rise in AI-powered scams, 37% of Indian survey respondents reported a decrease in their trust in digital communications. Many Indians are uncertain about the appropriate measures to protect themselves from these scams. To cope with this knowledge gap, individuals adopt various strategies: 28% ignore scam emails, 28% block the sender, and 31% report the messages. However, despite their concerns, 88% of Indians trust AI to detect online scams, with 59% believing that AI is necessary to combat AI. Nov 08,2023 Source: Economic Times

The Department of Consumer Affairs (DoCa) has directed online travel platforms such as EaseMyTrip, Yatra, MakeMyTrip, HappyEasyGo and Cleartrip to refund booking amounts of airline tickets to consumers whose travel was disrupted by the pandemic. In 2020, the Supreme Court had also ordered airlines to refund passengers who were forced to cancel flight tickets due to the nationwide lockdown imposed by the government to arrest the spread of the coronavirus. The DoCA told the companies to process the pending refunds by the third week of November, failing which the Central Consumer Protection Authority(CCPA) will initiate legal proceedings in the apex court, including filing of a contempt petition against the defaulting platforms, it said in a statement. During a meeting on Wednesday, the department also discussed the possibility of integrating the National Consumer Helpline with the, a traveller support portal. The meeting was chaired by Rohit Kumar Singh, secretary, Department of Consumer Affairs. While Yatra has 5,695 refunds pending this year, EaseMyTrip has one refund pending, the statement added. MakeMyTrip has 63 pending refunds this year. DoCA highlighted commonly prevalent “dark patterns” on online travel platforms such as confirm shaming, showing pre-ticked checkboxes, triggering alarm and told them to find ways to counter these deceptive online practices and protect consumers’ interests in the travel sector. Nov 08,2023 Source: Economic Times

Delhi Environment Minister Gopal Rai has urged the Central government to only allow CNG, electric, and BS VI-compliant vehicles in Delhi-NCR to address the issue of vehicular pollution. In a letter to Union Environment Minister Bhupender Yadav, Rai expressed concerns about the anticipated decline in air quality due to Diwali fireworks and stubble burning in neighbouring states. He called for an emergency meeting with NCR states to address the issue. Starting November 1, the Commission for Air Quality Management (CAQM) directed that only electric, CNG, and BS VI-compliant diesel buses operate between Delhi and cities in Haryana, Uttar Pradesh, and Rajasthan within the National Capital Region (NCR). Rai proposed extending the ban on non-BS VI compliant vehicles throughout the entire NCR. Studies indicate that on-road vehicular exhaust emissions contribute significantly to PM2.5 emissions in Delhi. Although pollution levels in Delhi and surrounding areas slightly decreased overnight due to improved wind speed, PM2.5 concentrations remained over 80 times the WHO-recommended limit. A persistent haze has raised concerns among doctors regarding respiratory and eye problems, particularly in children and the elderly. The air quality in Delhi-NCR has worsened due to decreasing temperatures, stagnant winds trapping pollution, and increased burning of post-harvest paddy straw in Punjab and Haryana. Central Pollution Control Board data reveals a significant rise in Delhi’s Air Quality Index from October 27 to November 3, reaching ‘severe plus’ levels on Friday. Nov 04,2023 Source: Economic Times

Rising onion prices are unlikely to have a significant impact on inflation in October but may lead to inflation rising to near 6% levels in coming months, said economists. Onion prices rose nearly 75% in the first week of November compared with the previous month. “Alongside a rise in broader vegetable prices in October, we expect CPI inflation to rise to 5.3% y-o-y from 5.0% in September, with headline inflation tracking 6% in November/December, before moderating next year,” said Sonal Varma and Aurodeep Nandi, economist, Nomura. While economists contend that falling tomato prices are expected to keep inflation in check in October, they say the situation may worsen going ahead. “Daily food prices from the National Horticulture Board is indicating a 10.9% MoM rise in onion prices in October, which is being countered by a 9.3% decline in tomato prices. Potato prices are also showing a mild decline in October. Overall vegetable prices, on a CPI-weighted basis, are showing a mild positive increase on a month-on-month basis,” said Gaura Sengupta, economist, IDFC First Bank. Onions have a 0.64% weight in the retail inflation basket, whereas tomatoes have a lower 0.57% weight in the inflation basket. “Retail prices are up by 30-40% y-o-y basis, so the impact can be around 0.19-0.24% in October,” said Madan Sabnavis, chief economist, Bank of Baroda. However, economists contend that a repeat of the July-August period, when inflation rose beyond the Reserve Bank of India’s upper band target of 6%, is not possible. “The pick-up in onion prices is due to uneven monsoon distribution, which has impacted arrivals in September and October. But the disruption in supply isn’t as steep as it was in the case of tomatoes. Seasonally, onion prices tend to rise in October and November and then decline in December or January,” Sengupta said. The government has a buffer stock of 500,000 tonnes. Till October 28, the government had offloaded 170,000 tonnes. “The government has swung into action, announcing export duties on onions, minimum export prices and offloading buffer stocks, although prices are yet to cool,” said Nomura economists. Despite falling prices, food inflation averaged 6.6% in September; a stress in onion prices is expected to keep food prices high. The government will release October inflation data on November 13. Nov 07,2023 Source: Economics Times

Establishment of a ‘Consumer-centric Ayush Initiative’ (CAI) by the Union Ayush Ministry will support for increasing the demand for ayush medicines and therapies across India as well as in global countries, says a proposal submitted to the Ayush Ministry by Prof. Bejon Kumar Misra, founder director of the ‘Patient Safety and Access Initiative of India Foundation’, a Delhi headquartered patient organisation working on universal health coverage (UHC). Prof. Misra, who has been recently appointed as the chairman of the expert committee constituted to look into matters related to insurance coverage for ayush treatments, has observed that an institution like CAI can engage with national and international consumer/patients’ organisations for promotion of ayush remedies and dissemination of knowledge about traditional medicines and treatments among people worldwide. The government can make the institution (CAI) as a member of the International Alliance of Patients’ Organisations (IAPO), the London based organisation associated with WHO. This consumer-centric ayush initiative can engage in network with UN bodies like WHO, UNDP, UNICEF and others to bring ayush patients’ perspectives in various forums and healthcare related activities, especially in the UHC, and connect them with innovative insurance products as a tool to improve accessibility. Further, this initiative can conduct research studies on the outcomes of ayush treatments from the patients’ or consumers’ point of view and use the data in a transparent manner to convince the world community on the benefits of ayush remedies. This is well sufficient to provide an assured insurance cover for accessing quality healthcare under ayush system in an affordable manner as part of the UHC. Talking to Pharmabiz, Prof. Misra said there is need for a dedicated institution like CAI supported by the ayush ministry to attract people from every part of India and abroad towards the ayush system. To realize this idea, we have to work out on developing a communication and marketing strategy by engaging experts who will design awareness campaigns aimed to make citizens of all countries demand ayush medicines. It is necessary to educate and empower the consumers as end-users of ayush and educate them to make an informed-choice based on credible and science based evidence. This should be disseminated in a simple and easy way of language understandable to them. This will be one of the missions of the CAI, he said. Misra said the aim of the Patient Safety and Access Initiative of India Foundation is to improve accessibility to safe and quality healthcare for all under Universal Health Coverage (UHC) and tackling the menace of spurious and not-of-standard medicines in the supply chain globally. He said the Foundation has got one more office in Hyderabad and two more will be opened shortly, one in Kolkata and another one in Mumbai. Pointing to the growth of the ayush sector in the last one decade, Misra who is an expert in international consumer policies, said the Indian ayush sector is growing rapidly to reach USD 23 billion this fiscal. The growth was less than USD 3 billion in 2014, but it crossed 18 billion USD in the beginning of this financial year. He said the ayush sector is envisaging a target of making 1.4 billion consumers in the next two years to access ayush care as a viable choice in the healthcare domain. Oct 10,2023 Source: Pharmabiz

For allaying all concerns of the stakeholders of ayush systems with regard to insurance coverage, the Union Ministry of Ayush has constituted a core committee of experts under the leadership of the international consumer policy expert, Prof. Bejon Kumar Misra, to look into the issues related to insurance coverage for Ayush Systems. The government was persuaded to formulate a panel of experts to inquire about the patients’ access to insurance coverage to avoid discrimination against ayush treatments by insurance companies. It is learnt that the companies are willing to pay the benefits of insurance coverage for allopathic treatments, but unwilling to reimburse the bills for ayurveda, siddha and homeopathy treatments.This expert panel will ensure that all the eligible patients are getting benefited out of the insurance coverage for treatments they avail from ayush hospitals, and no one is denied. According to sources, the panel of experts is a form of permanent system to advise the government about insurance related matters and to streamline the insurance coverage for all eligible ayush treatments. The committee has come into force from this month onwards and it will function without any specific tenure.     “The committee will look into the matter seriously whether those patients who are eligible for coverage of insurance get benefited or not.  Although the government of India and the insurance regulator IRDA have strictly instructed the insurance companies to provide the benefits as soon as possible as many of the insurance companies are reluctant to reimburse the amount of treatments, so several eligible patients are neglected of the benefits. This expert committee under my chairmanship will look into the matter and ensure the eligibility of insurance coverage and speedy release of the benefits’, said Prof. Misra to Pharmabiz. He said today a lot of anomalies are happening with regard to insurance coverage as a lot of ayurveda, siddha and homeopathy hospitals are treating patients, but they are not getting benefited under insurance coverage. The government of India wants to make the coverage of benefits to all those who get treated in ayush hospitals. The expert committee will ensure that there should not be any discrimination between ayush treatments and allopathic treatments. Apart from Prof. B K Misra, the other panelists are Dr. Kousthubha Upadhyaya, Adviser to the Ministry of Ayush as Member Secretary, Dr. Mukul Patel, Vice Chairman of Gujarat Ayurvedic University, Prof. Dr. Narayan Gangadhar Shahane, Consulting Ayurvedic Surgeon and Urologist, Medical Director at Brahma Ayurveda, Rajiv Vasudevan, Chairman, CII Ayurveda group, a member from IRDAI by nomination, a member from General Insurance Public Sector Association (GIPSA) a member from  Insurance Information Bureau and Dr. Saket Ram, Officer on Special Duty at the Ministry of Ayush. The responsibilities of the committee include advising the government on issues related to insurance matters and conducting awareness programs about insurance coverage involving all stakeholders. The committee should also study the current status of the ayush systems under health insurance and should bring out a white paper. Oct 06,2023 Source: Pharmabiz

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced that the monetary policy committee (MPC) has decided unanimously to keep the policy repo rate unchanged at 6.50 per cent. While announcing the policy, Das said, “After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI’s Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5 per cent.” “Macroeconomic stability and inclusive growth are the fundamental principles underlying our country’s progress. The policy mix that we have pursued during recent years of multiple and unparalleled shocks has fostered macroeconomic and financial stability,” Das said. He added, “The twin balance sheet stress that was encountered a decade ago has now been replaced by a twin balance sheet advantage with healthier balance sheets of both banks and corporates.” This is the fourth time that the MPC has decided to keep the benchmark repo rate unchanged. Before this, the committee has raised the repo rate by 250 basis points since May last year till April 2023. Das said that the central bank’s committee, with a majority of 5:1, has decided to retain its withdrawal of accommodation stance to ensure that the retail inflation remains within the target of 4 per cent. The RBI has been mandated by the central government to ensure the consumer price index (CPI)-based inflation remains at 4 per cent, with a margin of 2 per cent on either side. India’s retail inflation in August eased to 6.83 per cent from a 15-month high of 7.44 per cent in July. However, the consumer price index continues to remain above the upper limit of RBI’s tolerance band, the fourth time this calendar year, and the seventh such instance since August 2022. Oct 10,2023 Source: The Indian Express

A petitioner has alleged that his multiple requests for a refund fell on the company’s deaf ears, putting him through ‘mental harassment.’ BYJU’S has been directed to refund the course amount of INR 65,000, the cancellation charge of INR 9,498 and an additional INR 5,000 as compensation for harassment and mental agony The troubled edtech major is looking to turn profitable by March 2024, even as it continues to deal with a potential debt crisis, delayed financials, mounting losses and mass layoffs A West Bengal consumer protection panel has pulled up BYJU’S for allegedly engaging in unfair trade practices in yet another case related to refunds.  According to The Print, the Hooghly District Consumer Disputes Redressal Commission termed the edtech major’s actions as indicative of unfair trade practices while hearing a complaint filed by a local resident. The petitioner alleged that his multiple requests for a refund fell on the company’s deaf ears, putting him through ‘mental harassment.’ In its order passed on September 27, the consumer panel, comprising members Debasish Bhandyopadhyay and Debasis Bhattacharya, noted that the edtech major ‘deliberately tried to be indifferent’ in entertaining the refund request and tried to mislead the complainant.  Subsequently, the panel directed BYJU’S to refund the course amount of INR 65,000, the cancellation charge of INR 9,498 and an additional INR 5,000 as compensation for harassment and mental agony.  “… this commission is of the view that the BYJU’S, in spite of giving specific assurances about the refund of the entire amount in case of dissatisfaction after the 15 days trial, deliberately tried to be indifferent towards the said refund and misled the complainant in one way or the other,” the commission noted. BYJU’S declined to comment on the matter.  Oct 05,2023 Source: Inc42