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USEFUL INFORMATION FOR THE WELFARE OF CITIZENS

Cataract Surgery

At this time and for foreseeable future cataract surgery is the only viable treatment for cataracts. The most common type of cataract procedure performed today is called phacoemulsification, which is a cataract surgery, with foldable intraocular lens (IOL) implantation. Speaking about the surgery Dr Sanjeev Kumar, informs, “This procedure requires only very small incisions, and no stitches are needed at the end of surgery. Hand-held instruments are used to gain access to the cataract and removed from the eye in small fragments. A special device is then used to insert the flexible IOL, which unfolds inside the eye. The surgeon securely positions the IOL in the same location where the natural lens resided (directly behind the pupil)”. In laser cataract surgery, a number of steps done with a computer for added precision. During pre-operative eye examination, patient can ask cataract surgeon for more details about different type of cataract surgery and procedure which would be more suitable for him. In addition to restoring vision that has been lost due to cataracts, cataract surgery can correct near sightedness, farsightedness and astigmatism. This means in addition to restoring clear vision , modern cataract surgery can also reduce your need for eyeglasses and contact lenses after the procedure.- Times of India, 2 Sep,2021

QR (Quick Response) Codes and financial fraud

Though QR codes are a convenient mode of transaction, they can be misused by cybercriminals when people are not vigilant. QR code fraud is on the rise in India. The cases usually involve fraudsters telling people they will receive money on scanning a QR code. However, one can only make payments (not receive) using QR codes. Banks have advised people to not scan QR codes shared by any one unless they are making a payment. In addition to this , experts caution that one should not share PIN, OTP, etc with any one, while making payments through QR code. However, most people are not aware of the fact that when you scan a QR code, your digital information gets saved as well. While tech experts have raised privacy concerns over QR transactions, in the last two years, QR code related scams have also gone up in the country. Cyber crime unit of Delhi arrested 14 persons related to QR code fraud on 31 Aug,2021 and advised the people to be cautious while scanning a QR code sent for receiving payment or else you may loose money from your account.

RBI warns against frauds in guise of KYC update

The Reserve Bank of India (RBI) has cautioned the public against falling pray to frauds in the name of KYC (know your customer) update and sharing key details such as debit and credit card details and OTP’s. The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails among others from customers by urging them to share certain personnel account or login details, card information, PIN and OTP or install some unauthorized or unverified application for KYC up dation using a link provided in the communication. Such communication are also reported to carry threats of account freeze or closure.

Once the customer shares information over call or message application, fraudsters get access to customer’s account and defraud the person. RBI has therefore cautioned public not to share account login details, personnel information, copies of KYC documents, card information, password, OTP etc. with unidentified persons or agencies. Further, such details should not be shared through unverified/ unauthorized websites or applications. In case people receive any such requests they should get in touch with their bank.

The RBI also clarified that while the Regulated Entities (REs) are required to undertake periodic up dation of KYC, the process of periodic up dation of KYC has been simplified to a large extent vide circular dated May10, 2021.Further RBI through circular May 5, 2021 have advised REs in respect of customers accounts where periodic up dation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December31,2021, for this reason alone, unless warranted under instructions of any regulator/enforcement agency/ court of law among others.

CRYPTOCURRENCY

Suddenly crypto-currencies are all over on social media, on our TV screens and on the frontpages of newspapers. It is time to understand the real advantages and disadvantages of this currency directly expressed by the experts who have been handling economic affairs of India. Shri D Subbarao, the former Governor of Reserve Bank of India in his article on ‘Cryptocurrency’ published in Times of India on 24 November, 2021 expressed his views and gist of the article is as follows.

According to Shri Subbarao, the Government and the RBI are not on the same page as far as regulation of cryptos is concerned. The biggest threat from the government’s perspective must be that, absent of any regulation, the crypto world can become like the wild west with cryptos becoming conduits for illegal activity – money laundering, drug trafficking, financing of terrorism and defrauding of gullible investors. On the other hand, recognizing cryptos as an asset class and regulating them will allow the government to monitor the trading activity, tax the capital gains of investors and enforce some standards of transparency and a code of conduct.

Given this balance of concerns, Shri Subbarao has concluded that internationally regulatory responses to cryptos have fallen into three broad categories. The first is passive tolerance which involves prohibiting regulated institutions from dealing in cryptos without explicitly clarifying their legal status. RBI tried this option but Supreme Court struck it down. A second approach is a total ban like in China. But that model entails the risk of pushing the trade into invisible and illegal channels, possibly even greater damage. The third approach is to follow countries such as the UK, Singapore and Japan that have allowed space for cryptos to operate under a regulatory radar but without recognizing them legal tender. India will be well advised to follow this middle path.

Note: Similar useful information for citizens will appear under this heading in the coming days.