The one thing common in the Nirav Modi/Mehul Choksi swindles is LC — letter of credit.Today, almost 17 years later, we have come to know of it as Promoter’s Note and Politician’s Note, which is an instrument to round trip and bring back overseas black stash into domestic markets. More than that, its echoes are inherent in the questions that people ask and they always reverberate loudly.. It’s also known as a Bank Identifier Code (BIC). These accounts are an essential aspect of correspondent banking, where the bank holding the funds acts ascustodian for or manages the account of a foreign counterpart.Someone in the bank obviously loves gem and jewellery makers.The SWIFT code is an international bank code that identifies particular banks worldwide.Public money recapitalised by the government for public sector banks comes with the sovereign guarantee of the Central government.All this brings me to the cult song Spinning Wheel, by Blood, Sweat and Tears 1968:What goes up must come down/ Spinnin’ wheel got to go ’round/ Talkin’ ’bout your troubles it’s a cryin’ sin/ Ride a painted pony let the spinnin’ wheel spin/ You got no money and you got no home/ Spinnin’ wheel all alone/Talkin’ ’bout your troubles and you, you never learn/ Ride a painted pony let the spinnin’ wheel turn/ Did you find the directing sign on the/ Straight and narrow highway/ Would you mind a reflecting sign/ Just let it shine within your mind/ And show you the colors that are real/ Someone is waiting just for you/ Spinnin’ wheel.
This refers to an account a bank holds in a foreign currency in another bank. Finally, there is FLC, or "foreign letter of credit", and an AD, or "authorised dealer".To get into the granularity of this — the Vostro account is held in the currency of the country where money is on deposit.The wilful defaulters’ list of PNB reveals that it has an outstanding exposure of Rs 266 crores to MBS Jewellers, Rs 69 crores to C Mahendra Exports, Rs 45 crores to Gem Star Company, Rs 35 crores to KBM Gems & Jewellers, Rs 30 crores to Ghansham Das Gem & Jewels, Rs 29 crores to Future Jewels and Rs 17 crores to Jai Mata Jewellery.But that’s not all, there is a Vostro account as well.Then there is CBS, no, not the American telly network famous for its iconic 60 Minutes show, but "core banking software" and SWIFT, again not the bestselling Maruti Suzuki hatchback which has recently been given a facelift. A Nostro account is the record of the bank whose money is at another bank. Confusion confounded? Yes, I know the feeling. Aforensic audit conducted by Ernst and Young after some of these aberrations came to light proved conclusively that not only were there major lacunae in the system, rogue employees were constantly compromised and involved in trickery, deception anddefalcation.But this is not the end of it, for there is virtual barrage of acronyms being thrown at me — LoU, FB, NFB and a zillion more which directed me towards investopedia, a website that focuses on investing education and financial news. Nostro accounts are often used to simplify trade and foreign exchange transactions.Ironically, PNB, India’s second largest public sector bank, has a history of fraud with jewellers and diamond merchants just as the erstwhile private bank, Global Trust Bank, which folded up due to overexposure to diamantaires and was swallowed https://www.jinnaike.com/products/post-cap/ by the Oriental Bank of Commerce. He set up the "commission", which included bosses from seven families, to rule all La Cosa Nostra activities. Truth, it is said, has a mind of its own, and it always manages to emerge from the cracks, and be heard.Its non-fund based exposure to the same sector was another Rs 430 crores.Many years ago, at the height of the Ketan Parekh scam, at a news meeting of a very large national daily, I had a tough time explaining P Notes and their devious utility in stock market transactions — the general sense being how was a promissory note involved in the equity market, till I explained that a P Note was not a promissory note but a Participatory Note, which helps mask the identity of the actual investor as he uses the sub-account of an FII to invest in capital markets.. It chose not to learn from these fiascos.But that is now past, for, raised on Mario Puzo’s Godfather and having watched the tripler based on his epic innumerable times, today I am faced with a new reality: Nostro.Are you familiar with the Cosa Nostra or La Cosa Nostra, the dreaded Sicilian criminal syndicate, which later shifted its activities to the United States? Lucky Luciano became the most powerful and first undisputed mafia boss in the US, who used his position to run La Cosa Nostra like a major corporation.. The Punjab National Bank-Nirav Modi-Mehul Choksi scam and the Rotomac Global swindle has, once again, thrown into stark relief the quantum surge in the threat analysis to India’s ever-porous banking system, always ripe for a fall — government fetters leaving in their wake more questions than answers. When a bank needs to make a payment in a country where it doesn’t hold a Nostro account, it can use a bank with which it has a correspondent relationship to make the payment on its behalf. FB is not Facebook, it is "fund based", while NFB is "non-fund based". A Vostro account is an account a correspondent bank holds on behalf of another bank.There is learning from every scam, but never in the past have there been so many abbreviations to deal with.My head is spinning with an onslaught of the alphabet soup. As on March 31, 2017, the total fund-based exposure to the gems and jewellery sector was Rs 2,360 crores. PNB also had exposure in two other massive fiddles — Winsome Diamonds and Shree Ganesh Jewellers
This refers to an account a bank holds in a foreign currency in another bank. Finally, there is FLC, or "foreign letter of credit", and an AD, or "authorised dealer".To get into the granularity of this — the Vostro account is held in the currency of the country where money is on deposit.The wilful defaulters’ list of PNB reveals that it has an outstanding exposure of Rs 266 crores to MBS Jewellers, Rs 69 crores to C Mahendra Exports, Rs 45 crores to Gem Star Company, Rs 35 crores to KBM Gems & Jewellers, Rs 30 crores to Ghansham Das Gem & Jewels, Rs 29 crores to Future Jewels and Rs 17 crores to Jai Mata Jewellery.But that’s not all, there is a Vostro account as well.Then there is CBS, no, not the American telly network famous for its iconic 60 Minutes show, but "core banking software" and SWIFT, again not the bestselling Maruti Suzuki hatchback which has recently been given a facelift. A Nostro account is the record of the bank whose money is at another bank. Confusion confounded? Yes, I know the feeling. Aforensic audit conducted by Ernst and Young after some of these aberrations came to light proved conclusively that not only were there major lacunae in the system, rogue employees were constantly compromised and involved in trickery, deception anddefalcation.But this is not the end of it, for there is virtual barrage of acronyms being thrown at me — LoU, FB, NFB and a zillion more which directed me towards investopedia, a website that focuses on investing education and financial news. Nostro accounts are often used to simplify trade and foreign exchange transactions.Ironically, PNB, India’s second largest public sector bank, has a history of fraud with jewellers and diamond merchants just as the erstwhile private bank, Global Trust Bank, which folded up due to overexposure to diamantaires and was swallowed https://www.jinnaike.com/products/post-cap/ by the Oriental Bank of Commerce. He set up the "commission", which included bosses from seven families, to rule all La Cosa Nostra activities. Truth, it is said, has a mind of its own, and it always manages to emerge from the cracks, and be heard.Its non-fund based exposure to the same sector was another Rs 430 crores.Many years ago, at the height of the Ketan Parekh scam, at a news meeting of a very large national daily, I had a tough time explaining P Notes and their devious utility in stock market transactions — the general sense being how was a promissory note involved in the equity market, till I explained that a P Note was not a promissory note but a Participatory Note, which helps mask the identity of the actual investor as he uses the sub-account of an FII to invest in capital markets.. It chose not to learn from these fiascos.But that is now past, for, raised on Mario Puzo’s Godfather and having watched the tripler based on his epic innumerable times, today I am faced with a new reality: Nostro.Are you familiar with the Cosa Nostra or La Cosa Nostra, the dreaded Sicilian criminal syndicate, which later shifted its activities to the United States? Lucky Luciano became the most powerful and first undisputed mafia boss in the US, who used his position to run La Cosa Nostra like a major corporation.. The Punjab National Bank-Nirav Modi-Mehul Choksi scam and the Rotomac Global swindle has, once again, thrown into stark relief the quantum surge in the threat analysis to India’s ever-porous banking system, always ripe for a fall — government fetters leaving in their wake more questions than answers. When a bank needs to make a payment in a country where it doesn’t hold a Nostro account, it can use a bank with which it has a correspondent relationship to make the payment on its behalf. FB is not Facebook, it is "fund based", while NFB is "non-fund based". A Vostro account is an account a correspondent bank holds on behalf of another bank.There is learning from every scam, but never in the past have there been so many abbreviations to deal with.My head is spinning with an onslaught of the alphabet soup. As on March 31, 2017, the total fund-based exposure to the gems and jewellery sector was Rs 2,360 crores. PNB also had exposure in two other massive fiddles — Winsome Diamonds and Shree Ganesh Jewellers
General Motors Co delayed introduction of a driver assistance technology called Super Cruise that was initially planned for late last year because it said it was not ready. The technology will go on sale this fall. The May 2016 Tesla accident has raised concerns about the regulation of self-driving cars. Instead, the agency responds to complaints or crashes when it investigates whether a potential defect poses an unreasonable risk to driver safety. In September 2016, Tesla unveiled new restrictions on Autopilot after widespread concerns the system lulled users into a false sense of security through its "hands-off" driving capability. Barry Walkup, chief engineer of Super Cruise, said the company added "a driver attention function, to insist on driver supervision. They get very comfortable with it and repeatedly ignore the cars warnings and in effect it becomes like a reflex action," Musk said.Tesla monitors drivers through their interactions with the steering wheel, turn signal, and speed setting, NHTSA said in a separate report. Waymo is focusing its efforts on fully autonomous vehicles where humans take no part in driving, rather driver assistance.In a report this week on the May 2016 crash of a Tesla Inc Model S that killed a driver who was using Autopilot, the National Transportation Safety Board demonstrated that users could mostly keep their hands off the wheel for extended periods despite repeated warnings from the vehicle.
The NTSB, the federal agency charged with investigating significant transportation accidents, said during a 37-minute section of the 41-minute Tesla trip, the driver kept his hands on the wheel for just 25 seconds, putting his hands on the wheel for one- to- three second increments after getting repeated visual and audible warnings. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car. The system requires the driver to check in with the steering wheel every 15 seconds.The National Highway Traffic Safety Administration, which is the lead agency for regulating self-driving cars, does not test or preapprove driver assistance systems before automakers install them. If the driver ignores three audible warnings in an hour, the system temporarily shuts off until it is parked.The NTSB will issue probable cause findings and may make recommendations to the NHTSA in the Tesla crash but does not plan to hold a public hearing on the incident, spokesman Keith Holloway said. Unless a car is capable of driving itself safely in every situation, drivers will still have to remain alert and ready to take control even if the car is piloting itself.Volkswagen AGs luxury Audi unit has a system that handles steering and braking at speeds of up to 40 miles.The car sounds warnings if drivers take their hands off the wheel for more than a minute at speeds above 45 miles per hour (72 kph) when there is no vehicle ahead, Tesla Chief Executive Elon Musk told reporters in September.Musk said at the time that autopilot accidents are far more likely for expert users of the system, saying some users got as many as 10 warnings in an hour under the prior system. If the driver does not respond, it will escalate alerts, including a steering wheel light bar, visual indicators, tactile alerts in the seat and audible alerts." The system uses a small camera that focuses on the driver and works with infrared lights to track head position to https://www.jinnaike.com/products/hinges/adjustable-gate-hinges/ determine where the driver is looking. Our goal is to build a better driver," Waymo Chief Executive Officer John Krafcik said earlier this year.Automakers are using tiny cameras, sensors to track drooping heads, steering wheel monitors and audible alerts to ensure drivers pay attention when using advanced driver assistance systems, like Tesla’s Autopilot, that allow drivers to take their hands off the wheel. If the system - which uses facial recognition software - detects the driver is not paying attention, it will prompt the driver to return attention to the road. If the driver does not respond, the vehicle is brought to a controlled stop. "Its not the neophytes, its the experts.Alphabet Incs Waymo unit, which is also working on self-driving technology, is taking a different approach, arguing that asking drivers to pay attention while the car drives itself is wrong. "Were not seeking to build a better car.But the crash underscored a vexing problem for automakers that want to gain an edge by launching technology that completely automates driving tasks. Audi said the system will beep alerts at the driver, and if the driver does not respond, it will bring the vehicle to a stop
The NTSB, the federal agency charged with investigating significant transportation accidents, said during a 37-minute section of the 41-minute Tesla trip, the driver kept his hands on the wheel for just 25 seconds, putting his hands on the wheel for one- to- three second increments after getting repeated visual and audible warnings. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car. The system requires the driver to check in with the steering wheel every 15 seconds.The National Highway Traffic Safety Administration, which is the lead agency for regulating self-driving cars, does not test or preapprove driver assistance systems before automakers install them. If the driver ignores three audible warnings in an hour, the system temporarily shuts off until it is parked.The NTSB will issue probable cause findings and may make recommendations to the NHTSA in the Tesla crash but does not plan to hold a public hearing on the incident, spokesman Keith Holloway said. Unless a car is capable of driving itself safely in every situation, drivers will still have to remain alert and ready to take control even if the car is piloting itself.Volkswagen AGs luxury Audi unit has a system that handles steering and braking at speeds of up to 40 miles.The car sounds warnings if drivers take their hands off the wheel for more than a minute at speeds above 45 miles per hour (72 kph) when there is no vehicle ahead, Tesla Chief Executive Elon Musk told reporters in September.Musk said at the time that autopilot accidents are far more likely for expert users of the system, saying some users got as many as 10 warnings in an hour under the prior system. If the driver does not respond, it will escalate alerts, including a steering wheel light bar, visual indicators, tactile alerts in the seat and audible alerts." The system uses a small camera that focuses on the driver and works with infrared lights to track head position to https://www.jinnaike.com/products/hinges/adjustable-gate-hinges/ determine where the driver is looking. Our goal is to build a better driver," Waymo Chief Executive Officer John Krafcik said earlier this year.Automakers are using tiny cameras, sensors to track drooping heads, steering wheel monitors and audible alerts to ensure drivers pay attention when using advanced driver assistance systems, like Tesla’s Autopilot, that allow drivers to take their hands off the wheel. If the system - which uses facial recognition software - detects the driver is not paying attention, it will prompt the driver to return attention to the road. If the driver does not respond, the vehicle is brought to a controlled stop. "Its not the neophytes, its the experts.Alphabet Incs Waymo unit, which is also working on self-driving technology, is taking a different approach, arguing that asking drivers to pay attention while the car drives itself is wrong. "Were not seeking to build a better car.But the crash underscored a vexing problem for automakers that want to gain an edge by launching technology that completely automates driving tasks. Audi said the system will beep alerts at the driver, and if the driver does not respond, it will bring the vehicle to a stop
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