VPP Scam – Company Registration & DIN Allotment

Image result for scamHello everyone, Trust all of you doing extremely well in your life. Today I would like to inform you about VPP scam. The VPP scam is now common for all young or new entrepreneurs.  

Story – When you registered a company or just applied for DIN and there comes a postman with VPP parcel, that seems to be sent through Ministry of Corporate Affairs (MCA), at your door steps and asks for Rs 1900 for delivering the packet as it is Value Payable Post. You in joy, that you have received the certificates from MCA after application of Company Registration in India, gives Rs 1900 to the post man and receives the packet. Now you are enthusiastically opening the packet. Bingo there is the Scam !! The VPP Scam !!

Why this is scam – This is scam because we purchased useless material and paid Rs 1900/-. We think that Ministry of Corporate Affairs (MCA) sent parcel to us and it is very important for us but truth is opposite. Its a scam. 

Various fraud companies including certain publishing houses, extract this information of such newly registered company from MCA. They send various books, journals, copy of registration certificate or may be some useless papers etc. to the newly registered addresses of new companies through VPP i.e. they instruct the Posts to get the charge while delivering the item like COD (Cash on Delivery).

When it started – As per our analysis this scam started since 2011. 

Reason – The entrepreneurs who want to get their Company/LLP registered provide all their information to the Ministry of Corporate Affairs. Now, this information gets public and all details are available to the people about the new companies being registered.

Solution 

  • Share this post on social media because your small efforts may enhance knowledge of young and new entrepreneur reading this scam.
  • Inform to your family members that you not order any parcel and not pay any amount before your confirmation. 
  • If by mistake you paid then raise a complaint against such publication house and aware to your circle about such scam. 

CS Sukhwinder Singh | 9999939069

Request form for currency exchange (Rs 500 & Rs 1000)

Image result for Currency ExchangeThere are chances that you may not get printed forms which are necessary to exchange your notes or you can save time to fill them by standing in bank / queue by printing & filling the currency exchange form pdf file.

So simple suggestion is to take printout of above PDF, fill in advance at home and then approach bank.

  • Option 1 : Exchange old notes
    At a time you can exchange 4000 Rs only, i.e. four 1000 Rs notes or 8 500 Rs notes or combination of them to maximum 4000 Rs, per day.
  • Option 2 : Deposit old notes to your bank account
    No limit for value or quantity of old bank notes to be credited to the bank account maintained by that person (KYC norms must be complete for the bank account).

Format of Board Resolution for authorising person to apply class III DSC

BOARD RESOLUTION

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF (Company Name) HELD ON (Date) AT (Address) at (Time)

 

“RESOLVED THAT, the company has decided to authorize, Mr. / Ms. (Name of the person with Designation) and is hereby authorized to sign and submit all the necessary papers, letters, forms, etc to be submitted by the company in connection with “authorizing any of the personnel of the company (applicant) to procure Digital Certificate”. The acts done and documents shall be binding on the company, until the same is withdrawn by giving written notice thereof”.

Specimen Signatures of Authorised Signatory:

(Signature of Authorised Person)

“RESOLVED FURTHER THAT, a copy of the above resolution duly certified as true by Director/Authorised signatory of the company is furnished to Digital Signature Authority and such other parties as may be required from time to time in connection with the above matter”.

For (Company Name),

(Seal & Signature)

Name:

Designation:

DIN:

RBI simplify process for registration of New NBFC’s

RBI decides to simplify and rationalise the process of registration of new NBFCs

In order to make the process of registration of new NBFCs smoother and hassle free, the application form for registration of new NBFCs and the checklist of documents to be submitted have been revised. The number of documents to be submitted by the NBFC applicants has been reduced from existing set of 45 documents to 7-8 in the revised process.

Secondly, from now onwards, there would be two different types of applications for non-deposit taking NBFCs (NBFC-ND) based on Sources of Funds & Customer Interface as follows:

  1. Type I – NBFC-ND not accepting public funds1/ not intending to accept public funds in the future and not having customer interface2/ not intending to have customer interface in the future
  2. Type II – NBFC-ND accepting public funds/ intending to accept public funds in the future and/or having customer interface/intending to have customer interface in the future

The processing of cases for Type I – NBFC-ND applicants would be on fast track mode. As these companies will not have access to public fund and will not have customer interface, they will be subjected to less intensive scrutiny / due diligence. However, CoR issued to Type I – NBFC-ND companies will be conditional. These companies will be prohibited from accessing public funds and having customer interface. In case these companies intend to avail public fund or intend to have customer interface in the future, they are required to take approval from Reserve Bank of India, Department of Non-Banking Regulation.

Following forms have been revised and uploaded on the RBI website-

  1. Application form
  2. Documents required for registration as Type I – NBFC-ND
  3. Documents required for registration as Type II – NBFC-ND (including new applications of NBFC-MFI, NBFC-factor, NBFC-IDF)

Application form has been changed in the online COSMOS Application of the Reserve Bank of India, except in the case of CIC-ND-SIs where a separate application form has been prescribed. The application form mentioned above shall be applicable to new applications of Type I – NBFC-ND and Type II – NBFC-ND (including NBFC-MFI, NBFC-Factor and NBFC-IDF).

Furthermore, with the aim to centralise the process, the application for new NBFCs may be submitted to Central Office, Department of Non-Banking Regulation directly at the following address:

Chief General Manager
Department of Non-Banking Regulation
Reserve Bank of India
Centre I, World Trade Centre
Mumbai-400 005

It is further advised that the checklists mentioned are indicative and not exhaustive. The Reserve Bank, may, if necessary, call for any further documents to satisfy itself on the eligibility of the company seeking registration as NBFC. In the event of the Reserve Bank calling for further documents in addition to those mentioned in the checklist, the applicant company must respond within a stipulated time of one month.

Background:

It may be recalled that in the First Bi-monthly Monetary Policy Statement – 2016-17, it was stated that in order to make the process of registration of new NBFCs smoother and hassle free, it has been decided to simplify and rationalise the process of registering new NBFCs. The new application forms will be simpler and the number of documents required to be submitted will be reduced to a minimum.

Ajit Prasad
Assistant Adviser

Press Release : 2015-2016/2935

“Watchdata Proxkey FIPS 140-2 Level 3 Certified – True Plug & Play Solution”

Hello everyone; today I would like to share features of latest launched level 3 PROXKEY USB TOKEN. I am very much glad to inform you that this is most advanced PKI USB Token of the Industry. The PROXKey USB Token is a hardware cryptographic module with a USB form factor for two-factor authentication which has been validated against the FIPS 140-2 at security level 3. The public and private user’s key is generated and is stored on the chip embedded inside the token; the key pairs are stored in EEPROM. Private Key is secured and cannot be exported.The PROXKey comes with the Autorun supported ND (No Driver) feature. User can install the PROXKey tool just by plugging the token into the USB slot. Other features:-

  • Product Type : Provide Easy Enrollment of Digital Signature, Signing of Documents & Email, E-Tendering Signing and Ecryption, Income Tax Return Verification, MCA E Filing Application Compatibale, Patents, EPFO & IRCTC.
  • Warranty : 1 Year Manufacturer Warranty.
  • Weight : Approx 8 – 10 Gram.
  • Features : Level 3 FIPS 140-2 Certified, True Plug and Play, Inbuilt Root Certificate, Seamless Integration, Easy and Simple User Interface, Admin PIN Protection, Certificate Expiry Notifications, Laser Printed Token Serial Number.
  • Secure and reliable environment under the guarantee of PKI technology.
  • Ease of deployment to enable service providers develop more e-commerce business through trusted network platforms.
  • Smarter security and increased access through strong authentication, data encryption and PKI services.
  • Multi-application capability such us online transaction, access control, micro payment and ID.