As you are aware, in its endeavor to ensure that the payment systems operated in the country are safe, secure, sound and efficient, RBI has been taking proactive measures to contain the incidence of frauds in these systems. One such measure has been the move to secure Card Not Present (CNP) transactions, making it mandatory for banks to put in place additional authentication/validation for all on-line/ IVR/MOTO/recurring transactions etc. based on information not available on the credit/debit /prepaid cards.
Nine months after the responsibility for Income Tax investigations was taken over by the Chairman of the Central Board of Direct Taxes (CBDT), the portfolio has now once again been vested with a separate member, in sync with the practice of previous years. The present Chairman of the Central Board of Direct Taxes (CBDT), M C Joshi, had held on to the charge of I-T investigations when he took over on August 1 this year.
