IN THE HIGH COURT OF JUDICATURE AT BOMBAY
WRIT PETITION (LODG.) NO.1365 OF 2011
Speak Asia Online Pte Limited and others .. (Petitioners.)
versus
Reserve Bank of
Mr. Iqbal Chagla, Senior Advocate with Mr. Janak Dwarkadas, Senior
Advocate with Mr. Zal Andhyarujina, Ms. Jyoti Singh and Ms. Shruti
Sardesai i/b
Mr. Shyam Mehta with Mr. Mihir Mody and Ms. Ludnn Crasto i/b
M/s. K. Ashar & Co. for the Respondent.
......
CORAM : DR.D.Y.CHANDRACHUD &
ANOOP V. MOHTA, JJ.
14 July 2011.
P.C. :
1. In these proceedings the Petitioners question the legality of a circular issued on 23 May 2011 by the Reserve Bank of
In view of the above, we advise that banks “ should be more careful in opening and operating accounts for such schemes specifically the type of business and inherent risk associated with such activity. Further, we advise that bank/s will be held responsible for losses incurred by customers by way of deposits in / remittances from such accounts if they are found to be in violation of regulations, KYC/ AML and/or other regulatory / statutory requirements. Banks are advised to be extra careful and may also improve their existing KYC/ AML drill and transaction sanctity to examine the business practices of prospective customers so as to ensure that no unauthorized/ illegal activity is being carried out. Existing accounts may be reviewed to ascertain and ensure that these are not related to unauthorized / prohibited / illegal schemes. Further, adherence to requirements under FEMA 1999, other applicable statutory/ regulatory requirements and KYC/AML compliance in the strictest form needs to be ensured. Failure to adhere to the regulatory restrictions will invite supervisory action.”
2. Counsel appearing on behalf of the Petitioners submitted that if the bank were to furnish an opportunity of being heard to the Petitioners, they would have been in a position to dispute the correctness of the facts on the basis of which action has been taken by issuing the circular in question. On the other hand, it has been submitted on behalf of the Reserve Bank that the directions are relatable to powers vested in the bank under Section 35 A of the Banking Regulation Act, 1949 and Section 11(1) of the Foreign Exchange Management Act 1999. Moreover, it has been submitted that at present investigations are being conducted by the Directorate of Enforcement, the Registrar of Companies and by the law enforcing authorities in several states in respects of the activities of the Petitioners. The Reserve Bank, it has been submitted, had formed a prima facie view which is reflected in paragraph 2 of the impugned circular and has by its directions ensured that pending the completion of the investigation remittances do not proceed outside the country.
3. Section 35A of the Banking Regulation Act 1949 empowers the Reserve Bank to issue directions in the public interest, and in the interest of banking policy to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors; or in a manner prejudicial to the interests of the banking company; or to secure the proper management of the banking company. Under sub section (2) the Reserve Bank is empowered on a representation made to it or on its motion to modify or cancel any direction issued under sub section (1). Section 11 of the Foreign Exchange Management Act 1999 empowers the Reserve Bank of India for the purpose of securing compliance with the provisions of the Act and of any rules, regulations, notifications or directions, to give to authorised persons any direction in regard to the making of payment or the doing or desisting from doing any act relating to foreign exchange or foreign security. Under Section 10(4), an authorized person is required in all his dealings in foreign exchange to comply with such general or special directions or orders as the Reserve Bank may issue from time to time.
4. These powers have been vested in the Reserve Bank as the custodian of public interest in order to ensure that the operation of the banking system does not result in detriment to interest of the public and to secure proper regulation, in accordance with law. The powers of the Reserve Bank have been cast in broad terms and cannot be constricted. As expert body the Bank is entitled to issue such directions as it has in the present case. The Bank is legitimately entitled to protect the integrity of the financial set up pending an investigation. Neither an investigation nor the directions issued by the Reserve Bank to facilitate it should be obstructed or curtailed. The Bank has in our view acted within its statutory power to caution against remittances abroad in the case at hand.
5. The Court has been informed by counsel for the Reserve Bank of
6. Be that as it may, we are of the view that the interference of this Court is not warranted. However, in the interests of fairness an opportunity should be granted to the Petitioners to submit a representation to the Reserve Bank. Sub section (2) of Section 35A of the Banking Regulation Act, 1949 does in fact contemplate the making of such a representation. From the record before the Court it would appear that the Petitioners had sought an appointment by a letter dated 17 May 2011 and pursuant to the request made to the bank a communication was addressed to the Petitioners on 16 June 2011 seeking a disclosure of information. The Petitioners responded on 20 June 2011, but the matter appears to have rested there. We accordingly dispose of this Petition by permitting the Petitioners to place a representation on the record of the Chief General Manager of the Reserve Bank of
The Petition is accordingly disposed of.
(Dr. D.Y. Chandrachud, J.)
(Anoop V. Mohta J.)
Source from : http://bombayhighcourt.nic.in/data/original/2011/WP136511140711.pdf
Compensation
As soon as you complete your registration, you are immediately eligible for two weekly surveys. These surveys will be shown to you every time you log in.
As a standard panelist you can earn upto 7 reward points every week (364 reward points in a year).
Whereas, as a premium panelist you can earn 20 reward points every week (1040 reward points in a year) for surveys and other activities completed.
You can buy maximum 03 panel centers. You can add upto 09 sub panels on each panel center and maximize your survey income upto 10 times.
Other than survey reward points you can also get referral incentives by referring your friends / family member as panelist
Passive income
You will get 1 reward point per week from the work done by all your personally sponsored standard panelists and 3 reward points per week from the work done by all your personally sponsored premium panelists.
The following table will give you a summarized idea of minimum and maximum incentives earned by you on one survey panel. More survey panels will give you additional incentives in the same ratio.
| | No.of panels sub-panels | No.of | Subscription | Your weekly incentives(Reward points) | Weekly incentives to sponsor(Reward points) |
| Standard | 01 | Nil | Standard | 7 | 1 |
| Premium | 01 | Nil | Premium | 20 | 3 |
| Standard | 01 | 09 | 9 Standard | 70 | 10 |
| Premium | 01 | 09 | 9 Premium | 200 | 30 |
Active income
Direct income – you will get 10 reward points for standard panel / sub panel and 20 reward points for premium panel / sub panel referred personally.
Team bonus 1– The Team Bonus-1 income is based on the Referral Points generated through the induction of panelist in each Team. A incentive of 20 Reward Points is released whenever you have 200 Referral points in the left team and 200 Referral points in the right team, which is also known as one pair.
Daily ceiling for team bonus-1 is 20 pairs (400 Reward points).
Stronger leg is always carried forward for next day’s incentive calculation.
Team bonus 2 - Whenever you and your team add sub-panels, additional Referral points are generated in your team for team bonus-2 income. Team bonus-2 compensation plan is a table binary which enables you huge income from existing team.
| Sr No. | Left team sub-panel RP | Right team sub-panel RP | Sub-Panel Referral match points | Incentives paid(RP) |
| 1 | 400 | 400 | 400 | 40 |
| 2 | 800 | 800 | 800 | 80 |
| 3 | 1600 | 1600 | 1600 | 160 |
| 4 | 3200 | 3200 | 3200 | 320 |
| 5 | 6400 | 6400 | 6400 | 640 |
| 6 | 12800 | 12800 | 12800 | 1,280 |
| 7 | 25600 | 25600 | 25600 | 2,560 |
| 8 | 51200 | 51200 | 51200 | 5,120 |
Daily ceiling for team bonus-2 is 51200 Referral match points (5120 Reward points).
Standard panel / sub panel will give you 100 referral points where as premium panel / sub panel will give you 200 referral points.
Example
Let us assume that in any particular day you are having 2000 Referral points in your left team and 900 Referral points in your right team through the addition of sub panels. You will be eligible for 80 Reward point as an incentive because you fall in to 2nd table of commission structure, and 1200 Referral points will be carried forward from left team. Weaker leg is flushed out where as the Stronger leg is always carry forward for next day’s incentive calculation
Total daily referral income of a panelist on one survey panel can be upto 5520 Reward Points
(Team Bonus - 1 + Team Bonus - 2) = 400 Reward Points + 5120 Reward Points
The reward points can be redeemed for buying trainings, e-zine subscriptions, products and services offered by the company. Un utilized reward points can also be transferred from your e wallet to your bank account within 7-14 working days (depending upon the local bank in
The Shopping PV will be distributed as follows, Every product will be defined with distribution PV. The distribution will be as follows
o 25% will be given to direct
o 5% will be given to sponsor of that direct
o 5% will then be distributed above among 10 sponsorship Level.
As promised, the surveys are back today. However, as you know, our bank accounts continue to be inoperative as per directives from the authorities and we are unable to process any cash request or payouts. Therefore the Reward Points generated from Surveys will be credited to the Shopping ewallet which can be used for shopping. This arrangement is till such time the situation improves and cash requests are allowed to be processed.
YUG Products Offered By Speakasiaonline
SPEAKASIA has launched and introduced GERMAN technology made products by the brand name YUG. YUG has all kinds of ELECTRONIC products what SAMSUNG & LG or other companies have.
Today if I dream to buy 55" LCD/LED, whatever it may be, branded companies market cost is around or approx. 55,000/- to 60,000/- ... But it is OUT of IMAGINATION that SPEAKASIA through YUG is offering the same category of branded quality product for 35,000/- and if you are a SPEAKASIAN then you get 10% reward points too.
RBI has come with a positive circular given to all banks about the payment given by SAOL to its panelist account in India.The Circular is yet to be publish and can be available by today or Monday on official website of RBI. This circular is the instruction to banks that they can allow TT(Telegraphic Transfer) given by SAOL from outside India to remit the amount into Indian bank account of the panelist.
The Ministry of Corporate Affairs (MCA) and Reserve Bank of India (RBI) are working closely to frame rules for all MLM companies in
The need for MLM law in India become evident when MCA some time back showed incompetence to probe Speak Asia on the grounds that it is not registered in India but later after investors’ forum pleaded to Prime Minister to intervene on the matter and on Prime Minister’s Office direction MCA initiated fresh investigation on Speak Asia.
The Serious Fraud Investigation Office (SFIO) has submitted its analysis on the MLM companies to MCA. According to the SFIO reported that most MLM companies operate via agents.
People in states like Manipur, Kerala, and Andhra Pradesh lost thousands of crores to MLM scams in the name of investments.
