NEWS & ADVICE : EDUCATION LOANS
Education minister of Goa held for breaking RBI rules
By Neelima Shankar
Apr 11, 2011
Print    Email    RSS   

The education minister of Goa, Mr. Atanasio (Babush) Monserrate has been held for violating rules of Reserve Bank of India and buying as many as 25,000 traveller's checks in just one day.

On April 02, 2011, the minister along with his associate was held at the airport for having Indian as well as foreign currency amounting to Rs 23 lakhs.

He had traveller's checks amounting to Rs 11.25 lakhs, 75,000 dirhams (Rs9.14 lakh) and Rs70,000 cash.

According to RBI norms, no dealer is allowed to sell more than 10,000 traveller's checks to one person in one day.

Also, it has been found that 75000 dirhams had been bought by the minister from an unauthorized jeweller.

“The jeweller, however, denied the allegation saying that he was not an authorised dealer in foreign exchange,” an AIU official said on condition of anonymity.

Also, Monserrate and Naik had travelled to Dubai at least five times in the last one year. “We are investigating the need for so many trips to Dubai and with the same person (Naik),” the customs officials said.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
A chronicle of excesses by loan recovery...
Education Loan for B-Schools
Education loans seeing a facelift in India
Carnival of Indian Personal Finance Blogs #4
Claim tax deduction on education loan


ROPAR: CaℒL Giℛℒ In Kurali 09855660911...
Why Pitampura Tutors (Ph:- 9911742311) & Private...
kala jadu in hindi 9636854282

NEWS THIS WEEK
Banks to look forward to hire students from IIT/IIM Feb 18, 2015
Union Bank of India hiring for the post of specialist officers Feb 16, 2015
Canara bank launched scholarship Scheme Feb 13, 2015
AXIS bank started ‘My idea of progress’ Campaign Feb 12, 2015
RBI inviting applications for the guard post Feb 11, 2015
News Archive