Much of the confusion about the #Amway business is surrounded by our direct selling business model. We want to be clear: distributors earn money only when a product is sold. The bonuses paid to distributors are based on personal and group sales volume. No commission is paid on recruiting or introducing an individual into the business.
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Narendra Modi government plans to stop multi-level marketing in insurance. Insurance being sold via the direct selling -MLM companies through their direct sellers for more than 7 years.
The Narendra Modi government intends to add an extra layer of firewall in the contentious Insurance Bill to check widely prevalent unethical practices. It also aims at infusing professionalism in the sector by prohibiting multi-level marketing, hiring of unregistered intermediaries and simple graduates as surveyors.
The Centre is now busy persuading the opposition to support the Insurance Laws (Amendment) Bill, 2008, that seeks to hike the FDI cap from 26 per cent to 49 per cent to aid the cash-starved segment. The Congress had conceived the legislation back in 2004 during the UPA-I regime.
The opposition parties insisted that the Bill be referred to a select committee of Parliament for a discussion on the subject. The Left and TMC MPs have already given notices to the Rajya Sabha secretariat for bringing in counter-amendments in the Bill if it comes up for debate in the House.
As per the list of 97 amendments that Finance Minister Arun Jaitley plans to bring in, the government wants “foreign investors, including portfolio investors” to replace “foreign company, either by itself or through its subsidiary companies or its nominees” in the existing bill to enlarge the scope of funds, including through Foreign Institutional Investors (FIIs), coming into the country in the insurance sector.
Clause 53 of the proposed amendments says that “no person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance policy through multi-level marketing”.
Some broking firms hired by leading companies are layering marketing insurance practices banned the world over.
A senior officer of a company said agencies are forcing aspirants to, for instance, buy personal accident policy to become agents, who in turn sublet it and pass on the earned commission. Some broking agencies are recruiting agents who are then allowed to sell general and life insurance policies through their own hired staff, he said.
The government said that legal action could be taken against the company, directors and other complicit employees if soliciting and procuring of insurance business is done by persons not authorised for the job.
The finance ministry has also suggested that no person should act as a surveyor or loss assessor in general insurance business category if he/she does not possess academic qualifications as may be specified by regulations.
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Bengaluru Police are investigating a scam by a fly-by-night online firm — Hoshisms.com — which has allegedly cheated about 3 lakh users.
The modi operandi are all similar: Launch a website, spread the word through advertisements, lure customers into investing money in get-rich-quick schemes, and disappear one day with all that money.
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Direct selling has completed 18 years in India and about 8 million of our countrymen are engaged with the industry. The industry continues to grow at rapid speed despite of scams (using the multilevel marketing compensation plans) causing damage of thousands of crores every year.
Scams not only swindle the people but also create confusion about the business model since they impersonate as principled direct selling companies. This snowballs to become menace for ethical direct selling companies because of misunderstandings created, this coupled by general dislike works in favour of scams which stand to benefit in case of damage to ethical direct selling companies when more and more people in greed for easy money leave product based direct selling companies to join scams promising easy money.
Scams continue to exploit loopholes to circumvent law and are continue to be a threat to the country. Even countries like Bangladesh and Vietnam have learned their lessons before us and have regulated direct selling along with others like Japan, Germany, United States, United Kingdom, Korea, Thailand, Malaysia, Canada, Russia, France, Brazil, Mexico, Italy, China, Taiwan and Columbia.
The scams use MLM (Multilevel marketing) compensation plans:
* To avoid high cost of advertising and take advantage of the effectiveness of the word of mouth publicity which more effective to get bigger investments.
* To reduce risk of investor complaints if the founders abscond (since the investors approach and get initial investments from their friends and relatives who don’t want their friends in trouble).
* To effectively and speedily spread in the rural areas where information about these types of scams is not available to the common man and the police.
* To fly below the radar or to avoid the limelight and scrutiny by government and non-government agencies.
* To spread fast in areas with little or no access to media (electronic and print)
Some popular get rich schemes in India:
Type 1 (Non MLM): Teak plantations, car lease program, real estate (investing in under construction flats, townships etc), investment in gold/silver, time shares, gold/diamond jewellery etc.
Type 2 (MLM) – Forex trading, trading in stocks, trading in commodities, investing in real estate, timeshares, e-books, surveys, get paid to watch advertisements, get paid for blogging, pay per click, investing in IT sector, investing in infrastructure projects, club
membership, e-zines, goat farming, emu farming, poultry farming, cow and buffalo farming, rabbit farming, plots, trading in virtual currency, etc
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West Bengal Minister of Consumer Affairs, Sadhan Pande this said on Thursday at a FICCI State Council organised meeting on the business of direct selling.
He felt that some of the direct selling companies could consider setting up manufacturing units in the State or get into an arrangement with local small sector organisations for producing their items.
The Minister said these companies could look into cutting their costs by having a local unit, which could serve the eastern and north-eastern regional markets.
Bejon Mishra, advisor to FICCI task force on direct selling, said a State-specific draft regulation on the sector was submitted to the West Bengal Government.
Rajat Wahi, Partner & Head, Consumer Division of KPMG in India, said this was a legitimate business model. He felt discontinuation of the practice of taking a ‘membership fee’ a few years ago by the direct sellers from the consumers had made this channel cleaner.
“Now it is like a consumer loyalty programme. It gives the consumers a choice without binding them in compulsion of buying the directly sold products,” he added.
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#the power of noticing—What The Best Leaders See: By Max H. Bazerman, Simon and Schuster India, 215 pages, Rs699 How could that have happened? Why didn’t I see it coming? If you’ve ever pondered these questions after a decision, or a series of choices, has gone awry, read on.
For more than a decade, Max H. Bazerman, co-director of the Center for Public Leadership at the US’ Harvard Kennedy School and the Jesse Isidor Straus professor of business administration at the Harvard Business School, has been researching why we fail to observe things that might seem obvious in hindsight.
In The Power Of Noticing: What The Best Leaders See, Prof. Bazerman explains how “motivated blindness” can incentivize people to look the other way for personal reasons, the fallout when people fail to report something that doesn’t seem right, how we often make calls on the basis of incomplete data, and ways to become better “noticers” as well as decision makers. In an email interview, Prof. Bazerman talks about how executives can improve the quality of the decisions they make.
Curious case of MLM Scams – Why do the government officials look the other way ?
In The Power Of Noticing: What The Best Leaders See, Prof. Bazerman explains how “motivated blindness” can incentivize people to look the other way for personal reasons
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As it expedites probe in the #saradha chit fund scam, the government is gearing up to introduce the much-awaited amendments to the Chit Fund Act and a legislation on direct selling companies.
According to senior officials in the finance ministry, the bill on multi-level marketing (MLM) companies is “being fine-tuned and a Cabinet note on MLMs will be soon circulated for comments”.
The sources added that the changes in Prize Chits and #money circulation schemes (PCMCS) (Banning) Act, 1978, have also been finalised by the department of financial services and “may be taken up in the Winter Session”, which begins November 24.
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It was in the ’90s that #internet users first fell prey to #email scammers. The method involved luring people with a commission of a few million dollars for transferring billions of dollars to the account of a #nigerian prince. The scam came to be popularly known as the 419 scam, after the section of the Nigerian Criminal Code which outlaws the practice. In 2014, the story of the Nigerian prince may be outdated, but the scammers are still around. According to the #federal bureau of investigation, “#nigerian cyber criminals have turned at-home internet users into unsuspecting accomplices. Investigators are calling it purchase order fraud, and the perpetrators are extremely skillful.”
One of the newest methods of the scammers involves duping companies, particularly in the export and import business, by hacking their emails, and obtaining information about their buyers. What follows are fake orders from the customers with 30-day credit. By the time the business house realises that the order was a prank to dupe it, it is invariably too late. About two months back, when an exporter from Rajasthan received a promotional email, he never thought clicking it would cost him nearly $1,000. The spam mail not only compromised his password but also corrupted his inbox. An unidentified malware, which worked in stealth, created filters that kept the exporter in the dark about the emails being sent out of his account. Sitting miles away, the scammers successfully diverted a payment of $1,000, which the exporter was to receive, to their bank account in the United Kingdom.
A widespread problem
“Reports of payment diversion are coming from almost all states. More than 100 complaints could have been registered so far,” says Rakshit Tandon, advisor, cybercrime redress cell of the Uttar Pradesh Police. Online financial frauds come in varied forms like auction, credit-debit card , check and lottery frauds, which are together known as 419 #aff (advance-fee fraud) crimes. In India, there are 49 AFF scam rings with 1,610 active members, the fifth highest in the world, according to a report by Ultrascan Advanced Global Investigations released in July. In 2005, there were only three AFF rings with 79 active resident members. Active resident members stay in one country to dupe residents in another country – the basic modus- operandi for most fraudsters -so as to work in different geographies and jurisdictions, the report says. This apart, there are also a number of local rings that recruit poor people to perform tasks like opening a bank account or registering a company in the area of operations. India suffered financial losses of nearly $870 million on account of AFF frauds in 2013, the fourth highest in the world, up from $32 million in 2006.
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