Latest news with #Fact
Time of India
07-05-2025
- Time of India
Can you prevent Debit card PIN theft by pressing cancel button twice on ATM? Govt answers your query
What the viral message claims RBI has not endorsed this practice Live Events Memorise your PIN. Do not write it down anywhere, and certainly never on the card itself Your card is for your personal use. Do not share your PIN or card with anyone, not even your friends or family "Shoulder surfer" can peep at your PIN as you enter it. So, stand close to the ATM machine and use your body and hand to shield the keypad as you enter the PIN Do not take help from strangers for using ATM card or handling your cash Press the 'Cancel' button before moving away from the ATM. Remember to take your card and transaction slip with you If you take the transaction slip, shred it immediately after the use If your ATM card is lost or stolen, report it to your card-issuing bank immediately When you deposit a cheque or card into your ATM, check the credit entry in your account after a couple of days. If there is any discrepancy, report it to your bank If your card gets stuck in the ATM machine, or if cash is not dispensed after you keyed in a transaction, contact your bank immediately If you have any complaints about your ATM/Debit/Credit card transaction at an ATM, you must take it up with the bank that issued the card to you. A viral social media post has been making the rounds, claiming that pressing the 'cancel' button twice before inserting an Automated teller Machine (ATM) card or debit card can safeguard you against PIN theft. The message falsely attributes the tip to the Reserve Bank of India (RBI) and advises users to adopt this practice to protect themselves from keypad tampering at ATMs."A very useful tip while withdrawing funds from an ATM. Press 'cancel' twice before inserting the card. If anyone has set up the keypad to steal your PIN code, it will be cancelled. Please make it a habit as a part of every transaction you make."Also read: ICICI Bank cash deposit charges: What happens if you cross free deposit limits? This claim is false and to PIB Fact Check , the official fact-checking handle of the Government of India, the message is fake and has not been issued by the RBI. There is no official guideline or advisory from the central bank suggesting that pressing the 'cancel' button twice before a transaction offers any protection from PIN skimming or RBI has not issued any statement advising users to press the 'cancel' button to deactivate potential fraud devices. It's prudent to exercise caution when using ATMs. However, users should always rely on verified security measures and avoid spreading unverified "hacks" that create a false sense of read: ATM cash withdrawal charges to increase from May 1: RBI's new ATM transaction rules take effect from today Precautions while using an ATM, according to the ICICI Bank 's websiteWhile the intention behind the message may be to promote ATM safety, spreading unverified advice can do more harm than good. Always rely on official sources like the RBI, your bank, or PIB Fact Check for accurate information.
Axios
28-03-2025
- Business
- Axios
The multitrillion-dollar debate over "zero"
One word you're going to hear a lot in coverage of budget negotiations is "baseline." It sounds simple enough — but in fact it's a slippery and contentious concept. Why it matters: This wonkish terminological tussle is at heart a debate over what counts as zero, for the purposes of budgetary impact. Depending on where it ends up, it could raise America's debt-to-GDP ratio by 47 percentage points, per a Congressional Budget Office (CBO) analysis released last Friday. How it works: Congress, with its power of the purse, controls the U.S. fiscal trajectory. The big debate is over what the baseline for that trajectory is — or, to put it another way, what kind of legislation would have zero budgetary impact. Zoom out: The whole concept of "budgetary impact," while relatively clear in terms of CBO scoring, is much gnarlier on a philosophical level. The insight was first formulated by Nelson Goodman, in his 1954 book"Fact, Fiction, and Forecast." Goodman shows that simply changing terms — in his case, from "green" to "grue," or in this case, from "law" to "policy" — can have an enormous effect on what we expect the future to look like. Any politician who successfully makes such a change would be "bamboozling the public," says Brian Skyrms, a philosopher at the University of California, Irvine, and Stanford University. Where it stands: The CBO uses "current law" as its baseline — which is to say, it assumes that everything will continue according to the laws the Congress has already passed, unless they're changed. Current law, however, is discontinuous. Most of the tax cuts from President Trump's first term in office expire at the end of this year, and if Congress doesn't change that, the result will feel like a tax hike to most taxpayers. As a result, the U.S. Chamber of Commerce and most Republicans, including Treasury Secretary Scott Bessent, prefer the "current policy" baseline — where the tax code remains in its present form, without any mandated expirations. Were that current policy baseline in place, the Chamber writes, "merely avoiding a scheduled tax increase" would no longer "be considered to have a budgetary impact." Yes, but: The current policy baseline increases deficits by about $4 trillion per year, per the CBO, while also resulting in lower GDP overall. The whole reason the tax cuts are scheduled to expire is that making them permanent would have been too expensive. (When the cuts were passed in 2017, Republicans also didn't expect that Trump would be president in 2025.) Zoom in: Even a budget that the CBO would score as having $0 of impact would create trillions of dollars in deficits and an inexorably rising debt-to-GDP ratio that hits 156% in 2055, per projections released on Thursday. That's because the CBO uses "current law" as its baseline, and current law — even after the Trump tax cuts expire — spends much more than the IRS collects in tax revenue. The bottom line: Congress has already chosen, for better or for worse, which baseline it wants to use — and that's current law.
