Currency Coach
  • Currency News
  • Currency Services
  • Broker
  • Foreign Exchange
    • Transfer Money
      • Transfer Now
  • EUR/USD
  • Forex trading
  • Forex Factory
No Result
View All Result
  • Currency News
  • Currency Services
  • Broker
  • Foreign Exchange
    • Transfer Money
      • Transfer Now
  • EUR/USD
  • Forex trading
  • Forex Factory
No Result
View All Result
Currency Coach
No Result
View All Result
Home Transfer Money

Kerala University-run CLAS faces scrutiny over erroneous foreign remittance

currencycoach by currencycoach
March 30, 2026
in Transfer Money
0
Kerala University-run CLAS faces scrutiny over erroneous foreign remittance
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter


The Centre for Latin American Studies (CLAS) at Kerala University has found itself at the centre of a controversy over the alleged financial irregularities related to remunerations paid to a foreign journalist for online lectures conducted three years ago.

The issue pertains to a two-week summer school programme organised between May 15, 2023, and May 27, 2023 for undergraduate and postgraduate students from affiliated colleges and departments of various universities.

Following the programme, CLAS Director Girish Kumar R. had requested the State Bank of India (SBI) Karyavattom branch to remit an amount equivalent to ₹20,000 in U.S. Dollars from the centre’s account as honorarium for the Brazil-based journalist who delivered four online lectures.

However, the bank erroneously made a remittance of $20,000 to the Bank of America. It was only some weeks later that CLAS detected the absence of ₹16,51,500 from its bank account. With SBI failing to recall the amount, Dr. Kumar approached the RBI’s Banking Ombudsman. Notably, the journalist maintained that he had reversed the transaction on being informed of the folly, but the centre is yet to receive the amount.

Meanwhile, the bank acknowledged its mistake in an official communication, in which it claimed inability in recalling the excess money from the Bank of America despite repeated requests. While requesting CLAS to contact the beneficiary to seek refund of the excess amount, the bank also pledged steps to recover the sum from its officials who were involved in the erroneous fund transfer.

V-C warns of legal action

The Syndicate had constituted a sub-committee to examine the issue and recommended that the director be exempted from any disciplinary proceedings in its recent meeting. However, Vice-Chancellor in-charge Mohanan Kunnummal rejected the subcommittee’s recommendation, and also directed that those responsible for the loss must be identified. He also called for legal steps to recover the amount.

Save University Campaign Committee has petitioned the Governor to seek a Vigilance investigation on the issue. Organisation chairman R.S. Sasikumar claimed that transfer of the large sum to a foreign national without obtaining mandatory approvals from the competent authorities of the university constituted a serious lapse in financial discipline and administrative responsibility. He also alleged that the particular loss was kept undisclosed for nearly three years.

Rejecting allegations of foul play, Dr. Kumar said that the error occurred due to a serious lapse on the part of the bank. The matter has also been brought to the attention of the university authorities, and legal action is being pursued against the bank over the lapse.

Published – January 05, 2026 08:11 pm IST



Source link

Tags: CLASerroneousFacesforeignKeralaRemittanceScrutinyUniversityrun
currencycoach

currencycoach

Related Posts

Smurfing and smuggling: How China’s rich illegally get money out of the country
Transfer Money

Smurfing and smuggling: How China’s rich illegally get money out of the country

September 5, 2026
Moldova’s foreign exchange market stabilizes as currency supply rises
Transfer Money

Moldova’s foreign exchange market stabilizes as currency supply rises

September 5, 2026
Income Tax Department Tracks Foreign Money Transfers
Transfer Money

Income Tax Department Tracks Foreign Money Transfers

September 5, 2026

Category

  • Broker
  • Currency News
  • Currency Services
  • EUR/USD
  • Foreign Exchange
  • Forex Factory
  • Forex trading
  • Transfer Money

#ad

Recent News

INSIGHT: Why foreign investors’ stock market participation is reducing — and the impact on Nigeria

INSIGHT: Why foreign investors’ stock market participation is reducing — and the impact on Nigeria

September 5, 2026
Income Tax Department Tracks Foreign Money Transfers

Income Tax Department Tracks Foreign Money Transfers

September 5, 2026
RBF warns against unlicensed foreign exchange dealers – FBC News

RBF warns against unlicensed foreign exchange dealers – FBC News

September 5, 2026
  • Privacy & Policy
  • About Us
  • Contact Us

© 2024 Currency Coach

No Result
View All Result
  • Currency News
  • Currency Services
  • Broker
  • Foreign Exchange
    • Transfer Money
      • Transfer Now
  • EUR/USD
  • Forex trading
  • Forex Factory

© 2024 Currency Coach

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.