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No, RBI Is Not Changing Its Financial Year In The Wake Of Coronavirus Outbreak In The Country

Before verifying the viral WhatsApp forward, we took a moment to look at The Hindu for the story mentioned in the claim in order to ensure that the link is not tampered with and the date of publishing. 

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Claim

A WhatsApp forward has claimed that the RBI has extended the closure of the  Fiscal Year till 30th June 2020. 

Here’s what the WhatsApp forward exactly reads, “BREAKING NEWS

The next financial year will be from 01.07.2020 to 31.03.2021. RBI extends the year closing till 30.06.2020. RBI: FISCAL 2019-20 WILL END ON JUNE 30, 2020 WHILE the FISCAL YEAR 2020-21 WILL BEGIN ON JULY 1, 2020 BUT ENDS ON MARCH 31, 2021

Reserve Bank of India re-draws its financial year

Reserve Bank of India re-draws its financial year

The link of a ‘The Hindu’ report dated February 2020 is also mentioned in the viral WhatsApp forward.

Verification

Before verifying the viral WhatsApp forward, we took a moment to look at The Hindu for the story mentioned in the claim in order to ensure that the link is not tampered with and the date of publishing. 

As we observed the aforementioned link, we noticed that the link is not tampered with and the article was first published on 15th February 2020 and later updated on 16th February 2020. Notably, what was updated in the article is not mentioned anywhere in the article and this is one of the many reasons why the media is losing its credibility as online media or alternate media is seeing a positively sloped acceleration.

In order to know what was originally published in the article, when we checked for an archived version of the article, we found that the article is not archived.

Now, as it is evident from the article itself that the article was published way before the Covid-19 outbreak had a major impact on India. We tried to collect more information

on the financial year norms followed by the Government and the RBI. We observed that the Financial year practiced by the RBI is from July to June and the government follows the April to March calendar. From the same source, we also learned that the RBI was deciding to sync its accounting calendar with the Government’s fiscal year in August last year.

After nearly 8 decades, RBI to change its accounting year to April-March

Breaking away with nearly eight decades of practice, the Reserve Bank of India (RBI) on Monday decided to follow April-March calendar, and not July-June calendar, as its accounting year, a top central bank official said. It was done to align its accounting year with that of the central government.

It is noteworthy that as per the report cited above, the said decision was brought into consideration in August last year. (Similar to The Hindu report mentioned in the viral claim, the aforementioned Business Standard article was also updated and hence the origin of the report can not be traced back to collect more information.) It is evident from the date when this article was published that the decision to change the accounting calendar of RBI is well before the Covid-19 outbreak first emerged in the Chinese city Wuhan.

As we searched further, we found a report published by media outlet Firstpost that throws more light on the issue. The Firstpost article dated 17th February, 2020 reports that the RBI had sent a proposal to the government suggesting the said change in its accounting calendar.

RBI likely to follow April-March financial year from 2020-21 to align with Centre; proposal sent to govt for approval – Firstpost

The Reserve Bank of India (RBI) may follow April-March fiscal year, instead of the current July-June financial year system after the central bank’s board recommended for aligning it with that of the Central government.

 When we performed a custom Google search, we found that the government think-tank NITI Ayog in 2016, in a discussion note titled ‘NEED FOR CHANGING INDIA’S FINANCIAL YEAR’ suggested that the RBI’s accounting year should be changed.

We also searched for more information about changing the accounting year of RBI and we found that many media outlets have carried multiple reports on the issue, the same can be viewed here.

Hence it is proved from the findings cited above that the change in the RBI’s accounting year is not motivated by the coronavirus outbreak in the country.

Sources

  • Google Search

Result: False Context

(If you would like us to fact check a claim, give feedback or lodge a complaint, WhatsApp us at 9999499044. You can also visit the Contact Us page and fill the form)

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Coronavirus

Claim On Pune’s Steam Bar Treating or Preventing COVID-19 Is False

Steam inhalation as a treatment or preventive measure of COVID-19 is not listed by the World Health Organisation.

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False claim on Pune's steam bar treating or preventing COVID-19

A social media user claims that a steam bar with inhalers treats or prevents COVID-19 in Pune. The claim is accompanied by a video which shows people seated in front of pipes used as steam inhalers. 

“Latest business in #India: The Steam bar, It is inhalers, which treats or prevents #COVID19 in Pune” the tweet reads. 

Other social media users have shared this claim as well. 

Latest business in #India: The Steam bar, It is inhalers, which treats or prevents #COVID19 in Pune: #corona #Covid19 #fightwithcorona

Posted by LIVE Ahmedabad on Wednesday, September 23, 2020

लो कल्लो बात 😎Latest business in #India: The Steam bar, It is inhalers, which treats or prevents #COVID19 in Pune:

Posted by Sanjieva Shankhdhar on Wednesday, September 23, 2020

Fact Check/ Verification

Different states in India continue to witness a rise in COVID-19 cases. Maharashtra, the epicentre of coronavirus in India has 2,75,404 active cases as of 8am on 25 September. It’s followed by Karnataka, Andhra Pradesh and Uttar Pradesh which have 95,568, 69,353 and 61,300 active cases respectively. 

At a time like this, the claim on Pune’s steam bar with inhalers has been shared by many social media users in the past few days. 

Steam inhalation can thin mucus and help it drain from the nose when experiencing  nasal congestion. “Controlled studies show that these remedies do not kill viruses in the respiratory tract. Besides, there are no studies testing the effect of these remedies on preventing infection by the novel coronavirus,” state the voluntary group of scientists, Indian Scientists’ Response to CoViD-19, in their Hoaxbusters section. 

The Hoaxbusters section on the Indian Scientists' Response to COVID-19 website debunks steam inhalation as COVID-19 treatment.
The Hoaxbusters section on the Indian Scientists’ Response to COVID-19 website debunks steam inhalation as COVID-19 treatment

On the other hand, a 2015 study published by the Spanish Pediatrics Association takes note of the burns or scalds that can be caused due to hot water or steam. “Steam inhalation therapy (SIT), which has been used traditionally and is still employed today to treat mild respiratory tract infections despite the lack of evidence to support its effectiveness, can also cause burns indirectly through scalding.”

Also steam inhalation as a treatment or preventive measure of COVID-19 is not listed by the World Health Organisation

“While some western, traditional or home remedies may provide comfort and alleviate symptoms of COVID-19, there is no evidence that current medicine can prevent or cure the disease,” notes the Ministry of Health and Family Welfare, Government of India. 

On 23 September, Chief of Infectious Diseases, University of Maryland Upper Chesapeake Hospital, Dr FaheemYounus, responded to the initial claim saying, “ Let’s not turn fear into business. This is completely useless.”

Note: We were unable to locate the exact steam bar from the claim. 

In the last six months, we’ve also debunked many other claims related to cure and prevention of coronavirus. You can read related fact checks here

Conclusion 

The recent claim which states that a steam bar with inhalers treats or prevents COVID-19 in Pune is false. Currently, there is no known medicine or treatment that can cure COVID-19. 

Result: False 

Our Sources

Indian Scientists’ Response to CoViD-19: https://indscicov.in/for-public/busting-hoaxes/

A study by Spanish Pediatrics Association: https://www.analesdepediatria.org/en-severe-burns-related-steam-inhalation-articulo-S2341287914001343

World Health Organisation: https://www.who.int/emergencies/diseases/novel-coronavirus-2019/advice-for-public\

Ministry of Health and Family Welfare, GOI: https://www.mohfw.gov.in/

Chief of Infectious Diseases, University of Maryland Upper Chesapeake Hospital, Dr FaheemYounus: https://twitter.com/FaheemYounus/status/1308820077324701696?s=20

WebMD: https://www.webmd.com/cold-and-flu/qa/how-do-i-use-steam-for-congestion


If you would like us to fact check a claim, give feedback or lodge a complaint, WhatsApp us at 9999499044 or email us at checkthis@newschecker.in. You can also visit the Contact Us page and fill the form.

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False Claim About People in China Not Taking Any Medicine Or Vaccine For Coronavirus Goes Viral

Contrary to the claim which says that people in China have stopped going to the hospital for cure, news report from China’s state-run Xinhua News Agency says otherwise.

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People in China are not killing coronavirus with heat or recovering in five days.

Claim 

A social media post claims that the Chinese aren’t taking any medicine or vaccine for coronavirus. They’re instead killing the virus with heat and recovering in five days. 

We received the above image on our Whatsapp verification number. The claim which is an image of a social media post allegedly posted by Tahir Mahmood Chaudry starts with a disclaimer that the message is a translation from an Indian living in Wuhan. 

Using keywords we found multiple social media posts with the same claim being circulated since April, 2020. See of few examples below:

Fact Check

The claim in context was allegedly posted by Tahir Mahmood Chaudry, Executive director at Ovex Technologies. Chaudry’s social media profiles confirm his designation, but whether he posted this claim or not remains unknown. We’ve reached out to him for verification and will update the copy if we receive a response. 

Moving on to the first part of the claim which says, 

“Chinese are not taking any medicine or any vaccine for Corona virus. Every household has a Corona virus case. They have stopped going to hospital for cure. They instead kill the virus with heat.” 

We found no credible news report or information from any official source which supports the claim that every household in China has a COVID-19 case and that they aren’t taking any medicine or vaccine for it. 

Contrary to the claim which says that people in China have stopped going to the hospital for cure,  a 30 June news report from China’s state-run Xinhua News Agency states, “By Monday, the Chinese mainland had reported a total of 1,918 imported cases. Of the cases, 1,830 had been discharged after recovery, and 88 remained hospitalized. No deaths from the imported cases had been reported.” 

The second part of the claim states, 

“Very Hot Steam Inhalation from kettle 4 times a day

Hot Gargles 4 times a day

Hot tea 4 times a day

Virus dies in 4 days.

5th Day you are Corona Negative.”

The World Health Organisation (WHO) says that our normal body temperature remains around 36.5 degree Celsius to 37 degree Celsius irrespective of temperature of the bath or shower. In fact baths from extremely hot water can burn us. 

The WHO also also clarified that while some traditional or home remedies may provide comfort and alleviate mild COVID-19 symptoms, there is no known vaccine or medicine to prevent or cure the disease so far. 

The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) in its immunity boosting guidelines recommends general measures such as drinking warm water, herbal tea, and steam inhalation among other things. But it also clearly states that this advisory is in no way a treatment for COVID-19.

The Ministry of Health and Family Welfare (MOHFW) in its COVID-19 guidelines also states that there is no vaccine or specific antiviral medicine to prevent or treat the novel coronavirus. 

You can read our other fact checks related to the novel coronavirus here.

Conclusion 

The social media post claiming that the Chinese aren’t taking any medicine or vaccine for coronavirus and other included details are false. 

Tools Used

  • Google advanced search 
  • Twitter advanced search

Result: False 

If you would like us to fact check a claim, give feedback or lodge a complaint, WhatsApp us at 9999499044. You can also visit the Contact Us page and fill the form.

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No, He Is Not Bharat Biotech’s VP Taking The First Dose of COVID Vaccine ‘Covaxin’

Social media users circulated a false image claiming that the vice president of Bharat Biotech has undergone the first clinical trial of the coronavirus vaccine.

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No, He Is Not Bharat Biotech’s VP Taking The First Dose of COVID Vaccine ‘Covaxin’

Several social users posted a picture of a woman thrusting a syringe in man’s vein and claimed that the man in the picture is Bharat Biotech’s Vice President, Dr. VK Srinivas, and the first dose of the vaccine was administered on him.

According to a report in Live Mint, Bharat Biotech, an unlisted Indian vaccine maker, has received regulatory approval to start human clinical trials for its experimental shot. The phase 1 trial of Covaxine will begin next week. The company has planned to enroll 375 people in the first phase of clinical trials.

We found that the same image is viral on Twitter and Facebook with a caption, “Dr. V. K.Srinivas, Vice President, Bharat biotech, taking Corona vaccine clinical trial immediately after taking the first dose. He is the first person in India to take vaccine developed by him and his team in Bharat Biotech. Look at the confidence.”

Fact Check

As we began fact-checking the claim, we looked for some media reports backing the claim, but we did not find any authentic information to corroborate.

However, during our research, we came across the statement tweeted by Bharat Biotech. In a statement posted on their Twitter handle, Bharat Biotech said that individual images and messages circulated on social media platforms had not disseminated by Bharat biotech. The image is a routine procedural blood draw for testing all production staff.

We now searched, if Dr.VK Srinivas is the Vice President of the Bharat biotech. During our research, we did not find any results for his name. We found that Dr. V Krishna Mohan is the Executive Director, and T Srinivas is the Chief Financial Officer of the management team of the pharmaceutical.

Conclusion

It is evident from our fact check that social media users circulated a false image claiming that the vice president of Bharat Biotech has undergone the first clinical trial of the coronavirus vaccine.

Tools Used

  • Google Search
  • Media Reports
  • Twitter Search

Result: False


If you would like us to fact check a claim, give feedback or lodge a complaint, WhatsApp us at 9999499044. You can also visit the Contact Us page and fill the form

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