Expressing concern over instances of 'unwarranted' confiscation of personal devices during raids, the CJI said they highlight the pressing need to strike a balance between investigative imperatives and individual privacy rights.
The govt has a lot more to do then just open bank accounts for the poor in the Jan Dhan scheme.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
Crypto exchanges have been asked to furnish details this month itself.
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
Adhil Shetty, CEO, BankBazaar.com shares his thoughts on what could help make digitisation and going cashless easier in the New Year.
In the wake of scrapping of old Rs 500/1,000 banknotes, Niti Aayog has asked National Payments Corporation of India to frame a new scheme to incentivise digital payments.
On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
Reliance Industries Ltd on Monday announced an agreement to invest alongside Brookfield Infrastructure and Digital Realty in special purpose vehicles developing data centres in India. Reliance will hold a 33.33 per cent stake in each of the five Indian special purpose vehicles and become an equal partner, the company said in a statement. Digital Realty Trust, Inc is the largest provider of cloud and carrier-neutral data centre, colocation and interconnection solutions globally with 300+ data centres across 27 countries.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
Generative artificial intelligence (AI), climate tech and fintech sectors will be the hot areas for venture capitalists and founders in the next year, according to the prediction by Prashanth Prakash, founding partner of the global venture capital firm Accel Partners in India and the chairperson of Karnataka Startup Vision Group. Prakash said that about $25 billion has been invested into building Gen AI globally. But a lot of that capital has not yet come to India, opening up huge opportunities for startups in the country.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
Speaking at a fireside chat with Microsoft CEO Satya Nadella, he said the big change driving this transformation was the deepening of mobile networks which were working at a much faster pace than before.
The Indian IT industry will stage a "strong recovery" in 2021-22 with a revenue growth of up to 11 per cent, ratings agency Crisil said on Wednesday. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, it said. As per Nasscom, the IT services industry grew 2.7 per cent to $99 billion in 2020-21.
'EV-charging is the next big opportunity after fuelling'
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
TDP supremo N Chandrababu Naidu consistently emphasises, among others, the issue during his campaign, alleging that the state has been supplying poor quality liquor while profiting immensely from 'inflated' prices, running to thousands of crores of rupees.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
LIC Housing Finance (LICHF) delivered a healthy FY24 with improvements in net interest margin (NIM) and credit costs and an improved return on assets of 1.7 per cent compared to an average of 1.3 per cent between FY14-FY23. Loan growth was low due to technology upgrades to the platform in H1FY24, though momentum improved in H2FY24. In Q4FY24, the net interest income (NII) came in at Rs 2,250 crore.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
The RBI has set up a panel to review ATM charges, and fees levied by banks.
Yes Bank on Saturday reported over two-fold jump in standalone net profit at Rs 452 crore for March quarter 2023-24, primarily due to benefits on the provision front. In the year-ago quarter, the bank logged a profit of Rs 202.43 crore. The private sector lender benefitted from write-back on income tax and interest on income tax returns, but the profits were limited by its inability to comply with the mandatory priority sector lending (PSL) requirements, its management said.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
It may not be an exaggeration to say that in the next three years, in India itself a million jobs or more might be at risk due to automation. How we leverage its benefits will determine our fate in the digital era.
The number of internet users in rural India increased 18 percent last year, faster than growth in urban areas and continuing a trend that started two years ago. Internet users in urban India increased 5 percent in 2021. Rural India has 351 million users, or 37 percent of people there, according to a report by the Internet and Mobile Association of India (IAMAI) and data analytics company KANTAR.
The federal agency issued a summons to Vaibhav Gehlot (43) last week, asking him to appear before the investigating officer of the case at its headquarters on A P J Abdul Kalam Road here under the provisions of the Foreign Exchange Management Act.
'For the next three months or so, the market will go down.' 'Traders do not have Rs 100 notes.'
The government has amended rules under the anti-money law, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEP).
Reducing it to 1.3% would lead to savings of Rs 70,000 crore over 5 years
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
Buying one's dream home requires planning, funds, and these days, putting on an AI-enabled virtual reality (VR) headset. Realtors are increasingly providing customers an immersive experience, courtesy generative artificial intelligence (GenAI), mixed reality, and metaverse. For realty consultancy Anarock group, AI and machine learning (ML) are enabling predictive market analysis, facilitating virtual property tours, and improving property management through predictive maintenance.
Even the well heeled in metros find it difficult to go completely digital. Cash withdrawals from ATMs are back at the same level as they were before demonetisation
In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
