DIGITAL ACCOUNTABILITY AND TRANSPARENCY ACT
Opinion: India's AI journey should follow a path of open innovation guided by strong governance
Stakeholders in India are focused on democratizing AI benefits and reaching a $7 trillion economy by 2030 through the Digital India mission. An open innovation ecosystem with robust governance is crucial for accelerating AI adoption responsibly and unlocking the nation's economic growth potential.
New criminal laws hinge on technology and forensic throughout all stages
Officials have revealed that three new criminal laws will focus on technology and forensics throughout all stages of the justice process, aiming to modernise the system and utilise modern scientific technologies. Key inclusions are mandatory audio-video recording in search and seizure proceedings, the establishment of forensic institutions, and provisions for electronic evidence admissibility. These changes are anticipated to enhance transparency, prevent evidence manipulation, and ensure accountability.
NITI Aayog calls for policy and legal reforms to regulate use of facial recognition technology (FRT) in India
In a report, prepared by the Vidhi Centre for Legal Policy on behalf of the Aayog, it had proposed imposing liability and the extent of liability arising from any harms or damages caused by the use of facial recognition technology (FRT) system. Besides, the Aayog has suggested a need for an ethical committee to address issues pertaining to transparency, accountability, and biases emanating from the use of such systems in India.
Online complaints, free medical treatment: Key highlights of new Swadeshi system that will end 'tareekh pe tareek' era
India has replaced its colonial-era criminal laws with three new statutes effective from July 1. The Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Adhiniyam introduce modern provisions like Zero FIR, electronic summons, and community service. They prioritize crimes against women and children, ensuring swift justice and enhanced victim protection. However, concerns about extended police custody, vaguely defined offenses, and the removal of legal aid provisions raise questions about civil liberties. The new laws aim to reflect Indian values and streamline the justice system.
Banks scanning proprietor A/Cs to spot 'money mules'
Banks intensify scrutiny on new accounts to combat mule activities, adapting to evolving fraud tactics like forming private companies. Vigilant measures include verification visits, latitude data, and washout logic analysis to deter money laundering and digital frauds in the financial system.
EVMs in India are a 'black box', says Rahul Gandhi as he backs Tesla CEO Elon Musk's concerns
Congress leader Rahul Gandhi and Tesla CEO Elon Musk have raised concerns about the security of Electronic Voting Machines (EVMs), calling them a "black box" and suggesting their elimination due to hacking risks. BJP leader Rajeev Chandrasekhar, however, opposes Musk's stance, asserting that Indian EVMs are secure and isolated from networks.
- Go To Page 1
Need to ensure arbitration institutions are not controlled by "self-perpetrating clique": CJI
Speaking at the Supreme Court of the United Kingdom, Chandrachud said now is the time for countries such as India to step up to the occasion to create and promote a culture of commercial arbitration and the robust institutionalisation of arbitration will further the culture of arbitration in the Global South.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
MoD inks MoUs with 4 banks to onboard them as SPARSH service centres across 1,128 branches
The Defence Accounts Department (DAD) of the Ministry of Defence has signed MoUs with Bank of India, Canara Bank, Central Bank of India, and Utkarsh Small Finance Bank to onboard 1,128 branches as SPARSH service centres. SPARSH (System for Pension Administration (RAKSHA)) is a web-based system for direct pension processing. These centres will assist pensioners in remote areas with services like profile updates, grievance registration, and digital identification. SPARSH services are now accessible at over 26,000 branches of 15 banks, enhancing pension management efficiency and transparency.
What’s fueling the shift in Indian investor behaviour?
India added $1 trillion to the stock market in less than six months, reaching a $5 trillion market cap. Retail investors, with a surge in Demat accounts, play a key role in enhancing market stability and resilience.
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
Temu will have to comply with tougher EU online content rules, EU says
Temu, a fast-fashion e-commerce retailer under the PDD Group, is required to comply with strict EU online content rules as a very large online platform (VLOP) under the Digital Services Act (DSA), facing penalties of up to 6% of their global annual turnover for violations.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
Reliance launches beta version of JioFinance app to offer UPI, digital banking, loans on mutual funds
Jio Financial Services introduced the beta version of the Jio Finance app, offering UPI, digital banking, and mutual fund loans. Key features include instant digital account opening and streamlined bank management. The app integrates various financial services like digital banking, UPI transactions, and insurance advisory. Future plans include expanding loan solutions, starting with mutual fund loans.
Why does India have the first mover advantage in Web3 technology?
While regulatory clarity remains a work in progress, India's embrace of the Financial Intelligence Unit (FIU) registration requirement is a positive step, creating a safer trading environment for all.
Mumbai man loses Rs 1.07 crore in trading scam; Here's how Indians lost Rs 1,750 cr in just four months
A 48-year-old man from Navi Mumbai lost Rs 1.07 crore in a share trading scam, highlighting a broader surge in cybercrime in India. The Indian Cybercrime Coordination Centre (I4C) reported 20,043 trading scam cases amounting to Rs 14,204.83 crore between January and April 2024. Fraudsters often use call spoofing and impersonate officials to deceive victims. The government has responded by freezing bank accounts and blocking SIM cards to protect potential victims.
How Google and Meta's Ad transparency reports reveal—and conceal—political Ad spend
Despite abundant data, Google and Meta’s ad transparency reports often obscure more than they reveal. While intended to enhance transparency, critics argue they create an illusion of openness, complicating the analysis of political ads and raising concerns about content moderation.
Airlines, hotels, retailers fear being left out in Google's search changes
Airlines, hotels, and retailers urge EU tech regulators for fair treatment in Google's compliance with DMA regulations. Concerns raised about revenue impact as Google's response focuses on changes favoring large intermediaries and aggregators, with ongoing investigations by the Commission.
Buddha Purnima bank holiday 2024: Are banks closed today? Check state-wise list
Buddha Purnima bank holiday 2024: Many banks are closed today for Buddha Purnima, which is an important holiday for Buddhists around the world. Buddha Jayanti, also known as Vesak, is celebrated on the Full Moon Day of May (Vaisakh).
81% of ad violations were on account of misleading claims in FY24: ASCI
ASCI examined 10,093 complaints and investigated 8299 advertisements. The majority of violations were on account of misleading claims at 81%, followed by ads that promoted harmful situations or products at 34% (the same ad can be processed for multiple objections).
'PMLA is Pradhan Mantri ki Lal Aankh': Kapil Sibal slams money laundering law
"PMLA is Pradhan Mantri ki Lak Aankh. It has nothing to do with Prevention of Money Laundering Act. It means you can send them over to ED who can do whatever they wish to do," Sibal said in a free-wheeling conversation with ANI.
RBI action on Kotak Mahindra Bank: Is your data in other banks safe?
Kotak Mahindra Bank: The Reserve Bank of India (RBI) took action on Kotak Mahindra Bank due to observance of serious deficiencies and non-compliances in the areas of data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc. So did the bank violate Digital Personal Data Protection Act, 2023?
Lending service providers may have to provide digital view of all offers: RBI
The Reserve Bank of India (RBI) is considering new rules for digital lending, aiming to enhance transparency. The proposed guidelines would require lending service providers (LSPs) to digitally share all available loan offers from willing lenders with borrowers. This move aims to empower borrowers by providing a clear view of their loan options, including details like lender names, loan amounts, interest rates, and key terms. The RBI also emphasizes the need for unbiased content, prohibiting LSPs from favoring any particular lender.
RBI proposes new norms for LSPs to promote transparency
LSP is an agent of a regulated entity (RE) who carries out one or more of lender's functions or part thereof in customer acquisition, underwriting support, pricing support, servicing, monitoring, recovery of specific loan or loan portfolio on behalf of REs in conformity with extant outsourcing guidelines.
Pornhub, XVideos, Stripchat face strict EU rules, Commission says
Pornhub, Stripchat, XVideos must adhere to new EU online content rules by April 21 (Stripchat by April 23) under the Digital Services Act, including risk assessment reports, systemic risk mitigation, transparency obligations, and potential fines up to 6% of global turnover.
How GoI, regulators and fintech firms can unlock the full potential of India's digital financial revolution
This surge in fintech adoption has positioned India as a global fintech frontrunner. Its innovative solutions attract global investors, and position the country as a trailblazer in establishing a robust digital public infrastructure (DPI) ecosystem, a pivotal factor in enhancing financial inclusion. The dynamic DPI framework, strengthened by fintech advancements, is projected to inject a windfall of $400 bn into the economy in seven years.
EU's Digital Markets Act hands boost to Big Tech's smaller rivals
The DMA is Europe's attempt to rein in Alphabet's Google, Amazon, Apple, TikTok owner ByteDance, Meta Platforms and Microsoft and create a level playing field for smaller rivals and ultimately more competition for Europeans.
'Transparency, yes! But a bit later, pls?'
SBI has requested the Supreme Court to extend the deadline for providing details on the banned electoral bonds for political party funding. The move is seen as a way to avoid the general elections and provide court-demanded information after a new government is in place. While demand for transparency has been welcomed, the timing of turning transparent is causing controversy.
Election commission opposed electoral bonds
ECI had written a three-page letter to the law ministry on May 26, 2017, flagging concerns over amendments in the Finance Act, 2017, which brought changes in the Income Tax Act, The Companies Act, 2013, and the Representation of the People Act, 1951 - all done to enable the launch of the scheme.
Load More
