Banning cryptocurrencies in India not the solution: Nasscom

Agencies
July 31, 2019

New Delhi, Jul 31: Banning cryptocurrencies in India is not the solution as this would inhibit new applications and solutions from being deployed and would discourage tech startups, the IT industry's apex body Nasscom said on Tuesday.

An inter-ministerial committee headed by Economic Affairs Secretary Subhash Chandra Garg last week submitted the report and the draft bill on banning of cryptocurrencies and regulating official currency in the country. 

"Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure.

Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens," it said in a statement. 

A ban would handicap India from participating in new use cases that cryptocurrencies and tokens offer.

The panel in its draft report had said that for private cryptocurrencies, given the risks associated with them and volatility in their prices, "the group has recommended banning them and imposing fines and penalties for carrying on of any activity connected with them in India".

According to Nasscom, cryptocurrency-based businesses can be tested in the regulatory sandboxes being launched by the financial sector regulators across the country. 

"We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on criminal developments and take enforcement actions," said the IT industry's apex body.

Conversely, a ban is more likely to deter only the legitimate operators as they have no intent to be non-compliant.

As virtual currencies and its underlying technologies are still evolving, the committee has proposed setting up of a Standing Committee to revisit the issues as and when required.

The report highlighted the positive aspect of distributed-ledger technology (DLT) and suggested various applications, especially in financial services, for use of DLT in India, the Finance Ministry statement said. 

"The committee's recognition of the potential of Distributed Ledger Technology (DLT) is a welcome step towards enhancing innovation in the ecosystem. We look forward to engaging with the government in considering how DLT can be used in India, to improve transparency, access to information and citizen services," Nasscom noted.

The committee was set up on November 2, 2017 under the chairmanship of the Economic Affairs Secretary, with the Secretary for Electronics and IT Ministry, the Chairman of Securities and Exchanges Board of India (SEBI) and a Deputy Governor of the Reserve Bank of India as its members to study the issues related to virtual currencies and propose specific action to be taken in the matter.

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Agencies
July 10,2020

In a first, the Supreme Court on Friday allowed the service of summons and notices, a necessity in almost all legal proceedings, through instant messenger like WhatsApp as well as by e-mail and fax.

A bench headed by Chief Justice SA Bobde observed that it has been brought to the notice of the court that it is not feasible to visit post offices for service of notices, summons, and pleadings. The bench also comprising Justices AS Bopanna and R Subhash Reddy observed that notice and summons should be sent through e-mail on the same day along with instant message through WhatsApp and other phone messenger services.

The bench clarified that all methods should be deployed for a valid service on the party. "Two blue ticks would convey that the receiver has seen the notice," noted the bench.

The bench declined the request of the Attorney General for specifically naming WhatsApp as a mode of effectuating service. The top court noted that it would not be practical to specify only WhatsApp. The apex court also permitted RBI to extend the validity of cheques in the backdrop of lockdown to contain the coronavirus outbreak.

Senior advocate V Giri representing RBI informed the bench that he had circulated the note regarding validity of a cheque as directions issued on the previous hearing.

The bench noted that it will be in discretion of the RBI to issue orders which are suitable to alter the validity of the period of a cheque.

During an earlier hearing on the matter on July 7, the Attorney General contended before the top court that the Centre had some reservations in connection with the utilization of mobile applications like WhatsApp and other apps for service of summons. The Centre's top law officer informed the apex court that these apps claimed to be encrypted, and they were not trustworthy.

The RBI counsel had contended before the top court that it was considering clarifying the validity of a cheque which has been reduced to 3 months from 6 months.

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Agencies
March 3,2020

Facebook on Monday launched a new consumer marketing campaign in India titled 'More Together'. India is the first country in the Asia Pacific region where such a campaign is being rolled out.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

"India is at the heart of Facebook and one of our focus areas this year is to tell the exciting story of a service that is deeply embedded in the fabric of India," said Ajit Mohan, Vice President and Managing Director, Facebook India.

The campaign would have multiple campaigns over the next few weeks in eight languages and the one will be set in the context of Holi.

Facebook in 2019 introduced a new company logo to further distinguish the company from the Facebook app.

The company recently announced the appointment of Avinash Pant as the Marketing Director for India operations, to drive the consumer marketing efforts across the family of apps.

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Agencies
January 3,2020

Giving each and every app access to personal information stored on Android smartphones such as your contacts, call history, SMS and photos may put you in trouble as bad actors can easily use these access to spy on you, send spam messages and make calls anywhere at your expense or even sign you up for a premium "service", researchers from cybersecurity firm Kaspersky have warned.

But one can restrict access to such information as Android lets you configure app permissions. 

Giving an app any of these permissions generally means that from now on it can obtain information of this type and upload it to the Cloud without asking your explicit consent for whatever it intends to do with your data.

Therefore, security researchers recommend one should think twice before granting permissions to apps, especially if they are not needed for the app to work. 

For example, most games have no need to access your contacts or camera, messengers do not really need to know your location, and some trendy filter for the camera can probably survive without your call history, Kaspersky said. 

While decision to give permission is yours, the fewer access you hand out, the more intact your data will be.

Here's what you should know to protect your data.

SMS: An app with permission to send and receive SMS, MMS, and WAP (Wireless Application Protocol) push messages, as well as view messages in the smartphone memory will be able to read all of your SMS correspondence, including messages with one-time codes for online banking and confirming transactions.

Using this permission, the app can also send spam messages in your name (and at your expense) to all your friends. Or sign you up for a premium "service." You can see and conrol which apps have these rights by going to the settings of your phone.

Calendar: With permission to view, delete, modify, and add events in the calendar, prying eyes can find out what you have done and what you are doing today and in the future. Spyware loves this permission.

Camera: Permission to access the camera is necessary for the app to take photos and record video. But apps with this permission can take a photo or record a video at any moment and without warning. Attackers armed with embarrassing images and other dirt on you can make life a misery, according to Kaspersky.

Contacts: With permission to read, change, and add contacts in your address book, and access the list of accounts registered in the smartphone, an app can send your entire address book to its server. Even legitimate services have been found to abuse this permission, never mind scammers and spammers, for whom it is a windfall.

This permission also grants access to the list of app accounts on the device, including Google, Facebook, and many other services.

Phone: Giving access to your phone means permission to view and modify call history, obtain your phone number, cellular network data, and the status of outgoing calls, add voicemail, access IP telephony services, view numbers being called with the ability to end the call or redirect it to another number and call any number.

This permission basically lets the app do anything it likes with voice communication. It can find out who you called and when or prevent you from making calls (to a particular number or in general) by constantly terminating calls. 

It can eavesdrop on your conversations or, of course, make calls anywhere at your expense, including to pay-through-the-nose numbers, Kaspersky warned.

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