From dentistry to sex trade, entrepreneurs catch Bitcoin bug!

Agencies
December 26, 2017

New Delhi, Dec 26: It is not only investors who have caught the Bitcoin bug lured by a crazy surge in prices, but also many Indians who are seeing a business potential in cryptocurrencies and rushing to set up companies to cash in on this craze.

At least a dozen companies, including some in past few weeks, have been registered in various parts of the country with 'Bitcoin' as part of their names while many more such applications are pending before the Registrars of Companies.

The numbers are even higher for the companies with the word 'crypto' in their names, while several others have sought to become more innovative by adding various prefixes to the word 'coin', including those proposing Indian versions like 'IndiCoin' and 'BharatCoin'. There is also a 'SwachhCoin'!

The mad rush -- of entrepreneurs and investors -- seems to be continuing despite repeated regulatory warnings about Bitcoins and their various alternatives operating in a totally unregulated domain and the possible money laundering and terror financing risks associated with such cryptocurrencies.

Various regulators and enforcement agencies are already actively looking into this Bitcoin craze and searches were conducted recently by tax authorities at several places where they are believed to have collected details about lakhs of 'investors' who could be trading on 'Bitcoin exchanges'.

There are concerns that many operators might be running 'e-ponzi' schemes or illicit money-pooling pyramid activities in the name of virtual currencies. Some bogus ones have already been unearthed and are facing police action.

As the regulators and the government departments continue with their probes, which officials at these agencies also described as their efforts to 'understand' this new phenomenon, the entrepreneurs seem to be undeterred by any risk factors and expect good business to come by and they are from various parts of the country -- from Ghaziabad to Kanpur to Darjeeling to Jaipur to Delhi to Ahmedabad to Mumbai.

The RoC filings made by such companies show diverse business activities they propose to undertake -- One has listed 'retail trade/repair of personal and household goods', another claims to be in financial intermediary business, while one also claims to promote 'investigative journalism'.

There are also those offering 'crypto coins' exclusively for dentistry across the world with the promise of removing middlemen-type costs and easier insurance claims! Then, there are also those proposing 'sex coins' for discreet payments for adult entertainment and in sex trade.

A number of new entities have been set up under the LLP (Limited Liability Partnership) model while many others are being set up as privately-held companies. Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and 'articles of association' to include 'Bitcoin' or other cryptocurrencies to join the bandwagon.

There are several entities operating only in the digital world by setting up websites or 'online exchanges' while others have gone in for registering their companies or LLPs.

As per the RoC data, the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bit Coin Infotech.

There are others like Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, CryptoCoin Solutions and CryptoMudra Digital Services. Further business details of these entities could be ascertained, as most of them have been set up recently, but have been meeting necessary compliances.

While Bitcoin was created as a cryptocurrency in 2009, by an unidentified person using the alias Satoshi Nakamoto, its popularity has grown manifold in recent months with its per unit price soaring to close to USD 20,000 (over Rs 10 lakh) earlier this month. However, the price has been swinging wildly and last week itself, it fell by almost half to about USD 10,000, only to again rebound to the near USD 15,000 level.

It was launched with a promise of lower transaction fees than traditional payment methods with a decentralised authority unlike the government-issued currencies in various countries. At present, Bitcoins command a market cap of over USD 240 billion while more than 16 million units are said to be in circulation. The maximum supply is pegged at 21 million.

It is the anonymity of Bitcoins, minted through complex computer algorithms, that has made them so famous, but has also increased the risks. These are stored in digital wallets, in the cloud or on the user's computers.

The popularity of Bitcoin has given rise to several other such cryptocurrencies globally even as several entities and exchanges have gone bust with huge losses for many. No such currency has yet got legal tender status from any central bank or government in the world, but is still being accepted, mostly for online trades and even for ordering pizza.

These 'coins' are minted and traded with the use of blockchain technology, which uses cryptography for security of exchanges and providing a decentralised 'digital ledger' of transactions for all on the network to see.

Blockchain is a distributed ledger technology algorithm for managing digital cash without any central administrator and users remain unaware about each other. One blockchain network typically has thousands of nodes and a transaction is verified only after a majority of nodes reach consensus.

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Agencies
July 11,2020

Citing the current dismal aviation scenario, Air India is terminating the services of trainee cabin crew and cabin crew by withdrawing the offer of employment of those who were under training.

As per sources, the new crew and trainee pilots might reduce contracts from five years to one year. Sources said Air India is terminating 1,200 crew and employees who are more than 55-yr-old including 190 trainee pilots.

In a letter reviewed by IANS, Air India has informed an applicant who had been selected as cabin crew in August 2019 subject to successful completion of training.

"On behalf of Air India we would like to thank you for the interest shown by you in joining our organization. However, in view of the current aviation scenario, it would not be possible for Air India to impart any further training to you for engaging your services," the company said.

"In view of the above reasons, which are beyond the control of the company, it has been decided to discontinue your training arrangements and dispense with the offer of engagement with immediate effect. The bank guarantee furnished by you at the time of joining is returned herewith," Air India told the cabin crew.

"Once again on behalf of Air India we thank you for your cooperation and trust that you will appreciate the circumstances under which we are constrained to discontinue the training arrangements," the carrier said.

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Agencies
February 27,2020

Feb 27: With the window to submit comments on India's proposed personal data protection law closing on Tuesday, a period of anxious wait for final version of the Bill started for social media firms.

This comes even as global Internet companies have called on the government for improved transparency related to intermediary Guidelines (Amendment) Rules and allay fears about the prospect of increased surveillance and prompting a fragmentation of the Internet in India that would harm users.

As per the proposed amendments, an intermediary having over 50 lakh users in the country will have to be incorporated in India with a permanent registered office and address.

When required by lawful order, the intermediary shall, within 72 hours of communication, provide such information or assistance as asked for by any government agency or assistance concerning security of the state or cybersecurity.

This means that the government could pull down information provided by platforms such as Wikipedia, potentially hampering its functioning in India.

In the open letter to IT Minister Ravi Shankar Prasad, leading browser and software development platform like Mozilla, Microsoft-owned GitHub and Cloudflare earlier called for improved transparency by allowing the public an opportunity to see a final version of these amendments prior to their enactment.

According to a Business Insider report, Indian users may lose access to Wikipedia if the new intermediary rules for internet and social media companies are approved.

Since the rules would require the website to take down content deemed illegal by the government, it would require Wikipedia to show different content for different countries.

Anusha Alikhan, senior communications director for Wikimedia told Business Insider that the platform is built though languages and not geographies. Therefore, removing content from one country, while it is still visible to other country users may not work for the company’s model.

India is one of Wikipedia’s largest markets. Over 771 million Indian users accessed the site in just November 2019.

Also read: Explained: What is the Personal Data Protection Bill and why you should care

The Personal Data Protection Bill, 2019, which was introduced in Lok Sabha in the winter session last year, was referred to a Joint Parliamentary Committee (JPC) of both the Houses.

The government last month decided to seek views and suggestions on the Bill from individuals and associations and bodies concerned and the last date for submitting the comments was on Tuesday.

Prasad, while introducing the Personal Data Protection Bill, 2019, in the Lok Sabha on December 11, announced that the draft Bill empowers the government to ask companies including Facebook, Google and others for anonymised personal data and non-personal data.

There was a buzz when the Bill's latest version was introduced in the Lok Sabha, especially the provision seeking to allow the use of personal and non-personal data of users in some cases, especially when national security is involved.

Several legal experts red-flagged the issue and said the provision will give the government unaccounted access to personal data of users in the country.

In their submission to the JPC, several organisations also flagged that the power to collect non-personal and anonymised data by the government without notice and consent should not form part of the Bill because of issues regarding effective anonymisation and potential abuse.

"Clauses 35 and 36 of the Bill provide unbridled access to personal data to the Central Government by giving it powers to exempt its agencies from the application of the Bill on the basis of various broad worded grounds," SFLC.in, a New Delhi-based not-for-profit legal services organisation, commented.

The Software Alliance, also known as BSA, a trade group which includes tech giants such as Microsoft, IBM and Adobe, among others said that the current version of the privacy bill pose substantial challenges, including the sweeping new powers for the government to acquire non-personal data, restrictions on data transfers, and local storage requirements.

"We urge the Joint Parliamentary Committee, as it considers revisions to the Bill, to eliminate provisions concerning non-personal data from the Personal Data Protection Bill and to remove the data localisation requirements and restrictions on international data flows," said Venkatesh Krishnamoorthy, Country Manager-India, BSA.

The Personal Data Protection (PDP) Bill, 2019 draws its origins from the Justice B.N. Srikrishna Committee on data privacy, which produced a draft of legislation that was made public in 2018 ("the Srikrishna Bill").

The mandatory requirement for storing a mirror copy of all personal data in India as per Section 40 of the Srikrishna Bill has been done away with in the PDP Bill, 2019, meaning that companies like Facebook and Twitter would be able to store data of Indian users abroad if they so wish.

But the bill prohibits processing of sensitive personal data and critical personal data outside India.

What is more, what constitutes critical data has not been clearly defined.

As per the proposals, social media companies will have to modify their application as they are required to have a system in place by which a user can verify themselves.

So legal experts believe that some system to upload identification documents should be there and something like the Twitter blue tick mark should be there to identify verified accounts.

"The 2019 Bill introduces a new category of data fiduciaries called social media intermediaries ('SMIs'). SMIs are a subcategory of significant data fiduciaries ('SDFs') and will be notified by the Central government after due consultation with the DPA, or the Data Protection Authority. Clause 26(4) of the Bill defines SMIs as intermediaries who primarily or solely enable online interaction between two or more users," SFLC.in said.

"On a plain reading of the definition, online platforms like Facebook, Twitter, YouTube, TikTok, ShareChat and WhatsApp are likely to be notified as SMIs under the Bill," it added.

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Agencies
March 18,2020

Thiruvananthapuram, Mar 18: To raise awareness about protective measures against coronavirus, Kerala Police released a dance video on the State Police Media Centre's Facebook page promoting the washing of hands, here on Tuesday.

In the video, the police officers were seen dancing to the tunes of Kalakkatha from the Malayalam action-drama thriller Ayyappanum Koshiyum while demonstrating the right technique for washing hands.

The video gained over 27,000 likes and over 2,400 comments and more than 33,000 netizens shared the video.

The video has received a positive response with users congratulating Kerala Police for the initiative.

"Congrats Kerala police media for this kind of initiative," one user commented on Facebook. Another user thanked the police in the comments section saying, "Super super thanks to KL (Kerala) police."

The number of people who have tested positive for the coronavirus in Kerala is 25.

The total number of confirmed COVID-19 cases in India has reached 147, including 122 Indians and 25 foreign nationals, said the Ministry of Health and Family Welfare earlier today.

Globally, the virus has infected more than 184,000 people and killed more than 7500, as per the data available on the World Health Organisation website.

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