Companies require a Valid license for the Import of laptops & tablets
Introduction
Recently the Indian Government banned the import of Laptops and tablets in India under the computers of HSN 8471. According to the notification of the government, Directorate General of foreign trade, there will be restrictions on the import of Laptops, tablets, and other electronic items from 1st November 2023. The government advised the Domestic companies to apply for the license within three months. As the process is simple, and many local companies have already applied for the license. The government will require a valid license for the import of laptops and other electronic items.
The Government imposed restrictions on the Import of Laptops & other electronic products
The DGFT (The directorate General of foreign trade) imposed restrictions on the import of electronic items in India. And, there has been the final date has also been given that the companies only have 3 months to apply for a valid license, from November 1st 2023there will be a requirement for a valid license for the import, and there will be a proper ban on the import of laptops & tablets, and other electronic items. The ban is on the HSN-8471. These are the products that indicate that they are taxable. It is a classification code to identify the taxable items. India has sufficient capacity and capability to manufacture their own IT hardware devices and boost production.
The government has notified production linked incentive, PLI Scheme 2.0, for the IT devices, which will soon be disclosed, and the scheme is expected to lead to a total of 29 thousand crore rupees worth of IT hardware nearly. And this will create future job opportunities in the five to six years.
The pros & cons of the import
Banning import has two sides. The positive one is that, it will promote the domestic manufacturers, local companies will able to grow, and there will be job opportunities, but if we talk about the negative side of the import, then the prices will be high for the consumers. One aspect is making India’s digital infrastructure stable, and the other side is affecting consumers.
Reasons Behind the ban on the Import of electronic items
There are the following reasons behind the ban on the Import of laptops and tablets,
- The primary reason why the government banned the import of laptops and other electronic items is because of security concerns about the data. And to prevent data theft a step has been taken by the Government.
- The banning will help the domestic manufacturer to grow and will provide opportunities to the local companies in India.
- It will help in the creation of Job vacancies in the country.
- There will be a curb down of selling of Chinese products.
The government will promote the digital infrastructure of India by putting a ban on imports. Such as there are domestic companies like Reliance recently launched a laptop by the name of Jio Book, and there is a company that sells the cheapest tablet called Aakash, so the import ban will promote these types of electronic items of the local companies. This step will soon result in digital advancement in India.
Conclusion
The laptop, tablets, and other electronic products that have been banned in India will make a substantial move with the implications. The objective of the ban is to encourage domestic manufacturing and to secure the data, however, it will also affect the consumers which can not be ignored. The other future effects are yet to be seen. But the one scenario is clear, that the policy will significantly make a change in India’s Technology industry.
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Executive Summary:
The picture that went viral with the false story that Dhoni was supporting the Congress party, actually shows his joy over Chennai Super Kings' victory in the achievement of 6 million followers on X (formerly known as Twitter) in 2020. Dhoni's gesture was misinterpreted by many, which resulted in the spread of false information. The Research team of CyberPeace did an in-depth investigation of the photo's roots and confirmed its authenticity through a reverse image search, highlighting how news outlets and CSK's official social media channels shared it. The case illustrates the value of fact verification and the role of real information in preventing the fake news epidemic.
Claims:
An image of former Indian Cricket captain Mahendra Singh Dhoni, showed him urging people to vote for the Congress party, wearing the Chennai Super Kings (CSK) jersey and showing his right palm visible and gesturing the number 'one' with his left index finger. In reality he is celebrating Chennai Super Kings' milestone achievement on X (formerly Twitter) in 2020. Many people are sharing the misinterpretation knowingly or unknowingly over social media platforms.
Fact Check:
After receiving the post, we ran a reverse image search of the image and found a news article published by NDTV. According to the news outlet, Dhoni and his teammates were celebrating CSK's milestone of reaching six million followers on X (formerly known as Twitter) in the photos.
In the image it is written as a tweet of @chennaiipl, to get an idea we dig into the official account of Chennai Super Kings on X (formerly known as Twitter). And Voila! we found the exact post which surfaced on the X (formerly known as Twitter) on 5th October 2020.
Additionally, we found a video posted on the X (formerly known as Twitter) handle of CSK, featuring other cricketers celebrating the Six Million Followers milestone for which they are thanking the audience for their support. Again, it was posted on Oct 05, 2020. The caption of the video is written as “Chennai Super #SixerOnTwitter! A big thanks to all the super fans for each and every bouquet and brickbat throughout the last decade. All the #yellove to you. #WhistlePodu”
Therefore it is easy to conclude that the viral image of MS Dhoni supporting Congress is wrong and misleading.
Conclusion:
The information that circulated online media regarding a picture of Mahendra Singh Dhoni supporting the Congress Party has been proven to be untrue. The actual photograph was of Dhoni congratulating the Chennai Super Kings for having six million followers on social media in the year 2020. This highlights the need for checking the facts of any news circulating online.
- Claim: A photo allegedly depicting former Indian cricket captain Mahendra Singh Dhoni encouraging people to support the Congress party in elections surfaced online.
- Claimed on: X (Formerly known as Twitter)
- Fact Check: Fake & Misleading
Introduction
In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.
The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.
Central Bank Digital Currency Pilot Projects
Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.
CBDC in International Payments
He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.
"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.
CBDCs' Place in the Transnational Economic Revolution
In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.
CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.
The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.
Deposits of Foreign Exchange and Self-Dependency
Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles,"
Involvement of RBI in the Currency Market
Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.
The Value of Macroeconomic and Budgetary Cooperation
According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.
Conclusion
India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.
References
- https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
- https://www.bis.org/cpmi/publ/d174.pdf
- https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
- https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
- https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html
Introduction
As e-sports flourish in India, mobile gaming platforms and apps have contributed massively to this boom. The wave of online mobile gaming has led to a new recognition of esports. As we see the Sports Ministry being very proactive for e-sports and e-athletes, it is pertinent to ensure that we do not compromise our cyber security for the sake of these games. When we talk about online mobile gaming, the most common names that come to our minds are PUBG and BGMI. As news for all Indian gamers, BGMI is set to be relaunched in India after approval from the Ministry of Electronics and Information Technology.
Why was BGMI banned?
The Govt banned Battle Ground Mobile India on the pretext of being a Chinese application and the fact that all the data was hosted in China itself. This caused a cascade of compliance and user safety issues as the Data was stored outside India. Since 2020 The Indian Govt has been proactive in banning Chinese applications, which might have an adverse effect on national security and Indian citizens. Nearly 200 plus applications have been banned by the Govt, and most of them were banned due to their data hubs being in China. The issue of cross-border data flow has been a key issue in Geo-Politics, and whoever hosts the data virtually owns it as well and under the potential threat of this fact, all apps hosting their data in China were banned.
Why is BGMI coming back?
BGMI was banned for not hosting data in India, and since the ban, the Krafton Inc.-owned game has been engaging in Idnai to set up data banks and servers to have a separate gaming server for Indian players. These moves will lead to a safe gaming ecosystem and result in better adherence to the laws and policies of the land. The developers have not declared a relaunch date yet, but the game is expected to be available for download for iOS and Android users in the coming few days. The game will be back on app stores as a letter from the Ministry of Electronics and Information Technology has been issued stating that the games be allowed and made available for download on the respective app stores.
Grounds for BGMI
BGMI has to ensure that they comply with all the laws, policies and guidelines in India and have to show the same to the Ministry to get an extension on approval. The game has been permitted for only 90 days (3 Months). Hon’ble MoS Meity Rajeev Chandrashekhar stated in a tweet “This is a 3-month trial approval of #BGMI after it has complied with issues of server locations and data security etc. We will keep a close watch on other issues of User harm, Addiction etc., in the next 3 months before a final decision is taken”. This clearly shows the magnitude of the bans on Chinese apps. The ministry and the Govt will not play the soft game now, it’s all about compliance and safeguarding the user’s data.
Way Forward
This move will play a significant role in the future, not only for gaming companies but also for other online industries, to ensure compliance. This move will act as a precedent for the issue of cross-border data flow and the advantages of data localisation. It will go a long way in advocacy for the betterment of the Indian cyber ecosystem. Meity alone cannot safeguard the space completely, it is a shared responsibility of the Govt, industry and netizens.
Conclusion
The advent of online mobile gaming has taken the nation by storm, and thus, being safe and secure in this ecosystem is paramount. The provisional permission form BGMI shows the stance of the Govt and how it is following the no-tolerance policy for noncompliance with laws. The latest policies and bills, like the Digital India Act, Digital Personal Data Protection Act, etc., will go a long way in securing the interests and rights of the Indian netizen and will create a blanket of safety and prevention of issues and threats in the future.
