Deepfake Alert: Sachin Tendulkar's Warning Against Technology Misuse

Introduction

In the multifaceted world of international trade and finance, cross-border transactions constitute the heart of economic relationships that span the globe. The threads that intertwine forming the fabric of global commerce are ceaselessly dynamic and exhibit an intricate pattern of complexity especially when it comes to the regulated movement of capital. It's a domain where economies connect, where businesses engage in sublime commerce, and where technology and regulation intersect at critical juncture. These guidelines will play a critical role in the regulation of capital, fortification of financial integrity, and transparency of regulatory and cross-border payments. The key highlights of this regulation include strict pre-authorization for non-bank entities, mandating specific accounts for import and export PA-CBs and a transaction ceiling of 25,00,000 Rupees.

The Vigilance of RBI 

The Reserve Bank of India (RBI), ever vigilant in its shepherding role over the nation's financial stability and integrity, has taken decisive strides to dispel the haze that once clouded this critical sector. With the issuance of a revelatory circular dated October 31, 2023, the RBI has unveiled a groundbreaking framework that redefines the terrain for these pivotal financial entities, aptly christened as Payment Aggregators – Cross Border (PA-CB). In deploying this comprehensive array of regulations, the RBI demonstrates a robust commitment to harmonizing and synchronizing the oversight of payments within the country's financial fabric, extending its meticulous regulatory weave from domestic Payment Aggregators (PAs) to the PA-CBs, a sector previously undistinguished in formal oversight.

The prescriptive measures announced by the RBI are nothing short of a regulatory beacon that cuts through the fog of uncertainty, illuminating a clear path forward for entities dedicated to facilitating cross-border payment transactions pertaining to the import and export of permissible goods and services in India through online modes. Inclusiveness is a hallmark of the RBI’s directive, encompassing a diverse cadre of financial actors, ranging from Authorized Dealer (AD) banks and conventional Payment Aggregators (PAs), to the emergent breed of PA-CBs actively engaged in processing these critical international payment transactions.

Key Aspects of Regulation

One of the most striking aspects of this new regulatory regime is the RBI's insistence on pre-authorization. All non-bank entities providing PA-CB services are impelled to apply to the apex bank for authorisation by April 30, 2024. This is far from a perfunctory gesture; it represents a profound departure from the bygone era when these entities functioned under a patchwork of provisional guidelines and ad-hoc circulars. Indeed, with this resolute move, the RBI signals its intention to embrace these entities within its direct regulatory gambit, an acknowledgement of the shifting tides and progressive intricacies characteristic of cross-border payments.

The tapestry of new rules is complex, setting forth an array of prerequisites for entities aspiring for authorization. For instance, non-bank PA-CBs are obliged to register with the Financial Intelligence Unit-India (FIU-IND) as a preliminary step before commencing the application process. Moreover, the financial benchmarks set are notably rigorous. Non-banks must boast a minimum net worth of ₹15 crores at the time of the application—a figure that escalates to a robust ₹25 crores by the fiscal deadline of March 31, 2026.

Way Forward

As if these requirements weren't indicative enough of the RBI’s penchant for detail and precision, the guidelines become yet more granular when addressing specific types of PA-CBs. Import-only PA-CBs are mandatorily obliged to maintain an Import Collection Account (ICA) with an AD Category-I scheduled commercial bank, while export-only PA-CBs are instructed to maintain an Export Collection Account (ECA), which can be maintained in Indian Rupees (INR) or any permissible foreign currency. The nuance here is palpable; payments for import transactions must be received in a meticulously managed escrow account of the PA, prior to being funneled into the ICA for smooth settlement with overseas merchants.

Conversely, export-only PA-CBs' proceeds from international sales must be swiftly credited to the relevant currency ECA. This meticulous accounting ensures that the flow of funds is both transparent and traceable, adhering to the utmost standards of financial probity.

Yet, perhaps the most emphatic of the RBI's pronouncements is the establishment of a transaction ceiling. PA-CBs have their per-transaction limit capped at ₹25,00,000 for each unit of goods or services exchanged. This calculated move is transparent in its objective to mitigate risk—a crucial aspect when one considers the potential implications of these transactions on the country’s fiscal health and the integrity of its financial systems.

It is no exaggeration to declare that with these guidelines, the RBI is effectuating a seismic shift in the regulation of cross-border payment transactions. There's a fundamental transformation taking place—a metamorphosis—from a loosely defined existence of PA-CBs to one of distinct clarity, under the direct and unswerving supervisory gaze of the regulator. The compliance burden, indeed, has become heavier, yet the return is a compass that points decisively towards secure harbours.

As we embark upon the fresh horizons that these rules bring into view, it is imperative to acknowledge that the RBI's regulatory innovations represent far more than a mere codification of dos and don'ts. They embody a visionary stride towards safeguarding and fortifying the architecture of international payments, a critical component of India's burgeoning presence on the world economic stage.

Conclusion 

The journey ahead, as we navigate these newly charted waters with the RBI's guidelines as our steadfast North Star, will no doubt be replete with challenges, adaptations and learning curves for the array of operational entities. But it is with confidence we can say, the path is set; the map is clear. The complex labyrinth of cross-border financial transactions is now demystified, and the RBI's clarion call beckons us towards a future marked by regulation, security, and above all else, reliability in the cosmopolitan tapestry of global trade. RBI’s guidelines provide a comprehensive framework for standardizing cross-border financial transactions in India. This decision is a monumental step towards maintaining cyber peace in cyberspace. 

References:

• https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12561&Mode=0
• https://www2.deloitte.com/in/en/pages/tax/articles/tax-alert-Regulation-of-payment-aggregator-cross-border-pa-cb.html
• https://www.jsalaw.com/newsletters-and-updates/rbis-new-guidelines-to-govern-payment-aggregators-in-cross-border-transactions/ 

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Cyber, is the new weapon today! Cyber Violence is violence in cyber-space that has led to violation of cyber rights of individuals, especially those of children and women. Online violence and harassment have been overlooked laying more emphasis on offline or physical violence.

New Delhi [India], November 12 (ANI/NewsVoir): Cyber, is the new weapon today! Cyber Violence is violence in cyber-space that has led to violation of cyber rights of individuals, especially those of children and women. Online violence and harassment have been overlooked laying more emphasis on offline or physical violence. Cyber violence very often permanently, psychologically impacts the victims and their families. Various forms of threats ranging from morphing, stalking, solicitation of children for sexual purposes, online grooming, have grave consequences on the victims disturbing their mental well-being. Maintaining mental well-being in cyber space is a challenge we wish to promote and advocate for, in order to build responsible netizens.

Together, we stand against violation of cyber rights and strongly believe; it is critical to allow everyone to feel safe online. Netizen’s safety rights must be protected from all kinds of abuse and violence. Setting a mission of ‘Making India Cyber Safe for Children and Women’, Responsible Netism a social purpose organization in association with CyberPeace Foundation, an award-winning Cyber Security think tank working towards bringing CyberPeace in CyberSpace for more than two decades, host its 6th Annual National Conference on Cyber Psychology themed “India Fights Cyber Violence”, scheduled for Saturday, January 22, 2022. Ta advocate on the theme, the campaign #IndiaFightsCyberViolence was launched on November 11, 2021 by Vinay Sahasrabuddhe – President ICCR, Member of Parliament, Priyank Kanoongo – Chairperson, NCPCR and Rekha Sharma, Chairperson NCW at the ICCR Auditorium Delhi. The session was also attended by the CyberPeace Foundation team members.

Vinay Sahasrabuddhe has been a strong advocate of online safety of children, he shared his visionary words and focused on 3 R’s, Research, Reform and Reshape. He recommended extensive research was necessary to strongly voice concerns and remedies based on evidence-based research which would help us reform intervention strategies and the reshape the existing framework to best suit the needs to protect women and children in cyber space. The NCW Chairperson Rekha Sharma shared how critical it is to create awareness about online safety rights of women and reiterated the need for spreading awareness about online safety to reach the last mile in order to build collective action and bring change. She also mentioned the need to conducting nationwide trainings for the police personal to handle and report online distress.

Priyank Kanoongo, the Chairperson of NCPCR has been very proactively advocating for the cause of child online protection and has been instrumental in voicing critical in fiercely voicing his thoughts on protecting online safety rights of children across India. He shared the following thoughts at the launch. He said there is dire need to educate parents about online safety in order to let the information trickle down to their children. He said NCPCR does not hold any inhibitions in naming and shaming violators of child rights be it offline or online and will always raise a strong voice against platform ‘s inability to protect children in cyber space.

Vineet Kumar, Founder and Global President, CyberPeace Foundation, the partnering organization shared that this nationwide movement will build great momentum on the cause of online protection of children and women cross the country and urged organizations across India to pledge their support to the cause. The more people joining this movement would build collective pressure to formulate guidelines and policies the make cyber space safe for children and women. Sonali Patankar – Founder Responsible Netism shared the objective of the campaign was to let online safety reach the last mile and build on aggressive reporting of online content. The movement was an effort to make the campaign India Fights Cyber Violence to make India cyber safe for children.

She shared that the campaign launch would be followed by a nationwide research conducted to understand parents perspectives on cyber violence which would be handy in representing recommendations on women and child safety protocols through commoners. There would be a round table for organizations working with children chaired by Priyank Kanoongo on November 22 followed by a round table held for organizations working with Women chaired by Rekha Sharma Madam on December 22, 2021. The campaign would culminate in the Responsible Netism 6th National Cyber Psychology Conference scheduled for January 22, 2022 that would witness a compilation of the research and the work done throughout the campaign.

The launch was attended by Sujay Patki – Social Activist and Advisor Responsible Netism and Shilpa Chandolikar trustee Responsible Netism, Adv Khushbu Jain Advocate Supreme Court of India followed by the vote of thanks by Unmesh Joshi – Co-founder Responsible Netism. With the success of the launch and the support of NCPCR and NCW, we are sure to make this a nation-wide movement to protect cyber safety rights of netizens and strongly believe in collective action to make India Cyber Safe for Women and Children.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Source: https://www.devdiscourse.com/article/business/1804283-cyberpeace-foundation-and-responsible-netism-launches-campaign-india-fights-cyber-violence-against-women-and-children

Introduction

India’s telecom regulator, the Telecom Regulatory Authority of India (TRAI), has directed telcos to block all unverified headers and message templates within 30 and 60 days, respectively, according to a press release. The regulator observed that telemarketers were ‘misusing’ headers and message templates of registered parties and asked telcos to reverify all registered headers & message templates on the DLT (Distributed Ledger Technology) platform. All telecom service providers (TSP) have to comply with these directions, issued under the Telecom Commercial Communication Customer Preference Regulations, 2018, within a month, TRAI said in its release. The directions were issued after TRAI held a meeting with telcos on February 17, 2023, to discuss quality of service (QoS) improvements, review of QoS standards, QoS of 5G services and unsolicited commercial communications”, as per its press release.

Why it matters?

It may be useful as it can ensure that all promotional messages are sent through registered telemarketers using only approved templates. It is no secret that the spam problem has been difficult to rein in, so the measure can restrict its proliferation and filter out telemarketers resorting to misuse.

Details about TRAI’s orders

The release said that telcos have to ensure that temporary headers are deactivated immediately after the time duration for which such headers were created. The telcos also have to ensure that there is no space to insert unwanted content in the template of a message where one can add content to be sent to people. Message recipients should not be confused, so telcos must ensure that they register no lookalike headers in the names of different senders.

Measures to check unregistered telemarketers

The release ordered telcos to bar telemarketers not registered on its DLT platform from accessing message templates and scrubbing them to deliver spam messages to recipients on the telco’s network. The telcos have been directed not to allow promotional messages to be sent by unregistered telemarketers or telemarketers using 10-digit telephone numbers. It added that telcos have to take action against erring telemarketers and share details of these telemarketers with other telcos, which will then be responsible for stopping these entities from sending commercial communications through their networks.

How big is the problem of spam?

A survey conducted by LocalCircles said that two out of every three people (66 per cent) in India get three or more spam calls daily. It added that not one person among thousands of respondents checked the box of ‘no spam’.

The platform said that it was a national survey which gathered over 56,000 responses from Indians located in 342 districts. It also found that 92 % of responders said they continue receiving spam despite opting for DND. The DND list is a feature where mobile subscriber can register their number to avoid getting unsolicited commercial communication (UCC).

Addressing the problem of spam

The regulatory body recently released a consultation paper that proposed the idea of providing the real name identity of callers to people receiving calls. The paper said that it would use a database containing each subscriber’s correct name to implement the caller name presentation (CNAP) service. The regulator wants to use details acquired by telecom service providers via customer acquisition forms (CAF).

TRAI formed a joint committee to look at the issue of phishing and cyber fraud in 2022. It included officials from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The telecom watchdog had laid out a plan to combat SMS and call spam using blockchain technology (DLT). It saw telecom companies and TRAI to build an encrypted and distributed database that will record user consent to be included in SMS or call send-out lists.

According to a press release, the Telecom Regulatory Authority of India (TRAI), the telecom regulator in India, has ordered carriers to block any unverified headers and message templates within 30 and 60 days, respectively.

The regulator saw that telemarketers were “misusing” registered parties’ headers and message templates. Thus, they requested that telecoms validate all of the registered headers and message templates on the DLT (Distributed Ledger Technology) platform.

According to TRAI’s statement, all telecom service providers (TSP) must adhere to these directives within one month under the 2018 Telecom Commercial Communication Consumer Preference Rules. The guidelines were released following a conference with telcos convened by TRAI on February 17, 2023, to discuss quality of service (QoS) enhancements, a review of QoS standards, the QoS of 5G services, and unsolicited commercial communications.

Why it matters?

Requiring that only registered telemarketers send promotional communications using approved templates may prove to be a beneficial safeguard. It is no secret that the spam problem has been challenging to control, so the measure can limit its spread and screen out telemarketers that employ abusive tactics.

Information on the TRAI order

According to the press release, telecoms must ensure that temporary headers are deactivated as soon as the time period they were established has passed. The telecoms must also ensure that there is no room in the message template where one can add content to be sent to recipients for unwanted content. There should be no room for uncertainty among message recipients. Thus, telecoms must ensure that no similar-looking headers are registered under the identities of various senders.

Taking action against unregistered telemarketers In accordance with the directive, telcos must prevent telemarketers who are not registered on their DLT platform from obtaining message templates and using them to send spam to subscribers on their network. Telemarketers who are not registered or who use 10-digit phone numbers cannot send promotional messages, according to instructions given to telecoms. Telcos must take action against misbehaving telemarketers, it was noted, and divulge their information to other telecoms, who would be in charge of preventing these companies from transmitting commercial messages.

How widespread is the spam issue?

According to a LocalCircles poll, three or more spam calls are received every day by two out of every three Indians (66%) on average. It further stated that not a single one of the thousands of responses clicked the “no-spam” box. According to the platform, the survey was conducted nationally and received over 56,000 responses from Indians in 342 districts. Moreover, 92 % of respondents reported that even after choosing DND, they still receive spam. A mobile subscriber can register their number on the DND list to prevent receiving unsolicited commercial communication (UCC).

consultation document recently in which it recommended the concept of providing the genuine name identify of callers to persons receiving calls. The paper indicated that it would employ a database containing each subscriber’s correct name to implement the caller name presentation (CNAP) service. The regulator wants to use information collected by telecom service providers through client acquisition forms (CAF).

Conclusion

TRAI established a joint committee to examine the problem of phishing and cyber scams in 2022. Officials from the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) were present (SEBI).

The telecom watchdog had outlined a strategy for leveraging blockchain technology to combat SMS and call spam (DLT).