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Crypto exchange Binance to pay Rs 18.82 cr fine to restart India operations

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New Delhi, June 20 (IANS) Leading blockchain and cryptocurrency platform Binance will be required to pay Rs 18.82 crore fine to restart operations in India.

The Financial Intelligence Unit (FIU) has imposed this penalty on the company for operating in the country in violation of domestic anti-money laundering regulations.

“After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated,” a notification by FIU said on Thursday.

“Furthermore, specific directions have also been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of the Prevention of Money Laundering Act (PMLA) of 2002, in conjunction with the PMLA Maintenance of Record Rules (PMLA Rules) of 2005 for the prevention of money laundering activities and combating the financing of terrorism (AMLCFT),” it added.

Binance registered with the FIU in May as it sought to resume operations in the country. This came after the financial watchdog issued a show-cause notice in December 2023, along with eight other offshore exchanges that were operating in violation of local rules.

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The crypto exchange was barred from operating in India for not complying with local regulations, as part of the financial watchdog’s crackdown on offshore crypto exchanges operating in the country without registration.

Meanwhile, rival crypto exchange KuCoin got fully registered and became operational after paying a fine of Rs 34.5 lakh.

–IANS

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Musk's X banned over 1.9 lakh accounts for policy violations in India in June

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New Delhi, July 11 (IANS) Elon Musk-run X Corp has banned 194,053 accounts in India between May 26 and June 25, mostly for promoting child sexual exploitation and non-consensual nudity.

The microblogging platform, going through churning under Musk, also took down 1,991 accounts for promoting terrorism on its platform in the country.

In total, X banned 196,044 accounts in the reporting period.

The microblogging platform, in its monthly report in compliance with the new IT Rules, 2021, said that it received 12,570 complaints from users in India in the same time frame through its grievance redressal mechanisms.

In addition, the company processed 55 grievances which were appealing account suspensions.

“We overturned 4 of these account suspensions after reviewing the specifics of the situation. The remaining reported accounts remain suspended,” said the company.

“We received 61 requests related to general questions about accounts during this reporting period,” it added.

Most complaints from India were about ban evasion (5,289), followed by sensitive adult content (2,768), hateful conduct (2,196), and abuse/harassment (1,243).

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Between April 26 and May 25, X banned 2,29,925 accounts in the country.

The microblogging platform also took down 967 accounts for promoting terrorism on its platform.

–IANS

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AI Chatbots Alexa, MyAI, Bing come with ‘empathy gap’, may harm children

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New Delhi, July 11 (IANS) Artificial intelligence (AI) chatbots like Amazon’s AI voice assistant Alexa, Snapchat’s My AI, and Microsoft’s Bing have frequently shown signs of an “empathy gap” that puts young users at risk of distress or harm, according to a study on Thursday that proposes the urgent need for “child-safe AI”.

The research from the University of Cambridge calls on developers and policymakers to prioritise approaches to AI design that take greater account of children’s needs.

Children are likely to treat chatbots “as lifelike, quasi-human confidantes” but when the technology fails to respond to their unique needs and vulnerabilities, it can affect the kids, showed the study, published in the journal Learning, Media and Technology.

This is evident from the cases where Alexa instructed a 10-year-old to touch a live electrical plug with a coin, and My AI gave adult researchers posing as a 13-year-old girl tips on how to lose her virginity to a 31-year-old.

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In a separate reported interaction with the Bing chatbot, which was designed to be adolescent-friendly, the AI became aggressive and started gaslighting a user.

“Children are probably AI’s most overlooked stakeholders,” said academic Dr Nomisha Kurian from the University of Cambridge.

She noted that while making a human-like chatbot can provide many benefits, “for a child, it is very hard to draw a rigid, rational boundary between something that sounds human and reality”.

Kurian said that kids “may not be capable of forming a proper emotional bond.”

Further, she argued that it can be “confusing and distressing for children, who may trust a chatbot as they would a friend”

To make AI “an incredible ally for children”, it should be designed with kids’ needs in mind.

“The question is not about banning AI, but how to make it safe,” she said.

–IANS

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New jobs created in Indian economy in 2014-23 jump over 4-fold compared to 2004-14: SBI study

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New Delhi, July 11 (IANS) As many as 12.5 crore jobs have been created in the Indian economy during the financial years 2014-23, which represents an over four-fold jump from the 2.9 crore jobs created during 2004-14, according to a State Bank of India (SBI) study.

“Even if we exclude Agriculture, the total number of jobs created in Manufacturing and Services is at 8.9 crores during FY14-FY23 and 6.6 crores during FY04-FY14,” according to the report prepared by SBI’s Economic Research Department based on RBI data.

The total employment reported by Micro, Small and Medium Enterprises (MSMEs) registered with the MSME Ministry has crossed the 20 crore mark, data from the Udyam registration portal shows.

As of July 4, 4.68 crore Udyam-registered MSMEs reported 20.19 crore jobs, including 2.32 crore jobs by GST-exempted informal micro enterprises, up by 66 per cent from 12.1 crore jobs in July last year, showed ERD’s analysis.

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“One interesting fact emerges by comparing EPFO (Employee Provident Fund Organisation) data with RBI’s KLEMS (Capital/K, Labour/L, Energy/E, Material/M and Services/S) data. When we took the share of EPFO with KLEMS, the FY24 share at 28 per cent was drastically lower than the average share of the 5-year period (FY19-FY23) at 51 per cent. As EPFO data capture primarily low-income jobs, the declining share is quite encouraging and indicate that possibly better paid jobs are getting available in the economy,” said Soumya Kanti Ghosh, SBI’s Group Chief Economic Advisor.

–IANS

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Data centre market in south India to see 65 pc growth by 2030: Report

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Bengaluru, July 11 (IANS) Fueled by Chennai, Bengaluru and Hyderabad, the data centre market in south India is projected to grow 65 per cent by 2030, a report showed on Thursday.

This surge is supported by substantial government incentives, strategic infrastructure investments and a rising demand for digital services, according to the report by Colliers India.

The combined installed data centre capacity in Chennai, Bengaluru, and Hyderabad stands at nearly 200 MW.

“This foundation is set to be significantly bolstered, with 190 MW currently under construction and an additional 170 MW planned,” according to the report.

These developments are expected to increase the total capacity by 80 per cent over the next few years, underscoring the region’s strategic importance in supporting global digital infrastructure.

“With sustained government support and continuous infrastructure development, South India is set to become a global data centre hub,” said Swapnil Anil, Executive Director & Head of Advisory Services, Colliers India.

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Chennai currently has an installed capacity of 87 MW, with 156 MW under construction and 104 MW planned.

Bengaluru leverages its strong IT ecosystem. The city currently has an installed capacity of 79 MW, with 10 MW under construction and 26 MW in the planning stages.

Hyderabad is rapidly emerging as a data centre hotspot. The city has an installed capacity of 47 MW, with 20 MW under construction and 38 MW planned.

The monthly recurring charges for data centres in South India are competitive, ranging between Rs 6,650 – Rs 8,500 per kW per month according to the usage, offering significant value for money, said the report.

–IANS

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Samsung reveals India pricing for new foldables, wearables

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Paris, July 11 (IANS) Samsung on Thursday announced India pricing for the sixth generation of its foldable smartphone series, with pre-orders for Galaxy Z Fold6 and Z Flip6 now open.

The Galaxy Z Flip6 (12GB+256GB) will cost Rs 109,999 and the 12GB+512GB version will come for Rs 121,999.

Galaxy Z Fold6 in the 12GB+256GB variant will cost Rs 164,999 while the 12GB+512GB version will come for Rs 176,999.

The 12GB+1TB (silver shadow colour) will cost Rs 200,999, informed the company.

“Those pre-ordering the devices will get two screen and parts replacement as part of ‘Galaxy Z Assurance’ worth Rs 14,999 at just Rs 999,” the company said, adding that existing Samsung flagship customers can avail Rs 15,000 upgrade bonus.

“Together with Al-infused connected Galaxy ecosystem, our new products will empower you and enhance your lives. I am excited to share that both Galaxy Z Fold6 and Z Flip6 are manufactured at our Noida factory,” said JB Park, President and CEO, Samsung Southwest Asia.

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The Galaxy Watch Ultra will be available in a 47mm size in Titanium Gray, Titanium White and Titanium Silver colours. Galaxy Watch Ultra will cost Rs 59,999.

On the other hand, Galaxy Watch 7 (40 mm BT) will come for Rs 29,999; Watch 7 (40 mm LTE) for Rs 33,999; Watch 7 (44 mm BT) for Rs 32,999 and Watch 7 (44 mm LTE) for Rs 36,999 (with some offers).

“In addition to the new advanced Galaxy AI algorithm for sleep analysis and get a deeper understanding of your heart health with Electrocardiogram (ECG) and Blood Pressure (BP) monitoring,” said the company.

Galaxy Buds3 are priced at Rs 14,999 and Buds3 Pro for Rs 19,999.

The Galaxy Z Fold6, Z Flip6 and wearable devices (Buds3 series, Watch7 and Watch Ultra) will be available from July 24.

–IANS

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