Tag: technology

  • Revolutionizing AI: Low-Rank Adaptation Unlocks Unprecedented Efficiency for Massive Models

    Low-Rank Adaptation

    In the ever-evolving field of artificial intelligence (AI), the relentless pursuit of more powerful models has led to the creation of behemoths like GPT-3, boasting over 175 billion parameters. While these models have demonstrated unprecedented capabilities, their immense size poses significant challenges for fine-tuning and practical deployment. Enter Low-Rank Adaptation (LoRA), a novel approach poised to revolutionize the way we optimize and deploy large-scale AI models.

    The Challenge of Fine-Tuning Massive Models

    Foundation models like GPT-3 have shown remarkable proficiency in natural language tasks due to their extensive pretraining on vast datasets. However, adapting these models to specific domains remains a critical requirement for real-world applications. Conventional fine-tuning methods involve updating a substantial number of parameters, which not only demands exorbitant computational resources but also poses environmental concerns due to high energy consumption. The need for a more efficient method has never been more urgent.

    Unveiling Low-Rank Adaptation

    Low-Rank Adaptation (LoRA) addresses these challenges by decomposing the weight update matrices into smaller, more manageable components. Instead of adjusting the entire model, LoRA focuses on updating only two smaller matrices, thereby reducing the number of learned parameters by over 99%. This innovative approach results in significant computational and memory efficiency, enabling faster iterations and deployments with minimal loss in task accuracy.

    The Mechanics of LoRA

    Low-Rank Adaptation (LoRA) optimizes the fine-tuning of large-scale models by employing low-rank decomposition. Instead of updating entire weight matrices, LoRA decomposes them into two smaller matrices, WXW_XWX​ and WYW_YWY​, significantly reducing the number of parameters to be adjusted. The original weight matrix remains unchanged, and only the smaller matrices are updated, leading to substantial computational and memory savings.

    This approach maintains model accuracy while achieving over 99% reduction in trainable parameters, drastically shortening training times. LoRA’s efficiency allows for rapid and cost-effective fine-tuning of massive models like GPT-3, democratizing access to advanced AI capabilities.

    Empirical Evidence and Benefits

    The study provides comprehensive empirical evidence supporting the efficacy of LoRA. Tests conducted on models with up to 175 billion parameters demonstrate that LoRA achieves order-of-magnitude speedups and memory savings. For example, fine-tuning GPT-3 using traditional methods would require an estimated 10 million GPU hours, equivalent to several months of continuous optimization. In contrast, LoRA can reduce this time by up to 76%, making it feasible to accomplish in mere weeks.

    The study also highlights the impressive memory savings achieved through LoRA. For instance, tuning a mid-size model like GPT-2 sees a reduction in memory usage from 150GB to 85GB, translating to a 32% decrease. These efficiency gains are crucial for democratizing access to advanced AI capabilities, allowing smaller research labs and enterprises to leverage state-of-the-art models without prohibitive costs.

    Real-World Applications and Future Directions

    LoRA’s potential extends beyond theoretical advancements, offering tangible benefits in real-world applications. By reducing the computational resources required for fine-tuning, LoRA enables more frequent and adaptive updates to models, aligning them with the latest data and trends. This capability is particularly valuable in dynamic fields such as healthcare, finance, and climate science, where timely and accurate predictions can have significant societal impacts.
    Moreover, LoRA’s efficiency fosters interdisciplinary collaboration, enhancing fields like medical imaging by improving diagnostic accuracy and speed. In natural language processing, it enables specialized models for tasks such as legal or scientific summarization, boosting productivity and decision-making.

    To conclude, LoRA marks a significant shift in fine-tuning massive AI models by minimizing the number of parameters that need updating. This approach enhances efficiency and accessibility, making model optimization more sustainable. As specialized AI models become increasingly important, LoRA’s innovation provides a balance of performance and resource management. Saloni Thakkar’s work on LoRA addresses computational challenges and supports the wider adoption of advanced AI technologies, marking a new era in efficiency.

  • Innovative Approaches to Anomaly Detection in Retail Finance

    anomaly detection

    In the dynamic and increasingly complex landscape of retail fraud, innovative solutions for anomaly detection are essential. Bhupendrasinh Thakre’s study explores pioneering methods that integrate data mining, machine learning, and artificial intelligence (AI) to tackle the unique challenges of fraud detection in the retail sector. The study highlights the complexities of financial transactions, regulatory compliance, and restricted data access.

    Complexity of Anomaly Detection in Retail Finance

    The retail sector’s complexity, due to the intertwining of financial transactions and strict regulatory compliance, poses significant challenges in detecting anomalies. Traditional methods often fail due to the compartmentalization of financial data and the strict data access controls mandated by regulations like the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS).

    Advanced Data Mining Techniques

    Data mining techniques such as association rule mining and sequential pattern mining are employed to uncover hidden patterns and relationships within fragmented financial data. These techniques, proven successful in various fields like healthcare and telecommunications, are adapted to the retail sector to identify anomalies in financial transactions.

    Machine Learning Models

    Machine learning methods, including support vector machines (SVM) and random forests, are integrated into the framework to develop robust and adaptive models for anomaly detection. These models can learn from historical data and adjust to emerging fraud trends, maintaining their effectiveness in a dynamic threat landscape.

    Artificial Intelligence Innovations

    Artificial intelligence (AI) techniques, particularly deep learning and natural language processing (NLP), are utilized to analyze unstructured data sources such as social media posts and customer reviews. This comprehensive approach enables the detection of potential fraud risks that may not be evident from structured financial data alone.

    Privacy-Preserving Methods

    The framework incorporates privacy-preserving techniques such as homomorphic encryption and differential privacy to comply with stringent regulatory requirements. These methods ensure that sensitive financial data can be analyzed without compromising customer privacy, facilitating the creation of compliant anomaly detection models.

    Comprehensive Dataset

    The study analyzes a dataset comprising over 10 million transactions spanning over three years, providing a comprehensive view of customer behavior and transaction patterns. This extensive dataset enhances the accuracy and reliability of the anomaly detection models.

    Evaluation and Results

    The proposed anomaly detection framework was rigorously evaluated using a holdout dataset of 2.5 million transactions, maintaining the same proportion of legitimate and fraudulent transactions as the original dataset. Standard metrics such as precision, recall, and F1-score were employed to assess the performance of the framework.

    Isolation Forest

    The Isolation Forest algorithm, an unsupervised learning method, demonstrated high effectiveness in identifying anomalies in high-dimensional financial data. The algorithm achieved a recall of 0.92 and an F1-score of 0.91, indicating its capability to detect fraudulent transactions while minimizing false positives accurately.

    Autoencoder

    The deep learning-based autoencoder also showed promising results, with an F1-score of 0.91 and a recall of 0.95. The autoencoder’s ability to identify anomalies based on reconstruction errors proved valuable in detecting fraudulent activities.

    Expert Systems

    Rule-based expert systems, developed in collaboration with retail, finance, and compliance experts, complemented the machine learning models by capturing domain-specific nuances and regulatory requirements. These systems effectively identified fraud patterns that data-driven methods might have missed.

    Combined Framework

    The combined framework, which integrates data mining, machine learning, AI, and expert systems, achieved superior performance with an overall precision of 0.93, a recall of 0.96, and an F1-score of 0.94. This holistic approach demonstrated the benefits of combining multiple anomaly detection techniques.

    Bhupendrasinh Thakre’s study presents an innovative approach to anomaly detection in the retail industry, addressing the challenges of restricted data access, regulatory compliance, and complex financial transactions. The proposed framework significantly enhances fraud detection capabilities, offering a robust and flexible solution for the retail sector. Future research should focus on validating the framework across diverse datasets and industries.

  • The Role of Technology in Preventing Fraud and Accelerating Business Development

    INDIA: India’s digital revolution will likely lead to 1 billion UPI transactions in the next few years. Currently, India is emerging as a world leader in digital payments by accounting for  46% of all digital payments in the world. Leveraging digital payments is an unmissable strategy for businesses in India’s growing digital economy.

    However, the rise in digital payments has also led to a rise in online fraud. In the past three years alone, online scams have caused a collective loss of Rs. 1.25 lakh crore. In response, the Reserve Bank of India (RBI) has established various committees focused on protecting individuals and businesses, and the financial sector is increasingly turning to cutting-edge technology to tackle these threats.

    Technology plays a crucial role in safeguarding businesses from online fraud while enabling them to benefit from the country’s growing digital economy.

    Akash Sinha, CEO & Co-Founder, Cashfree Payments

    Akash Sinha, CEO & Co-Founder, of Cashfree Payments, said, “In today’s digital landscape, prioritizing safety and security against fraudulent transactions is crucial for businesses to avoid financial losses and protect their reputation. Leveraging technology-driven innovations that use AI and ML algorithms can significantly enhance defenses against fraud. These advanced solutions are transforming the security framework for online transactions in India, providing merchants with unmatched protection and peace of mind.”

    Today, secure payment solutions are required to protect businesses from fraud-related losses and build trust with customers.

    “Many businesses either overlook the importance of fraud and risk detection tools or use ones that can’t stop fraudulent transactions in real time. Additionally, creating effective fraud solutions often requires special certifications. However, it’s crucial to recognize that when customers feel secure about their transactions, they’re more likely to make repeat purchases and recommend the business to others, which drives growth.”, Akash added.

    Payment solutions that are technology-driven have complete risk management capabilities.  Data security measures like encryption and tokenization ensure that all customer data is protected, reducing the chances of data breaches. Furthermore, robust risk management systems can assist companies in meeting regulatory obligations, thereby reducing additional risks.

    Sinha further said, “At Cashfree Payments, we have built ‘RiskShield’ through extensive research to provide businesses with a comprehensive risk management solution to combat cybercrime. Designed to address issues such as high chargebacks and fraud, RiskShield is effective across various sectors including financial services, e-commerce, and travel. Utilizing advanced AI and ML algorithms, RiskShield helps businesses reduce fraudulent activities by up to 40%.”

    In the modern business world, companies can only succeed if they begin to invest in sophisticated fraud detection systems, secure payment gateway technologies, and extensive customer verification procedures.

  • The Meteoric Rise of ChatGPT: A Boon or Bane For Our Future?

    The Meteoric Rise of ChatGPT

    The Meteoric Rise of ChatGPT

    If there’s one technology today that has been seeing exponential growth in user base, it would be the popular chatbot and virtual assistant, ChatGPT from OpenAI. According to ExpressVPN, AI is not just replacing jobs but also creating new opportunities in AI development, machine learning, and data science, emphasizing that there is a huge demand for AI adoption globally. And the numbers don’t lie: Statista notes that ChatGPT still ranks first in the United States for using AI tools, accounting for 20.9% of those using it.

    However, with the heightened usage of AI tools like ChatGPT being feared to replace human jobs, the question is: Is this a blessing or a curse for our modern society? To answer this, we explore the rise of ChatGPT, how it is helping various industries, and how you can protect your privacy while using these tools.

    The Rise of ChatGPT–And Its Exponential Impact

    The first instance of having a technology like this was in 2018 when OpenAI introduced GPT-1 internally, marking the dawn of the Generative Pre-trained Transformer (GPT) series. This was then followed by GPT-2 (2019), GPT-3 (2020), the image generator DALL-E (2021), ChatGPT 3.5 (2022), GPT-4 (March 2023), and GPT-4 Turbo (November 2023).

    This year, OpenAI introduced its video generator technology in February, followed by the advanced version of ChatGPT called ‘GPT-4o’. This version excels in non-English text processing and understanding vision and audio, setting a new benchmark for AI models.

    With the introduction of these tools, ChatGPT’s impact has been felt in many professional domains. The Large Language Model (LLM) has transformed traditional workflows in various industries through its ability to automate repetitive operations, aid in content production, and offer fast access to information.

    In addition, ChatGPT helps customer service agents by responding to essential questions quickly and helping them create better responses. By providing immediate homework help, research support, and interactive learning resources, ChatGPT makes learning more approachable and exciting in education.

    Regarding entertainment and writing, ChatGPT allows users to create content, generate ideas, and write anything from poems to essays. Professionals from various industries use its features to automate chores like coding and drafting emails. ChatGPT is even being used in the entertainment sector, where it is being used to write dialogue, construct game and movie plots, and produce more engaging gaming experiences.

    The most significant impact of ChatGPT is related to increased cost-effectiveness by automating processes like coding, content generation, and customer support queries that have historically required human participation. Automation boosts productivity and lowers labor costs. Its quick generation of text that resembles that of a human being increases productivity, and organizations can save money by integrating ChatGPT through APIs, which improves services and streamlines procedures without requiring a lot of human resources.

    Anxious With ChatGPT? Here’s What to Do

    While ChatGPT is doing many wonderful things globally, the discussion is complete by noting the negative impact AI tools like ChatGPT have had in our modern society and their limitations in their current state.

    With the primary one being overreliance on this technology, it is feared that companies would eliminate human customer support in favor of AI-powered chatbots. Another issue that arises from that is that ChatGPT–and other subsequent AI models–is built on limited data and can be biased. Moreover, with limited datasets, ChatGPT can also not understand particular contexts based on culture or gender.

    However, the biggest and most personal issue with ChatGPT relates to the term’ AI anxiety’, which refers to the feelings of worry, discomfort, and fear that individuals have regarding artificial intelligence and its impact on society, jobs, and privacy.

    While the World Economic Forum estimates that AI could replace approximately 85 million jobs by 2025 and automation could account for 65% of retail positions, it is worth noting that AI’s impact isn’t just about replacing jobs but also changing them. AI can handle basic and repetitive tasks, like data entry and straightforward customer service inquiries. With that in mind, humans can focus more on tasks that require deeper context and creativity that best serve humanity, ensuring job security in a changing landscape.

    In addition to those concerns, privacy is another issue with ChatGPT. It uses all of your interactions in the software as a learning tool for its database to further improve future generative AI responses. As such, it evokes a feeling of invading the privacy of its users and poses ethical concerns about using personal information for GenAI tools.

    When using ChatGPT or any related software, don’t divulge private or sensitive information about yourself, such as your residence, phone number, place of employment, or financials. If you use a platform that incorporates ChatGPT, your data may be accessible to third parties. Giving such information away puts you in danger of financial fraud, identity theft, and other online crimes.

    You can also prevent ChatGPT from using your data for model training while keeping your conversation history intact—a feature also referred to as incognito mode—to maintain control over the information you give with it. This guarantees that your conversations with ChatGPT won’t influence the development of new models in the future. On top of that, you can also delete your chats with ChatGPT and toggle memory off whenever using ChatGPT.

    ChatGPT has had a significant influence, providing unprecedented ease and support in several areas, including education, customer support, and individual productivity. Due to its capacity to provide human-like responses and insightful information has become an important tool in the digital age. But with all this power comes the urgent requirement for strong internet security measures.

    Trust and integrity in ChatGPT interactions depend on protecting user privacy, stopping misinformation, and guarding against malicious use. By setting internet safety as a top priority, you can ensure that, as we continue to utilise AI’s capabilities, it will continue to be a safe and valuable tool for all users, empowering you to take control of your online activities.

  • Zoho to foray into eastern UP this year: CEO Sridhar Vembu

    Zoho to foray into eastern UP this year: CEO Sridhar Vembu

    IANS

    In a first such move, Cloud software major Zoho is likely to mark its presence in eastern Uttar Pradesh this year, the company’s Co-founder and CEO Sridhar Vembu said on Monday.

    The Chennai-based SAAS company last year surpassed 100 million users across over 55 business applications.

    “We are going to Eastern UP this year, our first major rural expedition North. I wish we could have a meaningful presence everywhere and maybe over the next 20 years we will get there. That is my dream,” Vembu said in a post on social media platform X.com.

    Noting that he loves the country and his heritage Vembu said that India “is vast talent waiting for opportunity everywhere in Bharat”.

    “I love our nation — while I am proud of my Tamil heritage, I am equally fond of every one of our states and our regions and the vast cultural, spiritual, and civilisational heritage they represent”.

    Zoho Desk, by Zoho

    He said that Zoho “wants to create world-class R&D capability wherever we go and there is a speed limit to how fast you can scale up R&D teams and it is not at all like scaling up manufacturing plants”.

    He informed that the company is doing well in Kerala’s Kottarakara. The industrial park and R&D centre, majorly focussed on AI and robotics, was launched in February. The centre is expected to generate around 1,000 jobs in Kerala.

    According to Vembu, high-end technology companies in rural towns can be crucial to help “stop the exodus of youngsters seeking overseas jobs”.

     Zoho began its rural office in Tamil Nadu’s Tenkasi in 2011. It started with hardly 10 employees, and now reportedly has around 900 professionals working in a non-urban area.

    (With inputs from IANS)

     

     

  • Over 95 per cent villages now have access to Internet: Centre

    Over 95 per cent villages now have access to Internet

    Over 95 per cent villages now have access to InternetIANS

    Under the ‘Digital India’ Initiative, more than 95 per cent of villages now have access to the Internet with 3G/4G mobile connectivity, the Centre informed on Friday.

    Out of a total of 954.4 million Internet subscribers in India, there are 398.35 million rural Internet subscribers (as of March), according to the Ministry of Communications.

    Further, out of 6,44,131 villages in the country, 6,12,952 villages are having 3G/4G mobile connectivity. Thus, 95.15 per cent of villages have access to the internet (as of April).

    Under the ‘Digital India’ initiative, the government has taken several initiatives to connect not only Metros but also tier-2 and tier-3 cities as well as rural and remote areas.

    The total internet subscribers in the country have increased from 251.59 million to 954.4 million in March at a compound annual growth rate (CAGR) of 14.26 per cent.

    “The last 10 years have seen a vast expansion of the telecom network covering all corners of Bharat including tier-2/3 cities and villages,” said the government.

    To provide broadband services to rural households, with the ‘BharatNet’ project, all gram panchayats (GPs) in the country will be connected with Optical Fibre Cable (OFC) connectivity.

    Telecom Regulatory Authority of India (TRAI)

    Telecom Regulatory Authority of India (TRAI)IANS

    Out of a total of 2.22 lakh GPs envisaged under the two phases BharatNet, 2.13 lakh GPs have been made service ready, informed the government.

    “Also, the Amended BharatNet Programme aims to provide optical fibre connectivity to 42,000 uncovered GPs and remaining 3.84 lakh villages on-demand basis and to provide 1.5 crore rural home fibre connections,” said the Ministry.

    The government has also amended licensing conditions in August 2022 to facilitate the installation of mobile towers in border areas.

    The Centre also issued ‘Indian Telegraph Right of Way (RoW) Rules 2016‘ and amended rules from time to time for faster and easier rollout of telecom infrastructure.

    The RoW permissions for the installation of mobile towers have been facilitated in border areas by the launch of the Gati Shakti Sanchar Portal for faster RoW approvals.

    (With inputs from IANS)

     

  • NPCIL starts loading nuclear fuel at its 700 MW unit in Rajasthan

    NPCIL starts loading nuclear fuel at its 700 MW unit in Rajasthan

    NPCIL starts loading nuclear fuel at its 700 MW unit in RajasthanIANS

    Nuclear fuel loading at the 700 MW plant at the Rajasthan Atomic Power Project has commenced, atomic power major Nuclear Power Corporation of India Ltd (NPCIL) announced on Wednesday.

    According to NPCIL, the fuel loading process began on Tuesday at the plant located in Rawatbhata in Rajasthan.

    The Initial Fuel Loading process began after receiving permission from the Atomic Energy Regulatory Board (AERB) and on completion of all other requirements, NPCIL said.

    The Initial Fuel Loading process will be followed by the First Approach to Criticality (start of nuclear fission for the first time) and subsequent power generation.

    According to NPCIL, commercial production of power by Unit 7 will happen this year.

    The atomic power major also said the other 700 MW plant (Unit 8) is expected to come on line next year.

    Kudankulam nuke plant

    Kudankulam nuke plantwww.npcil.nic.in

    NPCIL said Unit 7 at RAPP is the third in the series of 16 700 MW Pressurised Heavy Water Reactors (PHWR) being built in the country.

    The first two of the 700 MW PHWRs commenced commercial operations at Kakrapar (Units 3 and 4) in Gujarat in 2023-24, NPCIL said.

    The two units in Kakrapar are working at good capacity factor.

    Late last month, the 220 MW Unit 3 at the Rajasthan Atomic Power Station (RAPS) was connected to the grid after undergoing major renovation and modernisation, including the replacement of the coolant channel, feeder, and other upgrades.

    Unit 3 or RAPS 3 has now enhanced safety measures with 30 years of extended life, NPCIL said.

    The RAPS 3 commenced commercial power production in June 2000 and was in operation for 22 years before it was taken up for renovation and modernisation in 2022.

    In March 2024, India stepped into the second phase of the three-stage nuclear power programme with ‘core loading’ at the first indigenous 500 MW Prototype Fast Breeder Reactor (PFBR) set up in Kalpakkam near Chennai.

    The core loading process includes fuel loading.

    The 500 MW PFBR is built by fast breeder reactor company Bhartiya Nabhikiya Vidyut Nigam Ltd (BHAVINI).

    Once commissioned, India will only be the second country after Russia to have a commercially operating fast breeder reactor.

    (With inputs from IANS)

     

  • Le Travenues Technology Limited announces its financial results for the quarter ended June 30, 2024

    Mumbai, India, 02nd August 2024: Le Travenues Technology Limited (NSE: IXIGO, BSE: 544192), India’s leading OTA for the Next Billion Users, announces its financial results (standalone and consolidated) for the quarter ended June 30, 2024.

    Key Performance Highlights – Q1 FY25

    ● Gross Transaction Value (GTV) crossed Rs. 2,988 Cr in Q1 FY25, growing by 27% YoY. Train & Flight GTV expansion of 28% YoY and Bus GTV expansion of 16% YoY for Q1 FY25 vs Q1 FY24.

    ● Revenue From Operations grew by 16% YoY in Q1 FY25 to Rs. 181.9 Cr from Rs. 156.6 Cr in Q1 FY24.

    ● Contribution Margin (CM) increased by 22% YoY for Q1 FY25, reaching Rs. 86.8 Cr. CM as a % of Revenue from Operations increased from 45% in Q1 FY24 to 48% in Q1 FY25.

    ● EBITDA increased by 62% to Rs. 19.2 Cr for Q1 FY25 as compared to the same period in the previous year. Adjusted EBITDA (EBITDA plus ESOP Expenses less Other Income) increased to Rs. 20.3 Cr. for Q1 FY25, an increase of 48% from Rs. 13.7 Cr in Q1 FY24.

    ● Profit After Tax grew by 78% YoY in Q1 FY25 to Rs. 14.9 Cr, compared to Rs. 8.4 Cr in Q1 FY24.

    Management Comments

    Commenting on the results, Aloke Bajpai, Group CEO & Rajnish Kumar, Group Co-CEO, ixigo, stated: “We are pleased to report continued momentum in our growth in Q1 FY25, with an all-time high GTV, Revenue from Operations, Contribution Margin & Adjusted EBITDA for the quarter. We continue to expand rapidly and improve our market share and at the same time have been able to improve our profitability. We believe the government initiatives on infrastructure, capacity creation and spiritual tourism are set to benefit our sector.”

    Saurabh Devendra Singh, Group CFO, ixigo, added: “Our financial results for Q1 FY25 are a testament to our disciplined approach of balancing growth and profitability. We remain committed to growing responsibly and balancing profitability with growth given we will continue investing into initiatives that help us in the long term.”


    Rekha Nair

  • Karnataka takes plunge, launches Cyber Security Policy 2024 to combat rising crimes

    Karnataka launches Cybersecurity Policy 2024 to combat rising crimes

    Karnataka launches Cybersecurity Policy 2024 to combat rising crimesIANS

    The Karnataka government on Thursday launched a comprehensive Cyber Security Policy 2024 to combat rising levels of cyber-crimes and promote awareness to protect the state’s digital infrastructure.

    The policy has been collaboratively drafted by the Department of Electronics, IT, BT and Science and Technology, the Department of Personnel and Administrative Reforms (e-Governance), and the Home Department, in consultation with relevant stakeholders from both the government and private sectors.

    The policy was also reviewed by the Indian Institute of Science, which is the anchor institute for the state’s K-tech Centre of Excellence in Cyber Security (CYSECK).

    Minister for RDPR, IT and BT Priyank Kharge said, “The Government of Karnataka, recognising the rising importance of cybersecurity, has meticulously crafted this policy to establish a resilient and secure cyberspace for our citizens and enterprises.”

    He emphasized that the policy, aligned with national and international efforts highlights Karnataka’s proactive stance in addressing cyber threats. He expressed confidence that its implementation would significantly protect the state’s digital infrastructure.

    Cyber attack

    Cyber attackIANS

    “It will also foster innovation and growth within the cybersecurity sector, ensuring that Karnataka remains at the forefront of technological advancement and becomes the leading cybersecurity hub of the country,” he added.

    The policy aims to build a dynamic, secure, and resilient cyberspace for all G2G, G2B, and G2C services of the Government of Karnataka. “Beyond establishing a secure cyber ecosystem, the policy aims to create an assurance framework, strengthen the regulatory framework, quickly respond to security threats, protect critical information, reduce supply chain risks, and develop human resources,” Priyank Kharge said.

    He also launched a skilling programme by network giant CISCO. Kharge said, “This partnership with CISCO is a testament to our commitment to fostering a secure digital environment. By training 40,000 individuals, with a special emphasis on empowering women, we are not only addressing the skills gap but also promoting inclusivity in the tech sector.”

    This policy has two parts: The first part focuses on building a strong cybersecurity ecosystem across all segments of society, including the public, academia, industry, startups and the government. The second part of the policy focuses on strengthening the cybersecurity posture of the state’s IT assets. Whilst the first part will be in the public domain, the second part will be internal to the state’s IT teams and departments for their implementations.

    The total financial outflow for the implementation of the Cyber Security Policy for five years is about Rs103.87 crore, which would be met from the budgetary allocation of the Department of IT, BT and Science and Technology. Out of this, Rs 23.74 crore would go towards providing incentives and concessions.

    (with inputs from IANS)

     

  • Infosys disputes alleged Rs 32,403 Crore GST evasion, share price declines slightly

    Infosys stock falls as company disputes Rs 32,000 crore GST notice

    IANS

    Infosys has recently been embroiled in a controversy over a Goods and Services Tax (GST) notice alleging tax evasion to the tune of Rs 32,403 crore. The notice, issued by the Karnataka State GST authorities, has been disputed by the company, leading to a slight dip in its share prices. The company’s shares, which opened at Rs 1,850, were trading between 0.5-1 per cent lower following the news. Despite this, the company’s shares have seen a significant increase of over 20 per cent since the beginning of the year.

    The GST notice is based on the claim that Infosys is liable to pay Integrated GST (IGST) under the reverse charge mechanism on supplies received from branches located outside India. The alleged evasion amount pertains to the period from July 2017 to March 2022. However, Infosys has refuted these allegations in a stock exchange filing, stating that as per regulations, GST is not applicable on these expenses. The company further cited a recent circular issued by the Central Board of Indirect Taxes and Customs (CBIC), which states that services provided by overseas branches to Indian entities are not subject to GST. Infosys has maintained that it has paid all its GST dues and is fully compliant with central and state regulations on this matter.

    This development has sparked concerns that other major IT companies may also receive similar notices. Tax authorities are reportedly scrutinizing alleged tax evasion on services by overseas offices of these firms. This could potentially lead to a wider investigation into the IT sector’s tax practices, particularly those related to overseas operations. The controversy has elicited reactions from various quarters. Mohandas Pai, the company’s former CEO, termed the incident as an instance of ‘Tax Terrorism’. He expressed outrage over the notice, highlighting the potential implications for the IT sector and the business environment in general.

    Infosys has a history of robust financial performance and has consistently reported better-than-expected quarterly results. Analysts have suggested a ‘Buy’ on the stock, citing strong recovery and an attractive dividend yield of over 3 per cent. The company’s resilience in the face of this controversy will be a key factor in maintaining investor confidence.

    Infosys

    Reuters

    The current situation brings to mind similar instances in the past where major corporations have faced tax evasion allegations. These cases often involve complex legal and regulatory issues, and can have significant implications for the companies involved. It is crucial for companies to ensure full compliance with tax laws and regulations, and to respond promptly and transparently to any allegations or inquiries.

    The GST notice issued to Infosys has stirred up a significant controversy. The company’s response and the subsequent market reaction highlight the complexities of tax compliance for multinational corporations. As the situation unfolds, it will be interesting to see how Infosys navigates this challenge, and what implications it may have for the broader IT sector. The company’s stance on the issue, backed by its strong financial performance and investor confidence, will likely play a crucial role in shaping the outcome of this controversy.