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FAQs
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What are cryptocurrencies?
Cryptocurrency - it's become one of the buzzwords of the 21st Century.It is something which you often hear in the news but a word which you can be forgiven for not knowing what it actually means.Thankfully Price Bailey Chartered Accountants in Cambridge are experts in the field and can provide advice on how cryptocurrencies can help your business. Here Mark Ellis - a research executive at the firm - gives us a layman's guide.What are cryptocurrencies?Cryptocurrencies differ from traditional currencies in a number of ways, the most obvious being that they are an electronic form of currency. In addition, they aren’t backed by any physical commodity or by a central agency, such as the government.Anyone can gain access to cryptocurrency. An individual will need a cryptocurrency wallet to store a digital key that will allow them to access the address of the cryptocurrency. Wallets are typically web-based or app based, allowing users to access and view their balance as an online banking app does.How much are cryptocurrencies worth?The value of cryptocurrencies, such as Bitcoin and Ether, is based upon a shared belief amongst individuals that it has value and can be used in exchange for goods and services, as well as a store of wealth.Unlike previous digital currencies, cryptocurrencies do not have a central body recording and monitoring the use of the currency. This decentralisation is one the key benefits derived from the underlying technology, blockchain.What are blockchains?Blockchains are ledgers distributed amongst a peer-to-peer network, with blocks in each ledger representing a new record or transaction. Each new block contains encrypted information from the previous block in addition to a timestamp and the transaction data.However, new blocks can only be added to the chain once they have been verified by all of the individuals within the network. With the network recording and verifying every transaction, there isn’t a need for a central server or authority and this system ensures tokens cannot be spent twice, a key flaw in previous digital currencies.Could they become an alternative to traditional currencies?The rise in popularity of a number of cryptocurrencies over the past two years has caused many to question whether they could become a viable alternative to physical currency. However, the perceived complexity of cryptocurrencies has dissuaded many consumers from using them.There has also been increasing pressure from central bodies to make cryptocurrency transactions more transparent. This has the potential to limit widespread uptake and potentially detract from the value that investors perceive the currencies to have.How can this be overcome?Increasing participation will be critical in enabling cryptocurrencies to become an alternative to traditional currencies. As the market size for cryptocurrencies increases and prices become less susceptible to market transactions, the volatility should decrease. This in turn should increase cryptocurrencies credentials as a store of wealth.Due to these factors, cryptocurrencies could open the financial system to those that would typically struggle to participate, i.e. those with poor credit scores or no address; a country will benefit from the increasing number of consumers, supporting economic growth. At present, the volatility poses a serious risk to businesses profit margins, meaning that retailers have shown caution in accepting cryptocurrencies as a form of payment.
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In venture capital arrangements for startups (especially during the seed stage), are memorandum of agreements, shareholder agree
All investments in a company are made according to detailed legal documents that specify everything about the relationships between the various parties, the terms of the value exchange, and the rights and responsibilities of everyone involved. The paperwork can range from three to five pages for a simple, nonconvertible note to 120 pages or more for a full convertible preferred stock round. Because these are legal documents, both you and the investor(s) have your own lawyers, who work together to develop the agreements signed by the principals.The collection of documents that constitute the investment agreement are summarized in a much shorter document known as the term sheet (anywhere from one to half a dozen pages, depending on the type of investment). Think of the term sheet as a shorthand way of documenting an agreement in principle that takes many pages of legalese to implement. It deals specifically with all of the major points of the relationships, and thus allows both sides to determine quickly whether they want to enter into a deal.A term sheet is usually (although not always) drafted by the investor and presented to you with a defined date by which it needs to be accepted. If you sign and return it within that period, the deal is in motion, and the lawyers for each side go back and forth on the documents that will be signed at the closing. Alternatively, you may respond by declining the terms as presented, but indicate that you would be receptive to a deal at a higher valuation, or with a larger investment, or something else. In that case, the ball is back in the court of the investor, who may simply walk away or come back with a revised term sheet.The period between when an investor presents a signed term sheet to you and the expiration date of the offer is critical for everyone. Since you are not bound by anything in the term sheet until you sign it, you are free to do whatever you want with it, including taking it to other potential investors and saying, in effect, “Look! Here is a signed term sheet that I've been given by Tom. Dick, would you be interested in matching or beating it? Just so you know, I'm also speaking with Harry, who has expressed interest as well.”While it would not happen in exactly that way, I guarantee you that the Holy Grail of fund-raising (from a founder's perspective) is having more than one term sheet from which to choose. And since market competition is a main driver in early stage finance, one term sheet often brings others from potential investors who were sitting on the fence.Because of the possibility (if not likelihood) of their term sheet being shopped around by you to other investors and used as a stalking horse, investors try to make the consideration time as short as possible. In most cases, an interested investor will have several conversations with you to figure out the range of terms you are likely to accept. They may also send over an unsigned draft of the sheet that is not binding on them, to get feedback. After the real term sheet is delivered with a signature, you usually have one to three days to accept or decline the offer.Once you have signed the term sheet, it is binding— not just legally (for at least some parts of it), but also ethically. If either party backs out of a signed term sheet without a good reason, word will get around, and the action will have long-term repercussions, including a stain on your— or the investor's— reputation.After both parties have signed, the lawyers work on the full documentation for the round. One lawyer (usually specified in the term sheet) will be responsible for the base drafting, with the other making comments, although in most cases the documents are based on standard industry models. The timing of the actual payment of moneys committed during the investment round depends upon the nature of the round. In friends and family rounds, you may be able to receive funds as they are committed. In a traditional angel round, there will be a targeted range that you try to signNow, as well as a minimum amount needed to close. Once that minimum is signNowed, a closing is held at which all the funds are released to the company.In the past, a closing involved sending paper back and forth for signatures and using overnight delivery services to send checks to the company's bank. Today, the trend is toward fully electronic/ digital closings, in which the requisite documents are electronically signed by all parties and funds are wired directly into the company's bank accounts.From Rose, David S. The Startup Checklist: 25 Steps to a Scalable, High-Growth Business (pp. 219-222). Wiley.
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What are the important sections of cyber laws in India?
The Government of India enacted its Information Technology Act 2000 with the objectives stating officially as: “to provide legal recognition for transactions carried out by means of electronic data interchange and other means of electronic communication, commonly referred to as "electronic commerce", which involve the use of alternatives to paper-based methods of communication and storage of information, to facilitate electronic filing of documents with the Government agencies and further to amend the Indian Penal Code, the Indian Evidence Act, 1872, the Bankers' Books Evidence Act, 1891 and the Reserve Bank of India Act, 1934 and for matters connected therewith or incidental thereto.The Act essentially deals with the following issues: Legal Recognition of Electronic Documents Legal Recognition of Digital Signatures Offenses and Contraventions Justice Dispensation Systems for cyber crimes.CYBER CRIME- Cyber Crime is not defined officially in IT Act or in any other legislation. In fact, it cannot be too. Offence or crime has been dealt with elaborately listing various acts and the punishments for each, under the Indian Penal Code, 1860 and related legislations. Hence, the concept of cyber crime, is just a "combination of crime and computer". Cybercrime means any illegal behavior directed by means of electronic operations that targets the security of computer systems and the data processed by them. Furthermore any illegal behavior committed by means of, or in relation to, a computer system or network, including such crimes as illegal possession and offering or distributing information by means of a computer system or network. Any contract for the sale or conveyance of immovable property or any interest in such property; Any such class of documents or transactions as may be notified by the Central Here are some of the sections of the IT Act 2000 which are related to cyber crimes: Section 43 - Penalty and Compensation for damage to computer, computer system, If any person without permission of the owner or any other person who is in-charge of a computer, computer system or computer network – (a) accesses or secures access to such computer, computer system or computer network or computer resource (b) downloads, copies or extracts any data, computer data, computer database or information from such computer, computer system or computer network including information or data held or stored in any removable storage medium; (c) introduces or causes to be introduced any computer contaminant or computer virus into any computer, computer system or computer network- (d) damages or causes to be damaged any computer, computer system or computer network, data, computer database, or any other programmes residing in such computer, computer system or computer network-3. (e) disrupts or causes disruption of any computer, computer system, or computer network; (f) denies or causes the denial of access to any person authorised to access any computer, computer system or computer network by any means (h) charges the services availed of by a person to the account of another person by tampering with or manipulating any computer of a computer, computer system or computer network- (g) provides any assistance to any person to facilitate access to a computer, computer system or computer network in contravention of the provisions of this Act, rules or regulations made there under, (h) charges the services availed of by a person to the account of another person by tampering with or manipulating any computer, computer system, or computer network, (i) destroys, deletes or alters any information residing in a computer resource or diminishes its value or utility or affects it injuriously by any means, (j) Steals, conceals, destroys or alters or causes any person to steal, conceal, destroy or alter any computer source code used for a computer resource with an intention to cause damage, he shall be liable to pay damages by way of compensation to the person so affected. Section 43A - Compensation for failure to protect data Where a body corporate, possessing, dealing or handling any sensitive personal data or information in a computer resource which it owns, controls or operates, is negligent in implementing and maintaining reasonable security practices and procedures and thereby causes wrongful loss or wrongful gain to any person, such body corporate shall be liable to pay damages by way of compensation, not exceeding five crore rupees, to the person so affected. Section 65 - Tampering with Computer Source Documents If any person knowingly or intentionally conceals, destroys code or alters or causes another to conceal, destroy code or alter any computer, computer programme, computer system, or computer network, he shall be punishable with imprisonment up to three years, or with fine up to two lakh rupees, or with both. Section 66 - Computer Related Offences If any person, dishonestly, or fraudulently, does any act referred to in section 43, he shall be punishable with imprisonment for a term which may extend to two three years or with fine which may extend to five lakh rupees or with both. Section 66A - Punishment for sending offensive messages through communication service Any person who sends, by means of a computer resource or a communication device, (a) any information that is grossly offensive or has menacing character; (b) any information which he knows to be false, but for the purpose of causing annoyance, inconvenience, danger, obstruction, insult, injury, criminal intimidation, enmity, hatred, or ill will, persistently makes by making use of such computer resource or a communication device, (c) any electronic mail or electronic mail message for the purpose of causing annoyance or inconvenience or to deceive or to mislead the addressee or recipient about the origin of such messages shall be punishable with imprisonment for a term which may extend to three years and with fine. Section 66B - Punishment for dishonestly receiving stolen computer resource or communication device. Whoever dishonestly receives or retains any stolen computer resource or communication device knowing or having reason to believe the same to be stolen computer resource or communication device,4. shall be punished with imprisonment of either description for a term which may extend to three years or with fine which may extend to rupees one lakh or with both. Section 66C - Punishment for identity theft Whoever, fraudulently or dishonestly make use of the electronic signature, password or any other unique identification feature of any other person, shall be punished with imprisonment of either description for a term which may extend to three years and shall also be liable to fine which may extend to rupees one lakh. Section 66D - Punishment for cheating by personation by using computer resource Whoever, by means of any communication device or computer resource cheats by personating; shall be punished with imprisonment of either description for a term which may extend to three years and shall also be liable to fine which may extend to one lakh rupees. Section 66E - Punishment for violation of privacy Whoever, intentionally or knowingly captures, publishes or transmits the image of a private area of any person without his or her consent, under circumstances violating the privacy of that person, Explanation - For the purposes of this section: (a) “transmit” means to electronically send a visual image with the intent that it be viewed by a person or persons; (b) “capture”, with respect to an image, means to videotape, photograph, film or record by any means; (c) “private area” means the naked or undergarment clad genitals, pubic area, buttocks or female breast; (d) “publishes” means reproduction in the printed or electronic form and making it available for public; (e) “under circumstances violating privacy” means circumstances in which a person can have a reasonable expectation that-- (i) he or she could disrobe in privacy, without being concerned that an image of his private area was being captured; or (ii) any part of his or her private area would not be visible to the public, regardless of whether that person is in a public or private place. shall be punished with imprisonment which may extend to three years or with fine not exceeding two lakh rupees, or with both. Section-66F Cyber Terrorism Whoever,- with intent to threaten the unity, integrity, security or sovereignty of India or to strike terror in the people or any section of the people by – (i) denying or cause the denial of access to any person authorized to access computer resource; or (ii) attempting to penetrate or access a computer resource without authorisation or exceeding authorized access; or (iii) introducing or causing to introduce any Computer Contaminant and by means of such conduct causes or is likely to cause death or injuries to persons or damage to or destruction of property or disrupts or knowing that it is likely to cause damage or disruption of supplies or services essential to the life of the community or adversely affect the critical information infrastructure specified under section 70, Whoever commits or conspires to commit cyber terrorism shall be punishable with imprisonment which may extend to imprisonment for life. Section 67 - Punishment for publishing or transmitting obscene material in electronic form Whoever publishes or transmits or causes to be published in the electronic form, any material which is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely, having regard to all relevant circumstances, to read, see or hear the matter contained or embodied in it, shall be punished on first conviction with imprisonment of either description for a term which5. may extend to two three years and with fine which may extend to five lakh rupees and in the event of a second or subsequent conviction with imprisonment of either description for a term which may extend to five years and also with fine which may extend to ten lakh rupees. Section 67A - Punishment for publishing or transmitting of material containing sexually explicit act, etc. in electronic form Whoever publishes or transmits or causes to be published or transmitted in the electronic form any material which contains sexually explicit act or conduct shall be punished on first conviction with imprisonment of either description for a term which may extend to five years and with fine which may extend to ten lakh rupees and in the event of second or subsequent conviction with imprisonment of either description for a term which may extend to seven years and also with fine which may extend to ten lakh rupees. Section 67B - Punishment for publishing or transmitting of material depicting children in sexually explicit act, etc. in electronic form Whoever:- (a) publishes or transmits or causes to be published or transmitted material in any electronic form which depicts children engaged in sexually explicit act or conduct or (b) creates text or digital images, collects, seeks, browses, downloads, advertises, promotes, exchanges or distributes material in any electronic form depicting children in obscene or indecent or sexually explicit manner or (c) cultivates, entices or induces children to online relationship with one or more children for and on sexually explicit act or in a manner that may offend a reasonable adult on the computer resource or (d) facilitates abusing children online or (e) records in any electronic form own abuse or that of others pertaining to sexually explicit act with children, shall be punished on first conviction with imprisonment of either description for a term which may extend to five years and with a fine which may extend to ten lakh rupees and in the event of second or subsequent conviction with imprisonment of either description for a term which may extend to seven years and also with fine which may extend to ten lakh rupees: Section 69 - Powers to issue directions for interception or monitoring or decryption of any information through any computer resource.- (1) Where the central Government or a State Government or any of its officer specially authorized by the Central Government or the State Government, as the case may be, in this behalf may, if is satisfied that it is necessary or expedient to do in the interest of the sovereignty or integrity of India, defence of India, security of the State, friendly relations with foreign States or public order or for preventing incitement to the commission of any cognizable offence relating to above or for investigation of any offence, it may, subject to the provisions of sub-section (2), for reasons to be recorded in writing, by order, direct any agency of the appropriate Government to intercept, monitor or decrypt or cause to be intercepted or monitored or decrypted any information transmitted received or stored through any computer resource. (2) The Procedure and safeguards subject to which such interception or monitoring or decryption may be carried out, shall be such as may be prescribed. (3) The subscriber or intermediary or any person in charge of the computer resource shall, when called upon by any agency which has been directed under sub section (1), extend all facilities and technical assistance to -6. (a) provide access to or secure access to the computer resource generating, transmitting, receiving or storing such information; or (b) intercept or monitor or decrypt the information, as the case may be; or (c) provide information stored in computer resource. (4) The subscriber or intermediary or any person who fails to assist the agency referred to in sub-section (3) shall be punished with an imprisonment for a term which may extend to seven years and shall also be liable to fine. Section 69A - Power to issue directions for blocking for public access of any information through any computer resource (1) Where the Central Government or any of its officer specially authorized by it in this behalf is satisfied that it is necessary or expedient so to do in the interest of sovereignty and integrity of India, defense of India, security of the State, friendly relations with foreign states or public order or for preventing incitement to the commission of any cognizable offence relating to above, it may subject to the provisions of sub-sections (2) for reasons to be recorded in writing, by order direct any agency of the Government or intermediary to block access by the public or cause to be blocked for access by public any information generated, transmitted, received, stored or hosted in any computer resource. (2) The procedure and safeguards subject to which such blocking for access by the public may be carried out shall be such as may be prescribed. (3) The intermediary who fails to comply with the direction issued under sub-section (1) shall be punished with an imprisonment for a term which may extend to seven years and also be liable to fine. Section 69B. Power to authorize to monitor and collect traffic data or information through any computer resource for Cyber Security (1) The Central Government may, to enhance Cyber Security and for identification, analysis and prevention of any intrusion or spread of computer contaminant in the country, by notification in the official Gazette, authorize any agency of the Government to monitor and collect traffic data or information generated, transmitted, received or stored in any computer resource. (2) The Intermediary or any person in-charge of the Computer resource shall when called upon by the agency which has been authorized under sub-section (1), provide technical assistance and extend all facilities to such agency to enable online access or to secure and provide online access to the computer resource generating, transmitting, receiving or storing such traffic data or information. (3) The procedure and safeguards for monitoring and collecting traffic data or information, shall be such as may be prescribed. (4) Any intermediary who intentionally or knowingly contravenes the provisions of subsection (2) shall be punished with an imprisonment for a term which may extend to three years and shall also be liable to fine. Section 71. Penalty for misrepresentation Whoever makes any misrepresentation to, or suppresses any material fact from, the Controller or the signNowing Authority for obtaining any license or Electronic Signature Certificate, as the case may be, shall be punished with imprisonment for a term which may extend to two years, or with fine which may extend to one lakh rupees, or with both.7. Section 72 - BsignNow of confidentiality and privacy Any person who, in pursuant of any of the powers conferred under this Act, rules or regulations made there under, has secured access to any electronic record, book, register, correspondence, information, document or other material without the consent of the person concerned discloses such electronic record, book, register, correspondence, information, document or other material to any other person shall be punished with imprisonment for a term which may extend to two years, or with fine which may extend to one lakh rupees, or with both. These are the IPC Section codes : Section 499. Defamation Whoever, by words either spoken or intended to be read, or by signs or by visible representations, makes or publishes any imputation concerning any person intending to harm, or knowing or having reason to believe that such imputation will harm, the reputation of such person, is said, except in the cases hereinafter expected, to defame that person. It may amount to defamation to impute anything to a deceased person, if the imputation would harm the reputation of that person if living, and is intended to be hurtful to the feelings of his family or other near relatives. First Exception.—Imputation of truth which public good requires to be made or published Second Exception.—Public conduct of public servants Third Exception.—Conduct of any person touching any public question Fourth Exception.—Publication of reports of proceedings of Courts Fifth Exception.-Merits of case decided in Court or conduct of witnesses and others concerned. Sixth Exception.—Merits of public performance Seventh Exception.—Censure passed in good faith by person having lawful authority over another. Eighth Exception.—Accusation preferred in good faith to authorised person. Ninth Exception.—Imputation made in good faith by person for protection of his or other’s interests Tenth Exception.—Caution intended for good of person to whom conveyed or for public good Section 500. Punishment for defamation Whoever defames another shall be punished with simple imprisonment for a term which may extend to two years, or with fine, or with both.8. CLASSIFICATION OF OFFENCE Para I Punishment—Simple imprisonment for 2 years, or fine, or both—Non-cognizable—Bailable—Triable by Court of Session—Compoundable by the person defamed. Para II Punishment—Simple imprisonment for 2 years, or fine, or both—Non-cognizable—Bailable—Triable by Magistrate of the first class—Compoundable by the person defamed with the permission of the court Section 420 Cheating and dishonestly inducing delivery of property Whoever cheats and thereby dishonestly induces the person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.CLASSIFICATION OF OFFENCE Punishment—Imprisonment for 7 years and fine—Cognizable—Non-bailable—Triable by Magistrate of the first class—Compoundable by the person cheated with the permission of the court. Section 383. Extortion Whoever intentionally puts any person in fear of any injury to that person, or to any other, and thereby dishonestly induces the person so put in fear to deliver to any property or valuable security, or anything signed or sealed which may be converted into a valuable security, commits “extortion”. Example; (a) A threatens to publish a defamatory libel concerning Z unless Z give him money. He thus induces Z to give him money. A has committed extortion. (b) A threatens Z that he will keep Z’s child in wrongful confinement, unless Z will sign and deliver to A promissory note binding Z to pay certain monies to A. Z signs and delivers the note. A has committed extortion. (c) A threatens to send club-men to plough up Z’s field unless Z will sign and deliver to B bond binding Z under a penalty to deliver certain produce to B, and thereby induces Z to sing and deliver the bond. A has committed extortion. (d) A, by putting Z in fear of grievous hurt, dishonestly induces Z to sign or affix his seal to a blank paper and deliver it to A. Z signs and delivers the paper to A. Here, as the paper so signed may be converted into a valuable security. A has committed extortion. Section 384. Punishment for extortion Whoever commits extortion shall be punished with imprisonment of either description for a term which may extend to three years, or with fine or with both.9. CLASSIFICATION OF OFFENCE Punishment—Imprisonment for 3 years, or fine, or both—Cognizable—Non-bailable—Triable by any Magistrate—Non-compoundable.Section 463. Forgery Whoever makes any false documents or false electronic record or part of a document or electronic record, with intent to cause damage or injury], to the public or to any person, or to support any claim or title, or to cause any person to part with property, or to enter into any express or implied contract, or with intent to commit fraud or that fraud may be committed, commits forgery.Section 465. Punishment for forgery Whoever commits forgery shall be punished with imprisonment of either description for a term which may extend to two years, or with fine, or with both.CLASSIFICATION OF OFFENCE Punishment—Punishment for forgery of such document—Cognizable—Bailable—Triable by Magistrate of the first class—Non-compoundable. Section 503. Criminal intimidation Whoever threatens another with any injury to his person, reputation or property, or to the person or reputation of any one in whom that person is interested, with intent to cause alarm to that person, or to cause that person to do any act which he is not legally bound to do, or to omit to do any act which that person is legally entitled to do, as the means of avoiding the execution of such threat, commits criminal intimidation. Explanation A threat to injure the reputation of any deceased person in whom the person threatened is interested, is within this section. Illustration A, for the purpose of inducing B to desist from prosecuting a civil suit, threatens to burn B’s house. A is guilty of criminal intimidation. The following are the live cases : Section 43 Related Case: Mphasis BPO Fraud: 2005 In December 2004, four call centre employees, working at an outsourcing facility operated by MphasiS in India, obtained PIN codes from four customers of MphasiS’ client, Citi Group. These employees were not authorized to obtain the PINs. In association with others, the call centre employees opened new accounts at Indian banks using false identities. Within two months, they used the PINs and account information gleaned during their employment at MphasiS to transfer money from the bank accounts of CitiGroup customers to the new accounts at Indian banks.10. By April 2005, the Indian police had tipped off to the scam by a U.S. bank, and quickly identified the individuals involved in the scam. Arrests were made when those individuals attempted to withdraw cash from the falsified accounts, $426,000 was stolen; the amount recovered was $230,000. Verdict: Court held that Section 43(a) was applicable here due to the nature of unauthorized access involved to commit transactions. Section 65 Related Case: Syed Asifuddin and Ors. Vs. The State of Andhra Pradesh In this case, Tata Indicom employees were arrested for manipulation of the electronic 32- bit number (ESN) programmed into cell phones theft were exclusively franchised to Reliance Infocomm. Verdict: Court held that tampering with source code invokes Section 65 of the Information Technology Act.Section 66 Related Case: Kumar v/s Whiteley In this case the accused gained unauthorized access to the Joint Academic Network (JANET) and deleted, added files and changed the passwords to deny access to the authorized users. Investigations had revealed that Kumar was logging on to the BSNL broadband Internet connection as if he was the authorized genuine user and ‘made alteration in the computer database pertaining to broadband Internet user accounts’ of the subscribers. The CBI had registered a cyber crime case against Kumar and carried out investigations on the basis of a complaint by the Press Information Bureau, Chennai, which detected the unauthorised use of broadband Internet. The complaint also stated that the subscribers had incurred a loss of Rs 38,248 due to Kumar’s wrongful act. He used to ‘hack’ sites from Bangalore, Chennai and other cities too, they said. Verdict: The Additional Chief Metropolitan Magistrate, Egmore, Chennai, sentenced N G Arun Kumar, the techie from Bangalore to undergo a rigorous imprisonment for one year with a fine of Rs 5,000 under section 420 IPC (cheating) and Section 66 of IT Act (Computer related Offence). section 66 A Relevant Case #1: Fake profile of President posted by imposter On September 9, 2010, the imposter made a fake profile in the name of the Hon’ble President Pratibha Devi Patil. A complaint was made from Additional Controller, President Household, President Secretariat regarding the four fake profiles created in the name of Hon’ble President on social networking website, Facebook. The said complaint stated that president house has nothing to do with the facebook and the fake profile is misleading the general public. The First Information Report Under Sections 469 IPC and 66A Information Technology Act, 2000 was registered based on the said complaint at the police station, Economic Offences Wing, the elite wing of Delhi Police which specializes in investigating economic crimes including cyber offences. Relevant Case #2: Bomb Hoax mail In 2009, a 15-year-old Bangalore teenager was arrested by the cyber crime investigation cell (CCIC) of the city crime branch for allegedly sending a hoax e-mail to a private news channel. In the e-mail, he claimed to have planted five bombs in Mumbai, challenging the police to find them before it was too late. At around 1p.m. on May 25, the news channel received an e-mail that read: “I have planted five bombs in Mumbai; you have two hours to find it.” The police, who were alerted immediately, traced the Internet Protocol (IP) address to Vijay Nagar in Bangalore. The Internet service provider for the account was BSNL, said officials. section 66 C Relevant Cases: security number was exposed by Matt Lauer on NBC’s Today Show. Davis’ identity was used to obtain a $500 cash advance loan. University of Pennsylvania faked his own death, complete with a forged obituary in his local paper. Nine months later, Li attempted to obtain a new driver’s license with the intention of applying for new credit cards eventually.Section 66C: Punishment for identity theft Imprisonment upto three years and Fine upto Rs. 1 Lakhs.Section 66D: Punishment for cheating by personation by using computer resourceSection 66E: Punishment for violation of privacy Imprisonment upto three years and/or Fine upto Rs. 2 LakhsSection 66F: Punishment for cyber terrorism May extend to Life imprisonment -do- Non bailable.Section 67: Publishing obscene information in electronic form FirstConviction: Imprisonment upto three years and Fine upto Rs. 5 LakhsSecond or subsequent Conviction : Imprisonment upto five years and Fine upto Rs. 10 Lakhs -do- Bailable in case of first conviction only. Second or subsequent conviction shall be non bailableSection 67A: Punishment for publishing or transmitting of material containing sexually explicit act, etc. in electronic form First Conviction:Imprisonment upto Five years and Fine upto Rs. 10 LakhsSecond or subsequent Conviction : Imprisonment upto Seven years and Fine upto Rs. 10 Lakhs -do- Non-bailable in both first and second conviction.Section 67B: Punishment for publishing or transmitting of material depicting children in sexually explicit act, etc. in electronic form.Section 67C (2): Deliberate Failure by the intermediary to preserve and retain information as specified by the Central Government.Section 68 (2): Deliberate Failure to comply with the order/direction of controller.Section 69 (4): Failure to extend facilities to decrypt information to govt. notified agencySection 69A (3): Punishment for failure by the intermediary to comply with the order of the notified agency to block websites etc.Section 69B (4): Deliberate failure by the intermediary to provide the notified agency with the technical assistance or online access to the computer resource.Section 70: Unauthorized access to protected system directly or indirectly affects the facility of Critical Information Infrastructure.Section 72A: Punishment for Disclosure of information in bsignNow of lawful contract Indian Arms Act 1959 Imprisonment upto three years and Fine .Bailable Imprisonment for a term not exceeding two years or to a fine not exceeding one lakh rupees or to both Imprisonment for a term which may extend to seven years and fine Imprisonment for a term which may extend to three years and fine Imprisonment up to 10 years and fine Cognizable Non bailable Imprisonment for a term upto three years or to a fine upto Rs. 5 Lakhs or to both.Chapter V – Offences and Penalties Sec.25 – Punishment for certain offencesSec.26 – Secret contraventionsSec.27 – Punishment for using arms, etc. Non cognizable -do- Cognizable Non bailable Non Cognizable BailableSec.28 – Punishment for use and possession of firearms or imitation firearms in certain casesSec.29 – Punishment for knowingly purchasing arms, etc., from unlicensed person or for delivering arms, etc., to person not entitled to possess the sameSec.30 – Punishment for contravention of licence or ruleSec.31 – Punishment for subsequent offencesSec.32 – Power to confiscateSec.33 – Offence by companies NDPS ACT On 8th September, 2011, the Government introduced the NDPS (Amendment) Bill, 2011 in the Lok Sabha. The Bill was referred to the Parliamentary Standing Committee on Finance on 13th September, 2011 for further consideration. The Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 is the central law on control, regulation and prohibition of narcotic and psychotropic drugs in India. The Act was last amended in 2001, to rationalize punishment and adopt a sentencing structure based on the quantity of drugs involved. The stringent penal structure and rigid implementation of the NDPS Act created many problems including non-availability of opioid medication and lack of access to drug dependence treatment. The Bill seeks to amend a number of provisions of the NDPS Act including:•Modification of the definitions of ‘small’ and ‘commercial’ quantity to include the entire amount of drugs involved and not only the pure drug content [Section 2(xxiiia) and Section 2(viia)]•Standardisation of punishment for consumption of drugs to a maximum of 6 months or fine [Section 27]•Transfer of power to regulate “poppy straw concentrate” from the State to the Central Government [Sections 9 and 10]•Widening provisions for forfeiture of illegally acquired property, wherein any property of a person who is alleged to be involved in illicit traffic whose source cannot be proved is termed as ‘illegally acquired property’ and liable to be seized [Sections 68-B, 68H and 68-O]•Addition of the term ‘management’ to provisions on treatment for drug dependence [Section 71] Concerns over the Bill The proposed quantity definitions would have far signNowing implications on sentencing for NDPS offences and may expose low-level drug offenders, including people who use drugs to stringent punishment. Despite standardisation of punishment for consumption of drugs, the policy of criminalisation of drug use remains unchanged. The overbroad scope of the forfeiture provision makes it susceptible to misuse and subject to constitutional challenges. Further still, the Bill fails to address key issues and contradictions that have arisen such as, death penalty for repeat offenders, immunity for treatment seeking, regulation of treatment centres, support for harm reduction measures and access to opioid medicines. Read more. The Lawyers Collective expressed these and other concerns to the Standing Committee on Finance through written and oral submissions on the NDPS (Amendment) Bill, 2011 My request to all the people is to be safe and to be alert and not involve in wrong activities.
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How does your business reduce it's costs?
I own a small online business, and my operational costs are mainly due to marketing demands. Digital marketing is supposed to be cheaper than traditional marketing, but for some reason, I had to deal with high costs at one point.It was due to my lack of creativity and resourcefulness in marketing content and managing social media campaigns. Those two aspects are signNow in increasing my sales and making sure more and more people are introduced to my brand.What I've learned from my struggles with high operational costs is that you have to look at what's available there for free and utilize it as much as possible. That's the key, and many things are surprisingly accessible for free or at a low cost to boost your marketing.For example, many small-time social media influencers have enough followers and the right crowd for your brand. You don't have to go out of your way to collaborate with big names.It's a two-way street when partnering with these new influencers who at least have a more focused group of consumers. Just make an effort in searching for these people on Instagram.This method gave my social media marketing a signNow improvement in less than two weeks. I didn't even have to spend much as the influencer agreed to receive free products instead.Pure resourcefulness like this can help you a lot in managing your funds. Also, instead of hiring in-house employees for creative content, you can hire freelancers instead. Outsource the tasks from different corners of the world.For small to medium-sized businesses, employing people to build a team is a big part of the expenses. Eliminating that through collaborating with outsourcing agencies or scouting skilled workers on different online platforms is the wisest move that has kept my business on great ranks.
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What is Bitcoin (cryptocurrency)?
Bitcoin is a crypto-currency or software that forms a decentralized, peer-to-peer, world-wide payment system, without the control of any centralised authority.The blockchain software resides on thousands of computers, all over the world and is maintained by a mix of ordinary people and more sophisticated computer experts, collectively known as ‘miners’. Bitcoins are transferred via a peer-to-peer network between individuals, with no middleman bank to take a slice.The unit of account in this system is ‘Bitcoin’. A ‘Satoshi’ (named after its creator) is the smallest amount within bitcoin, representing 0.00000001 bitcoin, i.e. divisible down to 8 decimal points.The bitcoin network runs on a software system called ‘blockchain’. The blockchain software can be used to store and send anything of value, so there are companies using it to store documents like property deeds, etc. Blockchain as a technology is becoming popular among banks and other big financial institutions, who want to use it to settle payments on their back-end systems.Bitcoin can be converted into ordinary currency based on its value on that date, or even used to make purchases from sellers that accept bitcoin.The bitcoin blockchain by itself is very secure, but the bitcoins can be stolen from an account by stealing log-on and password info, i.e. ‘private key’ of the account holder and the bitcoin can be sent to another account controlled by the thief. Once bitcoin is transferred, it can’t be recovered.At present, most investors are not really using it like a currency to make payments, but instead, are using it as a speculative investment, with the hope to turn it into profit in the future. As on date, ‘bitcoin’ has not been accepted as a legal tender in India. Japan and Australia have officially accepted bitcoin as a legal currency.Bitcoin is being considered as a genuine innovation that will be around for a long time and help transform money.Positive Implications Of Rise Of This Crypto-Currency:• Governments across the world have already stepped in, to regulate trading in bitcoin, so that it can become a more established part of the financial system. Hence, it will actually legitimize the currency and broaden its adoption for investors.• Some financial experts see the recent surge in bitcoin market as a bubble that may burst. But because the bitcoin market cap is very small, even if it crashed, it would not have a signNow impact on the broader financial markets.• In the recent weeks it has been seen that the global stock market rally has slowed down, but bitcoin has continued to surge higher, which is luring more and more investors to invest in this market.• Slowly bitcoin as a currency is catching on among some retailers, mostly e-commerce: US companies like, Overstock accepts bitcoin, as does Microsoft’s Xbox store, and PayPal and Square allow merchants to accept bitcoin.• The retailers might even encourage customers to pay in bitcoin in future if it costs them less in transaction fees than credit cards do.Negative Implications• Sincebitcoin transfers cannot be traced, bitcoin is often used to purchase drugs or stolen goods or finance other types of criminal activity.• It can become a major source for terror funding across the globe.• It is believed that 40% of the bitcoin are owned by just 1000 people and hence, powerful people or ‘whales’ could collude to influence the price of bitcoin.• Moreover, since there are relatively few buyers and sellers of bitcoin, this market is likely to remain volatile and the ‘whales’ could easily push the price around.• There is a risk that the demand of bitcoin may go down sending its price plummeting. It can happen because of any unforeseen circumstances like, technical problem, regulatory interference, bad publicity arising from the massive amount of electrical power needed to mine for bitcoin, etc.• Bitcoin offers both anonymity and the security of an electronic transaction. Hence, bitcoin can become a sub-economy where people could hide their income and evade government taxes.• Bitcoin is not as liquid as other investments, firstly because settlement can take more than a week, and secondly, amid panic selling, some bitcoin holders might be unable to sell for a fairly long time, resulting in steep losses.ConclusionBitcoin as a crypto-currency is gaining huge popularity. In fact, on 03 March 2017, the price of a bitcoin had surpassed the market value of an ounce of gold for the first time as its price surged to an all-time high of $1,268.However, big banks, brokers and financial institutions have warned that bitcoin currency should not be ushered in hurriedly without adequate transparency, regulatory mechanism and risk assessment.Bitcoin users predict 94% of all bitcoins will have been released by 2024. As the total number creeps toward the 21 million mark, many suspect the profits miners once made creating new blocks will become so low they'll become negligible. But with more bitcoins in circulation, people also expect transaction fees to rise, possibly making up the difference.Source- Implications of Meteoric Rise of Bitcoin Crypto-Currency
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