Question: Recent reports suggest Google plans a significant investment in India, aimed at enhancing digital infrastructure. Could you please provide more details?
ANSWER: Indeed, Google is set to make diverse investments in India, including gigawatt-scale data centers and a new international subsea gateway. This initiative, in collaboration with Adani Group, aims to enhance AI innovation and digital growth by integrating Tensor Processing Units (TPU) and Graphics Processing Units (GPU) to boost computing capacity for AI applications. This investment will foster an ecosystem that accelerates AI solutions in sectors like healthcare, logistics, finance, and agriculture.
The new data center will join Google’s global AI data network, spanning 12 countries. A subsea gateway in Visakhapatnam will connect to Google’s extensive terrestrial and subsea cable network, making it an AI hub for India and globally. Analysts predict this initiative will create significant economic and societal benefits for both India and the US, revolutionizing AI capabilities. It will also provide high-performance, low-latency services for organizations to develop and scale AI solutions, enhancing R&D efforts.
Question: With rising cyber-crime and bank frauds in India, what measures are being taken to effectively address these threats?
ANSWER: With increasing digital transactions, bank frauds pose a significant threat. The Indian Cyber Crime Coordination Centre is the main agency combating these crimes. Banks are employing MuleHunter.AI to detect and monitor mule accounts, which are used for laundering illicit money. Public sector banks widely use this technology to bolster risk management systems.
The Reserve Bank of India is proposing the creation of the Indian Digital Payment Intelligence Corporation, backed by investments from two major public sector banks. This company will gather information on mule accounts using advanced technology across extensive geographical areas. This initiative is part of the Reserve Bank’s innovation hub efforts.
Question: My late mother held mutual fund units in physical form, and I am a joint holder. I need to transfer these units to my brother, the beneficiary. Is this possible without a demat account?
ANSWER: The Securities and Exchange Board of India now allows the transfer of mutual fund units in non-demat form. As the surviving joint holder, you can transfer these units to your brother without a demat account. Nominees of deceased holders can also transfer units to legal heirs due to SEBI’s relaxed rules. While all mutual fund schemes offer this facility, exchange-traded funds require a demat account for transfers. It’s important to note that transfers under revised guidelines are only allowed between residents, not from residents to non-residents.
The writer is a practising lawyer, specializing in corporate and fiscal laws of India.
