#FactCheck - "Deepfake Video Falsely Claims of Elon Musk conducting give away for Cryptocurrency”

Introduction

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

The Vigilance of RBI 

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

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

Key Aspects of Regulation

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

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

Way Forward

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

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

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

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

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

Conclusion 

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

References:

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

‍

The Digital Covenant: Aligning Communication with SDG Goals

“Rethinking Communication, Cyber Responsibility, and Sustainability in a Connected World”

Introduction

It is rightly said by Antonio Guterres, United Nations Secretary General, “Everyone should be able to express themselves freely without fear of attack. Everyone should be able to access a range of views and information sources.”  In 2024, when the Global Alliance for PR and Communication Management asserted that it aligns with the era of digital transformation, where technology is moving at terminal velocity and bringing various risks and threats, it called on the global leaders and stakeholders to proclaim ‘Responsible Communication’ as the 18th Sustainable Development Goal (SDG). On May 17th, as we celebrate World Telecommunication and Information Society Day (WTISD) 2025, we must align our personal, professional, and virtual spaces with a safe and sustainable information age. 

In terms of digital growth, it is indubitable that India is growing at a brisk pace consistently in alignment with its South Asian and Western counterparts and has incorporated international covenants on digital personal data and cyber crimes within its domestic regime. 

UN Global Principles for Information Integrity 

The United Nations has displayed its constant commitment to the achievement of the seventeen SDGs that were adopted at the United Nations Conference in 2012 in Rio de Janeiro. It recognises that you cannot isolate the digital transformation, technology, and digitisation from other areas that are included within the SDGs, such as health, education, and poverty. The UN released Policy Brief 8 in June 2023 by the UN Secretary-General that seeks to empirically derive data on the threats posed to information integrity and then come up with norms that help guide the member states, the digital platforms, and other stakeholders. The norms must be in conformity with the right to freedom of opinion and expression and the right to information access. 

In line with its agenda, it has formulated Global Principles of Information Integrity, which include “Societal Trust and Resilience”, “Healthy Incentives”, “Public Empowerment”, “Independent, Free and Pluralistic Media” and “Transparency and Research”. The principles recognise the harm caused by hatred, misinformation, and disinformation propagated by the misuse of advances in  Artificial Intelligence Technology (AI).

Breaking the Binary: Bridging the Gender Digital Divide

The reflection of how far we have come and how far we have to go can be deciphered with a single sentence, i.e., using digital technologies to promote gender equality. This can be seen both as a paradox and a pressing call to action. As we celebrate WTISD 2025, the day highlights the fundamental role of Information and Communication Technologies (ICTs) in accelerating progress and bringing those not included in this digital transformation to become a part of this change, especially the female population that remains isolated from mainstream growth. As per the data given by ITU, “Out of the world population, 70 per cent of men are using the internet, compared with 65 per cent of women.”

This exclusion is not merely a technical gap but a societal and economic chasm, reinforcing existing inequalities. By including such an important goal in the theme of this day, it marks a critical moment towards the formation of gender-sensitive digital policies, promoting digital literacy among women and girls, and ensuring safe, affordable, and meaningful connectivity. We can explore the future potential where technology is the true instrument for gender parity, not a mirror of old hierarchies. 

India and its courts have time and again proven their commitment to cultivating digital transformation as an inherent strength to bridge this digital divide, and the recent judgement where the court declared the right to digital access an intrinsic part of the right to life and liberty is a single instance among many.

CyberPeace Resolution on World Telecommunication and Information Society Day 

CyberPeace is actively bridging the gap between digital safety and sustainable development through its initiatives, aligning with the principles of the Sustainable Development Goals (SDGs). The ‘CyberPeace Corps’ empowers communities by fostering cyber hygiene awareness and building digital resilience. The ‘CyberPeace Initiative’, a project with Google.org, tackles digital misinformation, promoting informed online engagement. Additionally, Digital Shakti, now in its fifth phase, empowers women by enhancing their digital literacy and safety. These are just a few of the many impactful initiatives by CyberPeace, aimed at creating a safer and more inclusive digital future. Together, we are spreading awareness and strengthening the foundation for a safer and more inclusive digital future and promoting responsible tech use. Let us be resolute on this World Telecommunication and Information Society Day for “Clean Data. Safe Clicks. Stronger Future. Pledge to Cyber Hygiene Today!”

References

• https://www.un.org/en/observances/telecommunication-day

‍

A Foray into the Digital Labyrinth

In our digital age, the silhouette of truth is often obfuscated by a fog of technological prowess and cunning deception. With each passing moment, the digital expanse sprawls wider, and within it, synthetic media, known most infamously as 'deepfakes', emerge like phantoms from the machine. These adept forgeries, melding authenticity with fabrication, represent a new frontier in the malleable narrative of understood reality. Grappling with the specter of such virtual deceit, social media behemoths Facebook and YouTube have embarked on a prodigious quest. Their mission? To formulate robust bulwarks around the sanctity of fact and fiction, all the while fostering seamless communication across channels that billions consider an inextricable part of their daily lives.

In an exploration of this digital fortress besieged by illusion, we unpeel the layers of strategy that Facebook and YouTube have unfurled in their bid to stymie the proliferation of these insidious technical marvels. Though each platform approaches the issue through markedly different prisms, a shared undercurrent of necessity and urgency harmonizes their efforts.

The Detailing of Facebook's Strategic

Facebook's encampment against these modern-day chimaeras teems with algorithmic sentinels and human overseers alike—a union of steel and soul. The company’s layer upon layer of sophisticated artificial intelligence is designed to scrupulously survey, identify, and flag potential deepfake content with a precision that borders on the prophetic. Employing advanced AI systems, Facebook endeavours to preempt the chaos sown by manipulated media by detecting even the slightest signs of digital tampering.  

However, in an expression of profound acumen, Facebook also serves reminder of AI's fallibility by entwining human discernment into its fabric. Each flagged video wages its battle for existence within the realm of these custodians of reality—individuals entrusted with the hefty responsibility of parsing truth from technologically enabled fiction.

Facebook does not rest on the laurels of established defense mechanisms. The platform is in a perpetual state of flux, with policies and AI models adapting to the serpentine nature of the digital threat landscape. By fostering its cyclical metamorphosis, Facebook not only sharpens its detection tools but also weaves a more resilient protective web, one capable of absorbing the shockwaves of an evolving battlefield.

YouTube’s Overture of Transparency and the Exposition of AI

Turning to the amphitheatre of YouTube, the stage is set for an overt commitment to candour. Against the stark backdrop of deepfake dilemmas, YouTube demands the unveiling of the strings that guide the puppets, insisting on full disclosure whenever AI's invisible hands sculpt the content that engages its diverse viewership.

YouTube's doctrine is straightforward: creators must lift the curtains and reveal any artificial manipulation's role behind the scenes. With clarity as its vanguard, this requirement is not just procedural but an ethical invocation to showcase veracity—a beacon to guide viewers through the murky waters of potential deceit.

The iron fist within the velvet glove of YouTube's policy manifests through a graded punitive protocol. Should a creator falter in disclosing the machine's influence, repercussions follow, ensuring that the ecosystem remains vigilant against hidden manipulation.

But YouTube's policy is one that distinguishes between malevolence and benign use. Artistic endeavours, satirical commentary, and other legitimate expositions are spared the policy's wrath, provided they adhere to the overarching principle of transparency.

The Symbiosis of Technology and Policy in a Morphing Domain

YouTube's commitment to refining its coordination between human insight and computerized examination is unwavering. As AI's role in both the generation and moderation of content deepens, YouTube—which, like a skilled cartographer, must redraw its policies increasingly—traverses this ever-mutating landscape with a proactive stance.

In a Comparative Light: Tracing the Convergence of Giants

Although Facebook and YouTube choreograph their steps to different rhythms, together they compose an intricate dance aimed at nurturing trust and authenticity. Facebook leans into the proactive might of their AI algorithms, reinforced by updates and human interjection, while YouTube wields the virtue of transparency as its sword, cutting through masquerades and empowering its users to partake in storylines that are continually rewritten.

Together on the Stage of Our Digital Epoch

The sum of Facebook and YouTube's policies is integral to the pastiche of our digital experience, a multifarious quilt shielding the sanctum of factuality from the interloping specters of deception. As humanity treads the line between the veracious and the fantastic, these platforms stand as vigilant sentinels, guiding us in our pursuit of an old-age treasure within our novel digital bazaar—the treasure of truth. In this labyrinthine quest, it is not merely about unmasking deceivers but nurturing a wisdom that appreciates the shimmering possibilities—and inherent risks—of our evolving connection with the machine. 

Conclusion 

The struggle against deepfakes is a complex, many-headed challenge that will necessitate a united front spanning technologists, lawmakers, and the public. In this digital epoch, where the veneer of authenticity is perilously thin, the valiant endeavours of these tech goliaths serve as a lighthouse in a storm-tossed sea. These efforts echo the importance of evergreen vigilance in discerning truth from artfully crafted deception. 

References 

• https://about.fb.com/news/2020/01/enforcing-against-manipulated-media/
• https://indianexpress.com/article/technology/artificial-intelligence/google-sheds-light-on-how-its-fighting-deep-fakes-and-ai-generated-misinformation-in-india-9047211/
• https://techcrunch.com/2023/11/14/youtube-adapts-its-policies-for-the-coming-surge-of-ai-videos/
• https://www.trendmicro.com/vinfo/us/security/news/cybercrime-and-digital-threats/youtube-twitter-hunt-down-deepfakes