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Fin Tech

Proposed tokenisation of cards by the RBI

Watch now #LawWiser premium video on “Proposed Tokenisation of Cards by the RBI” featuring Gaurav Bhalla, Partner at Ahlawat and Associates sharing useful insights on RBI card tokenisation.

Gaurav explains the background, how tokenisation works, types of tokenisation, applicability, effects and much more in this video. He shares that tokenisation of debit and credit cards allows the generation of a ‘token’ number or an ‘alternate code’ to replace the 16-digit card number entered by the customer. Each token will be unique to the requestor, the user’s card, and the device with which the card is registered. The token request is made by the merchant of the online platform (on behalf of the card-holder or card owner) to a card network (eg – Visa; Mastercard and others) which will then issue a token.

There are different types of tokenisation available like 

(i) Format preserving tokens – These tokens replace the 16-digit numbers on a card with an altogether different set of 16-digit numbers.

(ii) Non-format preserving tokens – This system does not follow the 16-digit number format; and. replaces the original 16-digit card number with alphanumeric characters. Entities such as Razorpay uses non-format preserving tokens.

The system of tokenisation has been introduced by the RBI and is only applicable to domestic transactions. Tokenisation is used only for online transactions and is specific to a merchant.

The Reserve Bank of India issued a notification dated January 8, 2019, titled ‘Tokenisation –

Card transactions wherein it was announced that card networks for tokenisation in card transactions for a specific use case. This announcement extended to all uses cases/channels [e.g., Near Field Communication (NFC) / Magnetic Secure Transmission (MST) based contactless transactions, in-app payments, QR code-based payments, etc.] or token storage mechanisms (cloud, secure element, trusted execution environment, etc.). However, at that point, this facility is offered only through mobile phones/tablets.

Don’t forget to watch the full video to learn all about the Tokenisation of cards by RBI on LawWiser. 

#tokenisation #rbi #transmission #tokens #merchants #merchant #mastercard #source #virtualassets #msmeindia #msme #msmesector #msmes #rbipolicy #bankingindustry #banks #compliancesolutions #startup #startupindia 


Data Protection Bill 2021 – Key Takeaways

The Personal Data Protection Bill (PDP Bill) was first introduced in 2019, has seen a lot of hype since its introduction.

It is one of the most needed laws in India. However, two years later on 16 Dec 2021, the Joint Parliamentary Committee (JPC) has given its recommendations to both houses of parliament.

As the Data Privacy week comes to end we present to you our latest video on Data Protection Bill, 2021- Key takeaways where Avani Shukla from LawWiser helps us understand some of the key recommendations and changes suggested in the JPC Report.

#DataProtection #DataProtectionBill2021 #PersonalDataProtectionBill2019 #DataSafety #DataPrivacy #DataPrivacyWeek #DataSafety Data Protection Bill 2021- Key takeaways The Personal Data Protection Bill (PDP Bill) was first introduced in 2019, has seen a lot of hype since its introduction. It is one of the most needed laws in India.

However, two years later on 16 Dec, 2021, the Joint Parliamentary Committee (JPC) has given its recommendations to both houses of parliament. The Personal Data Protection Bill, 2019 is now renamed as Personal Data Protection Bill, 2021.

So, Let us understand what are some of the key recommendations and changes suggested in the JPC Report –

– Recommendation to include non-personal data within the ambit of the PDP Bill. This was done to protect data privacy in a better way and to avoid difficulty so that a single regulator can oversee all kinds of data.

– Recommendation to designate all the social media platforms, which do not act as intermediaries as ‘Publishers of content’. This will further allow them to select the receiver of the content and give access to any content posted on any social media platform.

– Recommendation for data localisation. This was recommended with the aim that the Central Government should ensure the protection of data associated with the citizens of the country and it should not permit the data of its citizens to be governed by other countries. It also recommended that such data should be mandatorily restored in India from foreign entities for the purpose of national security.

– Recommendation to include a 72-hour reporting period for any kind of data breaches under Clause 25(3). It has also recommended a homegrown alternative to the SWIFT payment system to boost the domestic economy and ensure privacy.

– Recommendation to implement the act within a time period of approx 24 months.

The duration is provided for the data processors and data fiduciaries to get sufficient time to adapt and change their policies and for proper implementation of the recommendations provided in the bill.


India-UK Data Adequacy Agreement – Cross-border Data Transfer

Watch Avimukt Dar, Founding Partner, IndusLaw explaining how the signing of the India-UK Data Adequacy Agreement facilitates cross-border data transfer.

He believes that India’s efforts in data protection laws, data protection authority, and many terminologies in the PDP Bill were based on aligning data privacy with the European Union GDPR.

He also explains that the European Union would view further negotiation with the UK very carefully due to the difficulty of data flow between them.

#UKIndia #Data #GDPR #UKIndiaBusiness #Trade #FTA #Brexit #PostBrexit #DataSecurity #DataProtection


UK-India FTA Talks – Opportunity for shaping Data & Digital Rules for both Countries

Watch Paul Baker, Founder & CEO, International Economics Consulting Ltd, discuss how FTA talks will shape both countries’ global data and digital rules.

He explains that USA’s approach is more commercial oriented and further talks about digital trade focused restrictions in China’s approach and how they have a very strong data localization requirements.

He believes that India is in a very strong position to shape the rules at the continental level

#UKIndia #UKEconomy #UKBusiness #UKTrade #Brexit #Post Brexit


Addressing India’s Data Localization Issues to bring it at par with Global Companies

Watch Ashish Chandra, Senior Legal Leader, Former Associate GC- WhatsApp on the data localization issues that need to be addressed to bring Indian companies at par with global companies.

He talks about the localization issues, ways to implement them, and dependability on the government about the same.

He explains that there are three types of data localization which are:- – Soft data localization – Hard data localization – Hybrid model

He believes that a mix of soft data localization and hybrid model can be used, and the government should look through it.

Watch more videos on UKUnlockSeries

#UKEconomy #UKBusiness #UKIndia #UKTrade #Bexit #PostBrexit #FTA #FreeTradeAgreement


UK-India Focus: Digital Trade | #UKUnlock22 | Panel – 2

We are super excited to share #LawWiser’s #UKUnlock22 Series latest video focusing on ‘UK- India Focus: Digital Trade’ powered by IndusLaw.

Watch our eminent expert panellists discuss various aspects and developments on digital trade between UK- India.

Our panellists:

Paul Baker, Founder & CEO, International Economics Consulting Ltd.

Ashish Chandra, Sr Legal Leader, Former Associate GC- WhatsApp

Avimukt Dar, Founding Partner, IndusLaw

discuss the following

– The data localization issues that need to be addressed to bring Indian companies at par with global companies

– Highlighting the importance of aspects that range from cross-border data flows, development, and adoption of innovative digital trading systems to establishing global cooperation on digital trade

– How does the signing of the India-UK Data Adequacy Agreement facilitate cross-border data transfer?

– How does FTA talks will shape global data and digital rules for both countries?

– How should Protectionism be addressed keeping in view that there needs to be a steady pace for digitization for growth of trade and services

Watch all this and much more! #TuneinNow. Visit LawWiser.com for more content


Cryptocurrency Advertisement Guidelines to Undergo Changes

Tune into this video where LawWiser takes you through the latest update on “Cryptocurrency Advertisement Guidelines to Undergo Changes”.

Watch Prabhjot Singh sharing the update on how with recommendations from the Advertising Standards Council of India the Government is looking to revise the advertisements guidelines for Cryptocurrency.


Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Notably, there has been a tremendous increase of advertisements wherein we saw different film stars featuring in the ads of “Cryptocurrency,” promoting high investment returns in crypto. However, it has a dark side, too, as it has been used for certain illegal purposes.

Tune into this video, where LawWiser takes you through “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

Watch Prabhjot Singh briefly explain the reasons behind the ban on cryptocurrency.


Regulatory Framework for ease of Digital Payments

Digital payments are need of the hour. With advancement of technology, the regulations in this sector have been developing as a step by step process. There have been some key legal developments in this space focusing on regulatory sandbox for fintech, regulations of payment intermediaries by the RBI, regulations for prepaid payment instruments by the RBI among others.

Watch now this interesting video on LawWiser on “Regulatory framework for ease of digital payments” with Ugen Bhutia, Legal Head, SBI Card. Our host Sania Husaini in conversation with Mr Bhutia explores the framework for digital payments.

They discuss the development of this sector and important regulations that have played key role in its development. They also focus on regulations for payment intermediaries by RBI. Lastly, he also shares the changes that are required for further development of this sector. Watch this now !

To get featured in more such conversations, write us on [email protected]


Understanding Cryptocurrency – in conversation

Bitcoins/cryptocurrency no matter how interesting investment in them may be, it still has legalisation issues in India and many countries. Watch Shashank Garg , Partner , Advani & Co. share the background on the introduction of cryptocurrency, quickly explains various aspects on its legalisation , the trends, issues in investment security and implementation of laws relating to cryptocurrency.

Watch it exclusively on #lawWiser.

To get featured in more such conversations, write us on [email protected]


If you’ve already begun your journey to learning about Cryptocurrency, the first step is to understand the two stages of the journey.

When people learn about Cryptocurrency, they usually start with stage one and work their way up.

This article provides an intro to the two stages that are involved when a person is studying Cryptocurrency.

Details About CryptoCurrency

The first stage is known as the Forex market cycle. This stage is the length of time that a typical investor will hold their position.

During this stage, many investors who participate in the Forex market will only be focused on the short-term profit potential of particular currencies rather than the long-term potential for profit that could be gained by investing in Cryptocurrency itself.

For those investors who hold onto their positions for a longer period during the Forex market cycle, they may become frustrated by the inability to gain any long-term profits and begin to look at other opportunities.

At this point, some of these investors will begin to educate themselves on the basics of investing in Cryptocurrency to open themselves up to potential long-term profit.

Some will even attempt to use analytical skills to determine if there may be a correlation between the stock market sentiment and the price increases and decreases of specific Cryptocurrency pairs.

During the second stage of learning about Cryptocurrency, an individual investor will begin to determine which Cryptocurrencies they may be interested in trading. At this point, the investor will have chosen which currency pairs they would like to trade.

On the flip side of the sentiment, we are currently in the “no investment” stage of understanding the Cryptocurrency market when the market is completely driven by sentiment.

What are the changes expected in the new cryptocurrency bill?

The cryptocurrency bill is still waiting in the cabinet. However experts from different spheres believe that bill must have to classify the standard qualifications of the crypto.

When can we expect Cryptocurrency to be legalized in all the countries?

In countries like India and China, the authorities are more likely to pave the path to CBDC’s and not existing cryptocurrencies, as there is no legal backing.

What would be the best way to implement the cryptocurrency laws as there is no precedent on its regulation?

Firstly, the government will consult its stakeholders as we are still in the drafting stage of the bill.

Secondly, the government should do a detailed SWOT analysis to understand the implication of introducing the law.

Some Important Measures

While investors may not be investing in the top 10 or even top 20 of Cryptocurrections right now, they are certainly getting involved in some sentiment-driven investment.

From here, we study the trends and volatility that are associated with the various domestic currency pairs. Trends typically occur over a longer period, but there are instances when the trend can happen much quicker.

Volatility is most commonly associated with larger values, such as the GFL and USD, but this is not always true. Watch crypto frauds to know more

In addition, there are many other important indicators for you to learn about, including those provided by the Cryptocurrency Research Society.

Cryptocurrency trading is a great way to make money from home if you properly analyze it. Once you have learned the basics of the process, you will never stop wondering what might happen next!

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