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Monday's announcement comes after ABN Amro, the country's third largest bank, said last month it was shedding 1,375 jobs over the next three years as it moves towards greater digitalisation."Over the coming five years, around 7,000 functions might be impacted by these effects," said chief executive Ralph Hamer.In August, ING said it had boosted its operating profits by 26.They "expect us to adopt new technology as fast as companies in other sectors," Hamer said, adding ING needs "to offer a better customer experience, that's instant, personal, frictionless and relevant.01 billion) by 2021.Hamer acknowledged Monday that "banks are confronted with continuous regulatory burden and a prolonged period of ultra-low interest rates.7 perc ent in the second quarter to 1.Stressing wall paper Manufacturers the plans were not yet final, Hamer said the workforce could be reduced by some 3,500 in Belgium and another 2,300 in The Netherlands.The move is partly directed by the bank's bid to reshape its services for the digital banking market.It was bailed out to the tune of 10 billion euros in 2008 after the global financial crisis struck, but it was forced by the European Commission to exit the insurance business. The Hague: Dutch bank ING, the country's biggest lender, Monday announced 7,000 jobs could be lost mainly in Belgium and The Netherlands to save 900 million euros ($1.. The remaining posts were expected to be cut by external suppliers."Amsterdam-based ING employs some 52,000 people in 40 countries around the world.It paid off the 10 billion euros plus interest that it owed the Dutch government in November 2014, well ahead of time."Customers are increasingly digital and bank with us more and more through mobile devices," Hamer said in a statement.The move is partly directed by the bank's bid to reshape its services for the digital banking market, in which it said it would be investing some 800 million euros.""These factors put pressure on the returns which are necessary to fund growth and investments, and cover our cost of capital," he added.4 billion euros and increased its lending by 15 billion euros on the same period in 2015

As the equalisation levy is not imposed on income, any country that imposes the tax will not have to bother about the limitation imposed by any double-taxation avoidance agreement. Equalisation levy is the tax imposed on payment made to a provider of services abroad to neutralise the disadvantage that a domestic service provider might face. Mumbai: The committee report on taxation of e-commerce made public on Monday has highlighted a slew of online IT services that can be brought under the "equalisation levy," a new tax that stands introduced in the Union Budget for 2016-17 on companies which advertise on online and digital platforms abroad.The levy is to be imposed on the total payment made to the offshore service provider. These were drafted as a guide to put in place systems to deal with tax evasion at the global level.In order to extend the ambit of the new tax, the budget has also kept the option open to extend this levy to other services.The report of the committee, headed by the senior official of the central board of direct taxes (CBDT) and presented to finance Minister Arun Jaitley ahead of the budget, had proposed an equalisation levy of 6-8 per cent.

It also flagged services like online collection or processing of data related to online users in India, collecting online payments, development or maintenance of participative online networks and online software applications, online search, online maps or GPS applications.The report confined the tax jurisdiction to perforated vinyl services that companies abroad provide to Indian firms and not directly to consumers.The report has not even recommended anything on taxation of goods that cross borders through e-comme rce."Equalisation levy has been so designed that deals with the challenges of taxing digital economy without dealing with the complexities involved like determination of nexus, characterisation of payments and attribution of profits. So, downloading music, books or availing other services from sites that are not based in India would remain out of the equalisation levy. The levy is to be imposed on the total payment made to the offshore service provider. For online advertising, the levy proposed in the Budget for the new financial year has been kept at 6 per cent.According to the report, services that can be subject to the levy include designing, creating, hosting or maintenance of websites, digital space for website, e-mails, online computing, online content or any other online facility.According to the report, the equalisation levy is in line with OECD suggestions on ‘base erosion’ and ‘profit shifting’. For goods ordered thr ough e-commerce platforms from overseas by individuals, there are already rules according to which import levies are imposed. Bigger imports by companies are also taxed under the existing customs rules. The services it sought to bring under the tax are mostly related to the information technology sector. With the committee report clarifying the characteristics of equalisation levy, we shall surely witness growth and expansion of the Indian digital industry," managing partner at tax consultancy firm Nangia and Co Rakesh Nangia said.

With the data integration, we will be able to evolve a comprehensive strategy to tackle crime," he said.Apart from the sessions court area, additional cameras were also installed at the Mumbai Port Trust and Girgaum Chowpatty areas.He said the data feed from the CCTVs would be sent to Mumbai Police headquarters and traffic police headquarters at Worli command centre.Addressing a gathering after launching the first phase of the project covering south Mumbai - from Colaba to Worli - where 1,381 cameras have been installed, he said the CCTV network would boost crime prevention, early response, detection, prosecution and conviction.. By next year's 26/11 anniversary, the entire city of Mumbai would be under digital camera surveillance," he said."After all three phases of the project are completed, there will be 100 per cent command and control system integration. Stating that all important cities in the state would be brought under digital surveillance, Fadnavis informed that Pune is the first city to be under CCTV network. "My government's endeavour is to ensure optimum use of manpower with technological intervention for effective policing.

The entire project to install CCTVs at all the crucial places in the city is expected to cost around Rs 949 crore.Fadnavis said challenges regarding security measures are enormous and it is impossible to tackle them only with manpower."But I am happy that after I took over, we were able to take some decisions to ensure that the CCTV network sees the light of the day," he said. "At present, the effort worldwide is to create smart cities.Additional Chief Secretary (Home) K P Bakshi said the number of cameras in first phase increased from 1,200 to 1,381 because, as per High Court's request, additional 63 cameras were installed in the sessions court area. Chief Secretary Swadheen Kshatriya said a high-powered committee set up earlier under the CS could not take a decision regarding the project despite being given all powers by the government. The Chief Minister said that face detection, number plate identification and data analysis system facilities would be available after the entire project is completed. "Technological intervention is necessary," he said. An integral part of a smart city is that it should be safe.Admitting that were delays earlier in implementation of the CCTV network, despite best efforts, Fadnavis, however, said that wall paper L&T, which was given the contract in February 2015, was able to complete the first phase in the stipulated time. If a city is not safe, it cannot be smart," he said. Steps are being taken to install the CCTV network in Nagpur as well.The digital surveillance in Nashik would be upgraded from the system used for the Nashik Kumbh.Data feed from the CCTVs would be sent to Police and traffic police headquarters Mumbai: Asserting that digital intervention will help increase efficiency in policing, Maharashtra Chief Minister Devendra Fadnavis on Monday said the Mumbai city surveillance project of installation of over 6,000 CCTVs would be completed before the 26/11 terror attacks anniversary next year. We plan to complete all the three phases before theOctober 2016 deadline

In literature, technophobia has been a recurring theme, with novels such as Frankenstein instilling fear of the dark turn scientific advances may take. Governments around the world must come up with strategies to protect their citizens from threats to security, privacy and democracy posed by American Big Tech companies.These developments have given rise to a form of technophobia unique to this century, and with many facets. Their bread and butter is monetising users’ personal and behavioural data. The launch of the printing press was once met with great resistance as people feared how it may change society.As these companies have risen to unprecedented power — systematically wiping out competition, through acquisitions and exclusionary digital marketplaces — "data is the new oil" is the mantra of the new age.Perhaps the biggest threat unrestricted data mining poses is to democracy. Cinema has painted dark, dystopian futures with machines taking over the planet. In a race for supremacy, tech giants outpace their competitors by finding increasingly creative ways to mine more and more personal data. Voters’ personal data can now be sold to stickers Manufacturers campaigns to predict, influence and alter voter behaviour.Over the last century, technology has evolved at breakneck speed and people everywhere have unprecedented access to the latest inventions. With the mainstreaming of big data, health (or other) insurance providers may now track and monitor the behaviour of policyholders through various connected devices to reduce their own risks and make decisions on insurance policies.

It is easy to see how such data may also be exploited by surveillance states to harass and silence opposition. Harvard Business School’s Shoshana Zuboff describes this as a Faustian pact in which we are forced to trade our privacy and autonomy in return for the right to use the internet. The Obama election win marked the beginning of a new trend: extensive use of technology and social media in running modern election campaigns.While governments’ surveillance powers, amplified by new technologies, evoke Orwellian horrors ("You had to live — did live, from habit that became instinct — in the assumption that every sound you made was overheard, and, except in darkness, every movement scrutinised") of the role of "Big Brother" now increasingly being adopted by "Big Tech".The information asymmetry is stark: technology companies can gain endless insights into our private lives, but they are notoriously secretive of what data they are mining, of how our data is used, and who our data is sold to. The fear of technology taking over jobs as artificial intelligence capabilities expand; the grave threat posed to democracy by fake news; the heightened surveillance powers of governments as identification regimes become highly digitised; and a multitude of other anxieties. If consent is obtained, it is through endless legal agreements for which the lay user has neither time nor knowledge. Neoliberal economics and the prevailing belief that regulation is the enemy of innovation have prevented corporate interests from being reined in. Unlike oil, however, data is not a finite resource.Fear of technological advancement — technophobia — has a long history. Concerns on privacy and disenfranchisement aside, users are forced to write off their personal data — a highly coveted raw material — for free, with no share in the massive profits derived from it.Users tend to be unaware of why and what data is being collected. Technology companies have also exploited the complexity of their technology to obfuscate their practices and motives.The US government’s recent aggressive moves against Huawei are a pressing reminder that it faces its own technology behemoths to contend with.By arrangement with Dawn. Certain types of voters can be identified and targeted with tailored messages at specific times, in specific places. There is also a growing trend of connected devices, towards a world where, as computer scientist Mark Weiser described, technologies "weave themselves into the fabric of everyday life until they are indistinguishable from it".The applications of mining personal data in order to predict and influence human behaviour seem limitless, as increasing aspects of our lives are being subjected to surveillance. Similarly, credit providers and credit scoring companies may now mine data — such as one’s social media footprint or even how frequently you charge your phone — to make decisions on credit worthiness. As the US government moves against Huawei, it is a reminder for governments all over the world to face the formidable forces of Silicon Valley, to protect their citizens and let democracy prevail. Operating in a notoriously under-regulated industry, they have thwarted the dreams of the internet becoming a democratising force, amassed power and exploited users for personal enrichment.A couple of factors have paved the way for Big Tech to rise to supremacy

It’s worse because it brings back harrowing memories of demonetisation, when some people even lost their lives as they didn’t have cash for medical treatment. While the RBI claims it has been meeting the demand for cash, the body that represents ATM managers say they are starved of cash and are getting only 30 per cent of what they seek. Though this bill has now been shelved following a huge outcry, the government needs to scrap it altogether to convince people about its sincerity.It’s fear and panic, therefore, that is responsible for the current shortage of funds. The parliamentary committee on finance needs to ask the RBI governor why the cash shortage has arisen. The RBI must answer these allegations as these managers have no motive to make such statements. If this is true, it’s a ham-handed way for the government to push its agenda. The government has said it will investigate the reasons for the shortage. The finance ministry had then said other countries had done this.

There is adequate imported paper on which currency notes are printed with the RBI, so what’s the reason for this mess?  It doesn’t speak well for the country, one of the world’s fastest growing economies, to face a cash crunch mess.7 per cent. One report notes the cash in circulation to GDP ratio stood at 11. They rightfully felt when the banks make profits they don’t share it with depositors, so why should depositors pay for banks when they get sick. People started withdrawing their money and investing in real estate and other avenues as they lost trust in the government.If people stop making deposits while still withdrawing their money, the banks will face a huge problem of shortage, and the government should understand this.6 per cent, and has now declined to 10. It’s a facetious reason for India to follow suit.

There are also reports that this shortage was deliberately created as the government wants people to increasingly switch to digital transactions.Another pertinent reason is the senseless "bail in" clause proposed by the Financial Resolution and Deposit Insurance Bill, whereby people’s savings in banks was sought to be used to bail out China Cotton Canvas Manufacturers sick banks.In the blame game raging between the Reserve Bank of India, the note-printing authority and banks over the shortage of currency notes at ATMs, it seems evident that the RBI has failed to meet the demand for currency in line with the economy’s growth. Another reason cited is hoarding of cash for the Karnataka elections and the 2019 general election. As the huge amounts needed for elections can’t be withdrawn in one go, politicians may be doing it gradually. Whatever the reason, the public, particularly in rural and non-metro areas, are facing hardship over this artificial cash crunch.