Page 12 - Banking Finance May 2025

ROUNDUP

research station at Mandlote village in 'Digital Arrest' Scam: How and safeguarding personal and finan-
Jammu and Kashmir's Udhampur dis- cial information.
trict. to Stay Safe Authorities urge citizens to remain vigi-
Swami Supradiptananda, Secretary of
The facility, part of the Central Univer- lant against such sophisticated scams.
the Ramakrishna Mission Ashram in
sity of Jammu, is named the Himalayan
Gwalior, fell victim to a cyber scam
High Altitude Atmospheric and Climate Mobile Phone Exports
known as 'digital arrest', losing over Rs
Research Center and is dedicated to
studying atmospheric and climate pat- 2 crore after being harassed for 26 from India Cross Rs 2 Lakh
days, according to media reports.
terns specific to the Himalayan region. Crore in FY25: ICEA
"This initiative will enhance our under- The scam began on March 17 when a Mobile phone exports from India have
standing of climate change and its im- fraudster impersonating a Maharashtra crossed the Rs 2 lakh crore milestone
pacts on the environment," an official police officer called the monk, alleging in FY2024-25, the India Cellular and
spokesperson said. his involvement in a money laundering Electronics Association (ICEA) an-
case linked to businessman Naresh nounced.
Union Minister Singh shared in a post, Goyal. Through sustained pressure and
"Landed at Nathatop, Udhampur dis- ICEA Chairman Pankaj Mohindroo at-
trict for the launch of India's first-ever video calls, the scammers coerced him tributed the surge to companies like
and the world's second climate change into transferring funds to multiple ac- Apple and Samsung expanding their
station in the Himalayan region by the counts. manufacturing capacities in India. "Our
Ministry of Earth Sciences." Fraud warning signs include imperson- priority is to nurture scale in mobile
ation by officials, threats of arrest, phone manufacturing, drive export-led
The center is expected to play a piv-
otal role in advancing scientific under- demands to stay on video calls, and growth, enhance competitiveness, ex-
standing of climate variability in one of insistence on secrecy. pand into new markets, and address
existing cost and operational disabili-
the world's most sensitive ecological Safety tips include verifying caller iden-
regions. tities independently, avoiding immedi- ties," Mohindroo said.
ate payment under duress, refusing India's smartphone production
Monk Loses Rs 2 Crore in video calls from unknown individuals, reached an estimated Rs 5.25 lakh
crore in FY25, up from Rs 4.22 lakh
crore in FY24.
India Among 63 Nations Backing Historic Global Recent global trade tensions, espe-
Shipping Carbon Tax cially between the US and China, have

India has joined 62 other nations in endorsing the world's first global car- bolstered India's attractiveness as an
bon tax for the shipping industry, aimed at curbing greenhouse gas emis- alternative manufacturing hub, with
sions. Under the agreement, ship owners must adopt cleaner fuels or face Tamil Nadu, Karnataka, and Uttar
fines starting 2028. Pradesh emerging as key production
centers.
Shipping accounts for nearly 3% of global emissions and was previously out-
side the Paris Agreement's scope. The landmark deal, finalized after a de- Smartphones have now become India's
largest export commodity, highlighting
cade of negotiations at the UN's International Maritime Organisation (IMO)
the sector's strategic importance.
in London, introduces carbon pricing to accelerate decarbonization efforts
in the sector.
UIDAI Asked to Draft New
The tax will apply to large ocean-going vessels over 5,000 gross tonnage,
which collectively contribute 85% of emissions from international shipping. Aadhaar Law to Align with
The formal adoption of the framework is expected in October.
Data Protection Act
This move is seen as a major step towards achieving global net-zero tar- Union Minister for Electronics and IT,
gets and will encourage the development and use of cleaner shipping tech- Ashwini Vaishnaw, has directed the
nologies.
Unique Identification Authority of India

BANKING FINANCE | MAY | 2025 | 11