Page 12 - Banking Finance August 2023

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sibilities relating to reporting of fraud lion investment in advancing AI capa- Amid declining trends in global FDI,
as required by the Companies Law. bilities over the next three years. India stayed at eighth position in terms
of FDI inflows, the latest World Invest-
NFRA said that statutory auditors are Wipro also launched Wipro ai360, a
ment Report by the Unctad said.
under a mandatory obligation to report comprehensive, AI-first innovation
fraud or suspected fraud if they ob- ecosystem that builds on Wipro's de- The report said that outward invest-
serve suspicious activities, transactions cade-long investments in artificial intel- ment by Indian multinational enter-
or operating circumstances in a com- ligence (AI) with the goal of integrat- prises (MNEs) fell by 16 per cent to $15
pany that indicate reasons to believe ing AI into every platform, every tool, billion in 2022. "However, greenfield
that an offence of fraud is being or has and every solution used internally and project announcements by Indian
been committed against the company offered to clients. MNEs more than tripled to $42 billion.
by its officers or employees. Two of the largest greenfield projects
GSTN launches geocoding were in renewables, with Acme Group
iPhone exports from India announcing a $13 billion plant in Egypt
in all states and UTs
to produce 2.2 billion tonnes of green
at record Rs. 20000 crore Amid concerns over fake registrations hydrogen annually, and ReNew Power
In a major upsurge, Apple has and fraudulent availment of input tax announcing that it will set up a $8 bil-
breached exports from India valued at credit under the Goods and Services lion green hydrogen plant in the Suez
Rs. 20,000 crore of iPhones in just the Tax (GST) regime, the GST Network Canal Economic Zone," it added.
first quarter of FY24, which accounts (GSTN) made the geocoding function-
for half of what it had achieved in the ality live for all states and union terri-
Face authentification now
full financial year of FY23. The Q1 num- tories. Geocoding, which converts an
bers represent a staggering 400 per address or description of a location into in PM-Kisan mobile app, a
cent growth in iPhone exports over the geographic coordinates, has been in-
first for Govt schemes
last financial year in the same quarter troduced to ensure the accuracy of
IN A first for any central welfare
when it exported only Rs. 4,950 crore. address details in GSTN records and
scheme, the government rolled out a
Under the production linked incentive streamline the address location and
face authentification feature in the
(PLI) scheme, its three vendors - verification process, it said in an up-
PM-Kisan app, which will enable ben-
Foxconn Hon Hai, Wistron and date posted on its portal.
eficiary farmers to complete their e-
Pegatron - have committed exports of
GST Network has already geocoded KYC process by just scanning their face
Rs. 61,000 crore in FY24 in the third
1.8 crore principal places of busi- on mobile phones instead of using one-
year of the scheme.
nesses. The functionality is available for time password or fingerprints.
The good news is that one-third of this normal, composition, SEZ units, SEZ
Agriculture Minister Narendra Singh
export commitment to the government developers, input service distributor
Tomar launched the app feature at an
for this financial year (FY24) has al- and casual taxpayers who are active,
event, which was attended by Minis-
ready been met by Apple's vendors in cancelled, and suspended.
ter of State for Agriculture Kailash
the first quarter and all it has to do is
Choudhary, Agriculture Secretary
finish the rest in the remaining three
FDI flows into India rose Manoj Ahuja, Additional Secretary
quarters. Analysts say, based on
10% to $49 billion in 2022 Pramod Kumar Meherda and senior
Apple's aggressive export perfor-
officials from the states.
mance, that exports could well exceed Foreign Direct Investment (FDI) flows
the company's commitment under the into India rose by 10% to $49 billion in Sharing details of the new feature,
PLI scheme. 2022, making it the third largest host Meherda said, "PM-Kisan scheme has
country for announced greenfield become the first scheme of the govern-
projects and the second largest for in- ment to do e-KYC through facial au-
Wipro to spend $1 billion
ternational project finance deals, ac- thentication mobile app. This app is
to train staff in AI cording to a report released by United very much useful for the farmers who
Indian IT giant Wipro announced that Nations Conference on Trade and De- are aged and also their mobile number
it has committed to making a $1 bil- velopment (Unctad). is not linked with their Aadhaar."
12 | 2023 | AUGUST | BANKING FINANCE