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France Hits Google with 50 million euro Data consent fine

22Jan By AdityaNo Comments

News

France Hits Google with 50 million euro Data consent fine

France's data watchdog announced a fine of 50 million euros (USD 57 million) for US search giant Google, using the EU's strict General Data Protection Regulation (GDPR) for the first time. Google was handed the record fine from the CNIL regulator for failing to provide transparent and easily accessible information on its data consent policies, a statement said. The CNIL said Google made it too difficult for users to understand and manage preferences on how their personal information is used, in particular with regards to targeted advertising. "People expect high standards of transparency and control from us. We're deeply committed to meeting those expectations and the consent requirements of the GDPR," a Google spokesperson said in a statement. "We're studying the decision to d...

Mumbai-based Fino Payment Bank Fined with Rs 1 Crore by the RBI

7Nov By Gauri SinghNo Comments

INDIA

Mumbai-based Fino Payment Bank Fined with Rs 1 Crore by the RBI

The newly licensed payments bank based in Mumbai called Fino Payment Bank has been fined with an amount of Rs 1 crore by the Reserve Bank of India (RBI). Following this move, the payments bank was required to stop all its account opening activities. The RBI found out that there were few accounts with the bank with deposits in excess of Rs 1 lakh, which goes against the licensing criteria of a payments bank. “The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs 1 crore on Fino Payments Bank Limited (the bank) for contravention of the direction to stop opening of new accounts until further instructions…,” said the regulator. A Fino Payments Bank spokesperson stated that the RBI has directed Fino Payments Bank to put in place appropriate process to a...

Elon Musk to Pay a $20 million Fine & Step Down as the Chairman

18Oct By Gauri SinghNo Comments

News

Elon Musk to Pay a $20 million Fine & Step Down as the Chairman

Elon Musk, the CEO of the electric vehicle giant Tesla is the largest shareholder of the company and is again looking to buy another $20 million in common stock. As a part of the deal, Musk has agreed to pay a $20 million fine and step down as chairman of the board for at least three years. He will still keep a board seat and has not admitted or denied any of the SEC’s allegations. Along with this, Tesla will pay a separate $20 million fine. The company also agreed to monitor and pre-approve Musk’s communications through channels such as Twitter and the Tesla blog. The 8-K document detailed a settlement agreement between Musk, Tesla and the SEC over allegations of securities fraud connected to his August 7 “funding secured” tweet about taking the electric automaker private. At the...

Reliance Jio, Paytm Apologise For Using PM’s Photo in Print Ads

11Mar By PriyankaNo Comments

News

Reliance Jio, Paytm Apologise For Using PM’s Photo in Print Ads

Reliance Jio and Paytm have apologised for their "inadvertent mistake" in using Prime Minister Narendra Modi's photograph in their advertisements without permission, the government today informed Parliament. The Ministry of Consumer Affairs had sent notices to both the companies under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of Prime Minister's name and picture for commercial use. "Clarifications were sought by the Department of Consumer Affairs from Paytm and Reliance Jio wherein they have apologised for their inadvertent mistake," Minister of State for Consumer Affairs C R Chaudhary said in a written reply to the Rajya Sabha. The two companies used the photograph of the Prime Minister in their respective full page advertisements contraven...

2Feb By AnkitaNo Comments

Tech

Facebook’s Oculus Ordered Pay $500 Million in Suit on Stolen Tech

A US jury has ordered Facebook and creators of its Oculus Rift to pay USD 500 million to gaming software firm ZeniMax in a lawsuit that claimed the virtual reality technology was stolen. The Texas jury made the award yesterday in a trial in which Oculus was accused of basing its Rift headset on technology stolen from ZeniMax's virtual reality software, court documents showed. The lawsuit claimed Oculus founder Palmer Luckey and his colleagues developed the virtual reality gear using source code illegally obtained from the gaming firm. Luckey was ordered to pay USD 50 million of the award and another former Oculus executive, Brendan Iribe USD 150 million. The two executives were accused of violating a non-disclosure agreement with ZeniMax and copying the source code and other do...

Reader’s Digest Asked to Pay Rs 5 Lakh For ‘Dishonest’ Marketing

7Dec By PriyankaNo Comments

News

Reader’s Digest Asked to Pay Rs 5 Lakh For ‘Dishonest’ Marketing

The Delhi consumer commission has directed popular magazine Reader's Digest to pay Rs 5 lakh to an 86-year-old lady and deposit Rs 50 lakh as punitive damage with the Consumer Welfare Fund of the state for running a "deceptive contest" and promoting its sale "dishonestly". The Delhi State Consumer Disputes Redressal Commission held that the magazine had indulged in "unfair trade practice" by deceptively trapping readers by alluring them with contest prizes of Rs 24 lakh and a luxury car. The Commission praised complainant R Balamma, a Mysore resident who had filed the complaint, saying such people had a 'pro bono publico' spirit and served the public by bringing unscrupulous elements to courts of law. The magazine has denied all allegations in the district forum and termed them as fal...