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May 2018

Editorial

By CA. Raman Jokhakar
Editor
Reading Time 7 mins

The New Oil, The Rig And The Extraction

Over the centuries mankind found things that were considered rare and precious. The Native Americans exchanged their gold for mirrors which the Spanish brought with them to the new continent. Napoleon III is believed to have used aluminium vessels instead of gold cutlery, as it was believed to be rare. When oil found its new use in the twentieth century, it was named ‘black gold.’ Oil transformed nomadic economies into some of the wealthiest ones. Today, data is the new oil.

Recently, Facebook CEO was questioned publicly by the US lawmakers. The testimony has raised several questions. Four areas for public and regulatory consideration can be placed under the following:

1. Collection of data

2. Protection of data

3. Individual Privacy

4. Data use – propaganda, surveillance, manipulation

The world of technology is fast, vast and tangled for a lay user. As of January 2018, about 4 billion people use the internet, 3 billion active social media users and 5 billion unique mobile users around the world. Questions about privacy and secrecy of personal data are critical. The EU is implementing GDPR (General Data Protection Regulation) from 26th May 2018. The GDPR has extra territorial applicability, massive fine (higher of 4% of annual turnover or Euro 20m) and onus of clarity in the consent is on the data processers.

As citizens we are a subject matter of possible if not actual digital surveillance although some of it comes across as convenience. Consider these examples we can relate to:

1. Say you wish to buy a product. You enter the words ‘Apple Cider Vinegar price’ in your browser. For next several hours or days the application you use show advertisements selling that product.

2. I was travelling outside India. My phone did not have data, wifi or local sim card. I was using the phone only for its camera. I returned to my hotel, turned on the wifi and started to look at the pictures I had taken during the day. Each picture showed with it, the location where it was taken.

3. I was looking out for a new car. I searched and clicked on a link on a browser. The website asks me my location.

Knowing about who you are, what you do, where you go, what you buy, what you like and what you pay is invaluable. Today, YOU are the new oil – the subject matter of digital data collection. Data about you is saleable and fetches big bucks. Although some services come ‘free’, they could be collecting your data in return and making use of that data to suit their objectives. As a popular quote goes: ‘If you’re not paying for it, you are not the customer; you are the product being sold.’

Data today can be used to control us – our minds, opinions, judgements, and decisions. By knowing vulnerabilities of people, technology can manipulate our individual and collective psyche to the advantage of some. Recent reports show that personal data was sold and personal data was used to manipulate elections. We all know how social media is used for propaganda, fake news and to influence public opinion.

Today Facebook has 1.44 billion monthly active users (MAU). That is 188 million more than India’s population. Alphabet, Apple, Amazon, Microsoft and Facebook put together have market capitalisation more than $3 Trillion. That means these companies collectively are larger than individual GDPs of France, India, UK and Italy. However, these aren’t nations or cooperatives; they are corporations with private ownership. Some are even monopolies, but they seem like neutral public forums or platforms. Today we are faced with the question: When we use an app, is it simply a ‘pass through’ or is it a ‘gate keeper’ who controls what we should see?

One of the US lawmakers raised an important question to the Facebook CEO – It is not about would you do it, it is about could you do it! When we give access to our personal data on the phone, say our contacts, do we know what that data will be used for? How secured it is? When we press ‘I agree’, we hardly know what we are consenting to!

If data were new oil, your devices and apps could well be the oil rigs. The feed you see could probably be a feed organised by some vested interest – for propaganda, fake news or influencing your decision. If individual freedom and liberty were to remain supreme in the digital age, individual privacy cannot be disregarded. And if one were to ask about the value of privacy, answer these questions – Do you like to be spied on, stalked, watched or manipulated? Who would you want to give the right to watch you and to what extent? What will be the dos and don’ts that you would want an entity to follow with the information you shared?

There is no doubt that the gains of technology outweigh most other drawbacks. At the same time, there is no legacy more precious than individual freedom and liberty. Remaining a ‘private’ citizen is a challenge today. The question is can we even choose to be one? 

 

Raman Jokhakar

Editor

FORTHCOMING EVENTS

COMMITTEE

EVENT NAME

DATE & TIME

VENUE

NATURE OF EVENT

Taxation Committee

Full Day Seminar on

Assessments, Reassessments and Appeals

Saturday, 26th May, 2018

IMC Hall, Churchgate

Seminar

Jointly organized by BCAS and IIA BBY

Lecture Meeting on “Corporate Governance – Role of Independent Directors”, by CA. Nawshir Mirza

 

6th June 2018

BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai

Lecture Meeting

Human Development and Technology Initiatives Committee

The 11th Jal Erach Dastur CA Annual Day TARANG 2K18

9th June 2018

KC College

Student Annual Day

Indirect Taxation Committee

12th Residential Study Course on GST

Thursday to Sunday 21st June to 24th June 2018

Marriott Hotel, Kochi

RSC/House Full

Human Development and Technology Initiatives Committee

POWER-UP SUMMIT

REIMAGINING PROFESSIONAL PRACTICE

 

Saturday, June 16th, 2018

Orchid Hotel, Mumbai

Others Programme

International Taxation Committee

International Tax & Finance Conference, 2018

Wednesday, 15th August 2018 to Saturday, 18th August 2018

Narayani Heights, Ahmedabad

ITF

STUDY CIRCLE

International Taxation Committee

ITF Study Circle Meeting on “Case Laws related to Fees for Technical Services (FTS)”

Thursday, 10th May, 2018

BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai

Study Circle

Taxation Committee

Direct Tax Laws Study Circle on “Presumptive Taxation”

Monday, 7th May 2018

BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai

Study Circle

 

BCAS – E-Learning Platform (https://bcasonline.courseplay.co/)

 

Course Name E-Learning Platform

Name of the BCAS Committee

Date, Time and Venue

Course Fees (INR)**

Members

Non – Members

Three Day Workshop On Advanced Transfer Pricing

International Taxation Committee

As per your convenience

5550/-

6350/-

Four Day Orientation Course on Foreign          Exchange Management Act (FEMA)

International Taxation Committee

As per your convenience

7080/-

8260/-

Workshop on Provisions & Issues – Export/ Import/ Deemed Export/ SEZ Supplies

Indirect Taxation Committee

As per your convenience

1180/-

1475/-

7th Residential Study Course On Ind As

Accounting & Auditing Committee

As per your convenience

2360/-

2360/-

Full Day Seminar On Estate Planning, Wills and Family Settlements

Corporate & Allied Laws Committee

As per your convenience

1180/-

1180/-

Workshop on “Foreign Tax Credit”

International Taxation Committee

As per your convenience

1180/-

1475/-

BCAS Initiative – Educational Series on GST

Indirect Taxation Committee

As per your convenience

Free

Free

GST Training program for Trade, Industry and Profession

Indirect Taxation Committee

As per your convenience

Free

Free

**Course Fee is inclusive of 18% GST.

For more details, please contact Javed Siddique at 022 – 61377607 or email to events@bcasonline.org

 

  

 

 

 

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