Question: I have been employed in the engineering sector in the Gulf region and am considering specializing in data science, as I believe it could enhance my career prospects. However, I am uncertain if this move will be beneficial. Answer: In the current era dominated by data, companies utilize data science to foster innovation and achieve a competitive advantage. Data science integrates various disciplines including computer science, mathematics, engineering, and domain-specific knowledge to uncover hidden trends and correlations within data. Recent advancements in data science focus on deep learning and reinforcement learning, while the emergence of edge computing and IoT opens new avenues for applying data science methods to generate value. Essentially, data science is pivotal for extracting value and driving organizational success. By employing data science techniques like predictive analytics, businesses can predict customer needs, spot market trends, and create tailored products and services. Data-driven decision-making helps organizations reduce risks and optimize operations. Hence, specializing in data science is advisable as it equips you with in-demand skills and knowledge.
Question: If a bank employee commits fraud, is the customer protected, and is the bank obligated to compensate for the losses incurred? Answer: Banks are responsible for the fraudulent actions of their employees that result in customer losses. The Supreme Court of India has ruled that banks must compensate customers for losses caused by employee fraud during employment. The Reserve Bank of India also holds banks accountable but requires them to report such frauds to authorities like the Central Bureau of Investigation upon customer complaint. Some banks immediately compensate customers, while others wait for police investigations. Banks often have insurance to cover employee fraud, but if the customer's actions contributed to the fraud, such as sharing sensitive information, the bank may not be liable. Additionally, banks are not responsible for voluntary online fund transfers to fraudulent accounts. Banks implement various measures including electronic surveillance, duty segregation, job rotation, mandatory leave, and regular audits to monitor employees and prevent fraud.
Question: The Indian government pledged to repatriate illegally stashed funds from abroad. Has there been any progress on this? Answer: India has established information exchange agreements with 171 countries to combat cross-border tax evasion. According to a recent Global Forum report, Asian members, including India, have identified approximately Euros 21.8 billion in revenue from taxes, interest, and penalties. India, with its extensive network of agreements, has significantly benefited. There is also automatic information exchange among partner countries, providing periodic data on bank accounts and financial assets held abroad by tax residents of countries with such agreements. In 2023, countries received data on about 51 million financial accounts with assets totaling Euros 3.7 trillion. Thus, India continues to successfully obtain crucial information leading to tax recovery.
