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All you need to know about Rs 500 and Rs 1000 notes ban.

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All you need to know about Rs Five Hundred and Rs Thousand notes ban. E wallet Startups to cash in the opportunity

  1. Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.
  2.  Old High Denomination Bank Notes of aggregate value of Rs.4,000/- only or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities will also be made available in Post Offices.
  3. The limit of Rs.4,000/- for exchanging Old High Denomination Bank Notes at bank branches or at issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary.
  4.  There will not be any limit on the quantity or value of Old High Denomination Bank Notes to be credited to the account of the tenderer maintained with the bank, where the Old High Denomination Bank Notes are tendered. However, in accounts where compliance with extant Know Your Customer (KYC) norms is not complete, a maximum value of Rs.50,000/- of Old High Denomination Bank Notes can be deposited.
  5. The equivalent value of the Old High Denomination Bank Notes tendered can be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.
  6. The equivalent value of the Old High Denomination Bank Notes tendered can be credited to a third party account, provided specific authorisation therefor accorded by the said account holder is presented to the bank, following standard banking procedure and on production of valid proof of Identity of the person actually tendering.
  7.  Cash withdrawal from a bank account, over the counter will be restricted to Rs.10,000/- subject to an overall limit of Rs. 20,000/- in a week for the first fortnight, i.e., until the end of business hours on November 24, 2016.
  8.  There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms.
  9. Withdrawal from ATMs would be restricted to Rs.2,000 per day per card up to November 18, 2016. The limit will be raised to Rs.4,000 per day per card from November 19, 2016 onwards.
  10.  For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India.
  11.  Instruction is also being issued for closure of banks and Government Treasuries, on 9th November, 2016.
  12.  In addition, all ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash will remain shut on 9th and 10th November, 2016.
  13.  The bank branches and Government Treasuries will function from 10th November, 2016.
  14.  To avoid inconvenience to the public for the first 72 Hours, Old High Denomination Bank Notes will continue to be accepted at Government Hospitals and pharmacies in these hospitals/Railway ticketing counters/ticket counters of Government/Public Sector Undertaking buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of Public Sector Oil Marketing Companies and for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount.

This radical step is going to play a massive role in moving our economy towards cashless .This step will lead to behavioral changes and people will prefer having e-Wallets in order to obviate any inconvenience in future that this step is likely to cause. It simply means, Startups like Paytm, Momoe and PayUMoney should get ready to serve more clients on board.

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Trident IoT Launches Taurus Z-Wave Series Silicon

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Chip series and SDK support next-generation Z-Wave capabilities for the global market.

Trident IoT, an RF technology and engineering company focused on decreasing time-to-market for connected device manufacturers, today announced the release of the new Taurus Z-Wave Series of silicon solutions.

The Trident IoT Taurus Z-Wave Series will encompass system-on-chip (SoC) solutions and modules that support the latest advancements in Z-Wave technology, including Z-Wave Long Range (ZWLR) for the U.S. and the implementation of the ZWLR European specification. The Taurus Z-Wave Series will ship with an SDK based on Open Z-Wave Specification Release 2024A.

“The Taurus Series gives global manufacturers access to cutting-edge Z-Wave capabilities,” said Trident IoT co-founder Bill Scheffler. “This silicon series and SDK will be the first to implement the ZWLR European specification, accelerating IoT product development worldwide.”

Taurus Series Silicon Specifications
The Taurus Series is based on an ultra-low power, high performance Z-Wave SoC. The Taurus SoC solution is designed to enable Z-Wave solutions with class-leading battery life, range, and memory.

Taurus Series chips feature an ARM® Cortex®-M33 microprocessor, 1MB of flash program memory, and 288KB of SRAM data memory for exceptional processing and response time. The powerful sub-GHz radios transmit at +20dBm and +14 dBm, enabling communication over distances up to 1+ miles.

Taurus chips support Z-Wave Plus, Z-Wave Plus v2 and ZWLR, enabling the development of highly secure, reliable, scalable, and backwards-compatible solutions for smart home, hospitality, multi-dwelling units and more. Using the ZWLR 12-bit addressing space, the Taurus Series supports networks of up to 4000 nodes; Taurus chips also leverage ZWLR dynamic power control, enabling end point battery life of up to ten years from a single coin-cell battery.

“ZWLR is a revolutionary technology, with the power to expand the reach, scale and utility of IoT applications while preserving full backward compatibility with currently deployed Z-Wave devices,” said Avi Rosenthal, Z-Wave Alliance Chairman of the Board. “This new Z-Wave silicon offering, paired with the Trident IoT SDK and design services, will enable more Z-Wave Alliance members to take advantage of ZWLR capabilities, bringing exciting new products to market faster around the globe.”

End-to-End Product Development Support
In line with the company’s mission to decrease time-to-market for IoT devices, Trident IoT will offer end-to-end engineering consultation for new products integrating Taurus Series silicon. In addition to the Taurus Series SDK, Trident IoT customers will also have access to an exclusive library of both Z-Wave and ZWLR device and sensor reference designs, created to accelerate the development of innovative new edge-of-property applications.

Trident IoT also offers in-depth consulting from some of the industry’s foremost experts on wireless connectivity, including Z-Wave technology. “Trident IoT was launched in response to a gap in the availability of IoT product design services,” says Mariusz Malkowski, Trident IoT CTO and founder. “The demand for consultation has been extraordinary: in just six months we’ve had to double our engineering resources.”

To support the development of market-ready products, the Trident IoT lab is fully equipped and available for Z-Wave, Z-Wave Plus v2, and ZWLR end product compliance and testing.

By providing silicon, design services, and in-house compliance testing, Trident IoT can help device manufacturers decrease time-to-market for new Z-Wave products by more than 60%. According to Kevin Kraus, VP of Technology Alliances and IoT Business Development, Yale – Fortune Brands Innovation, “In-depth consulting services from the Trident IoT team will be an invaluable accelerator for Fortune Brands, helping us to bring new Z-Wave-certified products to market in the near future. With the launch of this new single-die silicon solution, we look forward to collaborating on new devices with next-generation capabilities, including long-range and potentially even multi-protocol devices.”

Taurus Series Previews for Product Developers
Taurus Series silicon will begin shipping at scale in Q4 2024. In the meantime, Trident IoT will issue Taurus Series samples to select partners for initial testing and product development.

About Trident IoT:
Trident IoT is a technology and engineering company focused on simplifying RF development, increasing product success rates, and decreasing time-to-market for connected device manufacturers. Founded by a team of IoT veterans with over a century of industry knowledge, Trident IoT is aimed at making connected devices work as intended. With an initial focus on companies manufacturing Z-Wave devices, Trident IoT seeks to expand and build new relationships through a human connection at every level, including certification and market knowledge. 

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Generative AI Surge Triggers Nationwide Rush for New Data Center Infrastructure

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Demand for new AI Data Centers which are powering the rise of such popular AI platforms as OpenAI’s ChatGPT is being grossly underestimated according to analysts at this year’s Bloomberg Intelligence summit. The ongoing generative AI boom is kicking off a rush for new data centers, and the providers of the infrastructure behind them. With this boom comes many challenges including power supplies and the price of necessary hardware. For 9 of the top 10 US electric utilities, data centers have been the main source of customer growth, according to analysis made by Reuters. The booming Global Data Center Market is expected to hit US$792.3 billion by 2032, according to Astute Analytica, while analysts at Christian & Timbers have identified what they believe will be a 27% increase in AI data center talent demand in 2024 over 2023. Behind the scenes are several developers advancing the data center surge, who over the last week updated the market with recent developments, including: Avant Technologies Inc. (OTC: AVAI), Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) (NEO: GOOG), Meta Platforms, Inc. (NASDAQ: META) (NEO: META), Pegasystems Inc. (NASDAQ: PEGA), and Advanced Micro Devices, Inc. (NASDAQ: AMD).

The article continued: Some experts are raising concerns that the AI revolution itself could crash the existing supply of data centers, and create a serious capacity shortage worldwide. All the while, Fortune is declaring private equity firms as the early winners in the race to feed AI’s infrastructure demands.

Avant Technologies to Implement AI-Empowered, Zero Trust Architecture in Its Data Centers

Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), an artificial intelligence technology (AI) company specializing in the development of advanced AI and data center infrastructure solutions, announced today its plans to implement a Zero Trust Architecture (ZTA) framework powered by AI within its data center operations. Avant asserts that this strategic move is aimed at providing the highest level of security for its customers’ critical data.

“By integrating AI with Zero Trust Architecture, we are creating a robust and future-proof security framework for our data centers,” stated William Hisey, Chief Executive Officer at Avant. “This combined approach ensures the highest level of security for our customers’ data while optimizing data center operations for efficiency and cost-effectiveness. Avant is committed to providing innovative technology to help businesses optimize data center operations, improve resource utilization, and enhance security.”

ZTA is a security model that eliminates the concept of inherent trust within a network. It assumes that all users, devices, and workloads – regardless of location – must be continuously verified before granting access to resources. Implementing AI-controlled ZTA allows Avant to achieve continuous authentication and authorization, enhanced threat detection and response, dynamic access controls, and adaptive security policies.

Avant’s ZTA implementation aligns seamlessly with its existing AI-powered data center management focus. The company’s AI technology already provides predictive analytics and optimization, automated incident response, and enhanced cooling efficiency.

In other industry developments and happenings in the market this week include:

Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) (NEO: GOOG), best known as the parent company of Google and YouTube, recently broke ground on Google’s fourth data center in the Netherlands, as confirmed by Senior Operations Manager in a LinkedIn post. Valued at ~US$643 million, Google says the new data center will create 125 new jobs and has pledged to prioritize sustainability. The announcement is in line with the company’s commitment to invest billions of dollars in 2024 both inside the USA and abroad, where they’ve also announced plans to build a $1 billion data center campus in Kansas City, Missouri, and another $576-million data center project in Cedar Rapids, Iowa.

“Organizations and governments in the Netherlands are increasingly moving to the cloud,” said Google in a statement. “Cloud computing usage has almost doubled in the Netherlands in the last five years. The rise in demand is why Google is investing in digital infrastructure, which helps expand everybody’s access to information.”

Meta Platforms, Inc. (NASDAQ: META) (NEO: META), best known as the parent company of Facebook, WhatsApp and Instagram, announced plans to “accelerate infrastructure investments” for AI, including plans to spend billions of dollars more on servers and data centers. However, the initial response to the Facebook parent company’s plans was not positive. According to CEO Mark Zuckerberg, Meta plans to increase spending ahead of generating much revenue from their new products, reassuring his investors-call audience that Meta has a strong track record of monetizing new AI services once they reach scale.

“We anticipate our full-year 2024 capital expenditures will be in the range of $35-40 billion, increased from our prior range of $30-37 billion as we continue to accelerate our infrastructure investments to support our artificial intelligence (AI) roadmap,” said Susan Li, CFO for Meta Platforms in the quarterly financial report. “While we are not providing guidance for years beyond 2024, we expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts.”

Pegasystems Inc. (NASDAQ: PEGA), the leading enterprise AI decisioning and workflow automation platform provider, recently announced its Q1 2024 financial results, highlighting’s the company’s outstanding cash flow and margin expansion in the quarter.

“The strong cash generation in Q1 demonstrates the power of a SaaS business,” said Ken Stillwell, COO and CFO of Pegasystems. “Given our financial strength and differentiated GenAI capabilities, we are in a great position to accelerate profitable growth.”

The financial results came just over a week from the company introduced its Pega Gena™ Coach, a generative AI-powered mentor for Pega solutions that proactively advises users to help them achieve optimal outcomes. Coach analyzes existing opportunity, lead, contact, and interaction data within Pega Sales Automation™ and offers suggestions to help overcome barriers in moving deals forward.

Advanced Micro Devices, Inc. (NASDAQ: AMD), a global semiconductor company, has credited its decision seven years ago to discontinue making monolithic datacenter chips in favor of a chiplet architecture with helping cut global greenhouse gas (GHG) emissions by tens of thousands of metric tons per year.

“Chiplets not only avoid waste and conserve resources in manufacturing, but also in the data centers powering the digital services and experiences we use daily,” said Justin Murrill, Director of Corporate Responsibility for AMD. “Each chiplet houses multiple processor cores, and different chiplets can be added and even stacked in a package to create higher-performance and more energy efficient processors.”

AMD’s EPYC processors are at the forefront in powering the most energy-efficient x86 servers available today. Employing these leading servers significantly reduces the number of physical servers required to fulfill computing needs. This reduction has a broad environmental benefit, including decreased use of raw materials, less manufacturing and shipping, reduced energy consumption, and minimized data center space requirements. Such advantages are vital for businesses aiming to upgrade their data center infrastructure and enhance computational capacity while actively striving to meet sustainability objectives.

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Venture Capital Fund Manager Token Bay Capital Granted In-Principle Approval To Invest In Tokens With First of Its Kind License in Abu Dhabi Global Market (ADGM)

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  • License will permit investment in both the equity and tokens of crypto start-ups
  • Opening of Token Bay’s new offices in ADGM aligns with planned second fund

Token Bay Capital Limited (“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM. Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a leading Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle.

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