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<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), has expanded its partnership with <keyword id="20167467" type="General" weightage="20" keywordseo="Rolls-Royce" source="keywords" meta.keywordsubtype="org" meta.entityname="Rolls-Royce" meta.hostid="153" meta.entityid="Rolls-Royce">Rolls-Royce</keyword>, a British multinational specialising in civil aerospace, defence aerospace, services, and power systems, to advance sustainable aviation initiatives. According to a press release, the collaboration focuses on researching <keyword id="22499621" type="General" weightage="20" keywordseo="hydrogen-fuel-system-technology" source="keywords">hydrogen fuel system technology</keyword>, reinforcing the potential of hydrogen as a zero-carbon <keyword id="20178417" type="General" weightage="20" keywordseo="aviation-fuel" source="keywords">aviation fuel</keyword> of the future. TCS will supply engineering skills and support to Rolls-Royce to tackle three key challenges in enabling hydrogen for aviation- fuel combustion, fuel delivery, and fuel system integration with an engine. All elements must be validated for safe operation. This partnership highlights TCS's commitment to driving sustainable transformation across industries, aligning with its broader mission to harness technology for positive societal impact. The International Air Transport Association (IATA) has set targets for net zero carbon emissions by 2050. Alan Newby, Director, Research and Technology, Rolls-Royce, said, "We welcome TCS to our hydrogen research programme and their engineering skills will play a valuable role in addressing our technology goals. We've already made great progress and having TCS with us gives us additional capability as we move forward on our journey to enable the energy transition for the aviation sector." The expanded partnership was announced at the Farnborough International Airshow, where TCS also showcased its technological prowess in the aviation industry. This collaboration builds on a long-standing relationship between Rolls-Royce and the Tata Group, including engine development and a robust supply chain commitment. TCS has worked with Rolls-Royce since 2010 in areas such as design, manufacturing engineering, control systems, software, after-market services, and IT services, supporting major civil and business aviation programs and the end-to-end product development lifecycle. Anupam Singhal, President - Manufacturing, TCS, said, "The partnership between TCS and Rolls-Royce is an exciting one that represents a powerful alliance in the quest for <keyword id="22500175" type="General" weightage="20" keywordseo="sustainable-aviation-solutions" source="keywords">sustainable aviation solutions</keyword>. We are aligned with Rolls-Royce's ambition for a greener future. This partnership is the perfect opportunity to put our technological strengths and passion for the environment to use for advancing innovation and fostering an eco-friendlier aerospace sector." TCS will leverage its deep domain knowledge of the aircraft manufacturing industry to support Rolls-Royce's engineering activities such as system design, component design, supply chain support, and program management. These services will help Rolls-Royce research hydrogen technology to address the challenges of fuel combustion, fuel delivery, and fuel systems integration with an engine, ensuring all elements operate safely. Regu Ayyaswamy, Senior Vice President and Global Head- Internet of Things and Digital Engineering, TCS, said, "TCS and Rolls-Royce have been partners in advancing engineering excellence for nearly a decade. The new partnership for research into hydrogen fuel systems represents a pivotal next step at a time when the aviation industry is faced with the urgent challenge of reducing carbon emissions while maintaining performance and efficiency. It aligns well with TCS' commitment to harness technology for positive societal impact and building a greener future." TCS has been on a mission to harness the power of technology for positive societal impact and drive sustainable transformation across industries. With more than 200 sustainability offerings, TCS is helping customers around the world in their sustainability journeys. As a Tata group company, TCS is also conscious of its impact on the environment. In 2021, TCS set an ambitious sustainability target to reduce its absolute emissions by 70 per cent across Scope 1 and Scope 2 by 2025 from the baseline year 2016 and to achieve net zero by 2030. By FY24, TCS had already reduced its absolute carbon footprint across Scope 1 and Scope 2 by 80 per cent over a baseline of 2016, exceeding its target achievement by 10 per cent, one year ahead of time. (ANI)

TCS collaborates with Rolls-Royce for hydrogen research programme

<ul class="summary-list"><li>Starbucks is the latest high-profile company to phase out the role of chief marketing officer, following UPS in late 2023.</li><li>Vineet Mehra, CMO of Chime, rejects the notion that the CMO role is in danger of disappearing. </li></ul>UPS last December <a target="_blank" href="https://www.wsj.com/articles/ups-scraps-cmo-role-a7f31c0e">eliminated</a> the role of the chief marketing officer, replacing it with a chief commercial and strategy officer who would oversee product management and business transformation.The news fueled articles and thought pieces on the demise of the CMO. The topic stokes big feelings and industry chatter — including a <a target="_blank" href="https://www.thedrum.com/news/2024/01/30/marketing-not-perceived-viable-career-choice-say-cmos-davos-discussion">panel</a> at the World Economic Forum at Davos over whether marketing is a viable career choice.Now the news that <a target="_blank" href="https://stories.starbucks.com/press/2024/starbucks-announces-new-global-leadership-structure-to-accelerate-company-reinvention-and-elevate-the-brand/">Starbucks</a> is reorganizing to replace the CMO role with regional leadership is certain to launch a whole new round of speculation.Vineet Mehra, CMO of Chime, told Business Insider that he believes CMOs have never been more relevant. He talked about how the rise of DTC spawned a new perception of value, and how marketers need to be strategic in planning their careers.The following Q&amp;A with Mehra has been edited for clarity.<h2>There have been a few high-profile examples of companies eliminating the chief marketing officer position. But you don't see this as a growing trend?</h2>Every time a CMO gets let go, or leaves, it's like, "Here's yet another company doing this.'"It's almost become clickbait fodder. I am really worried that we have divided ourselves within our industry over the last decade. And that we did this to ourselves. We're the ones clicking on all this stuff, talking about it, and propagating the myth.I don't think any of it is true, and my headline is that we're entering a new golden age of marketing. All the tools CMOs always wanted now exist, in ways that I have dreamed about my whole career. CMOs are needed more than ever. And I don't think marketing has ever been in a better spot in terms of how we can impact business.<h2>What's changed over the past 10 years to fuel this pessimism about the role of marketing and the CMO - is it a byproduct of the rise of performance marketing?</h2>By no means are traditional marketing tactics less important. Areas like brand management, media buying, consumer insights, measurement, and integrated marketing are all very important and will continue to be. Many of these skills were honed, perfected, and scaled by CPG's original brand builders and growth marketers. Go back 20-plus years, and CPG companies were the academy companies and Ivy League education for any aspiring future CMO.Then the DTC brands entered in the late 2000s and approached growth, brand-building, and go-to-market in totally new ways. DTC's coincided with the rise of Facebook, which democratized access to an unlimited total addressable market, and lowered barriers to entry for new brands to challenge industry leaders with pay-as-you-go media budgets. This ushered in the rise of performance marketing — though I prefer to call it direct response, as all marketing should be performative.As performance marketing began to scale with DTC brands, it brought along with it the proliferation of marketing technology, high velocity creative, focus on lifetime value, customer acquisition cost, and short-term attribution — all of which won a ton of favor with investors as the preferred and highest ROI way to drive growth for new brands. Brand marketing almost became taboo, a sin for those responsible marketers who focused on customer-acquisition cost as their primary metric. As a result of all this success, the CMOs of these DTC brands were rewarded with even bigger budgets, fueled by the long-lasting zero-interest-rate policy era, which continued this surge around the rise, importance, and attention on performance marketing. It was almost as if CPG marketers, the original celebrity rockstar CMOs, and DTC marketing leaders lived on different planets – East Coast vs West Coast – and ultimately brand versus performance became a major narrative in the industry.<h2>So how do these disparate marketing tracks come together? Can a CMO still strategically lead all parts of this fragmenting universe?</h2>The truth of the matter is that brand marketing and direct response marketing are all marketing — there is no competition.All marketing spending should be driving performance, just in different parts of the funnel that ultimately support each other. I call it "performance storytelling." The more we as CMOs and an industry can intentionally build our individual and collective skill sets across the entirety of today's marketing ecosystem, the more our industry will thrive. This brand versus performance marketing debate is just one aspect. CMOs are now technologists, analysts, content creators, storytellers, leaders, editors, strategists, and scientists. We build brands, we curate purpose, we drive growth, and we build for both the short and long term. We are firmly in the spotlight, every day, with every decision we make. We also must be technologists and the earliest adopters of many new growth-enabling tech platforms in our organizations. Just look at the rise and value we created as CMOs in the marketing technology industry over the past decade —we were the capital allocators of that renaissance. I firmly believe that we will also be the earliest at-scale adopters of artificial intelligence in our organizations, the next systemic change that is upon us as CMOs.It's on us to restore the reputation of the CMO in the C-suite and in board rooms across the globe. Nothing external can be blamed for affecting the reputation of the CMO — we did it to ourselves. Let's win back the narrative is what I say!<h2>How have you managed your career to avoid being pigeonholed?</h2>I believe we are living in the golden age of marketing. But to embrace this moment of tremendous evolution in our profession a career full of horizontal experiences, not traditional career ladders and job titles, is the key to staying relevant.I have taken plenty of risks and even took a few pay cuts along the way to learn as much as I could. Curiosity and the humility to admit what you still have to learn are key. I spent the first half of my career in the more legacy world of CPG, and I've spent the last decade in Silicon Valley on the tech and consumer DTC parts of the ecosystem. As I saw the world fracturing and dividing, I knew I didn't want to be stuck on one side or the other.My first "risky move", at least according to others, was in my early 30's. I thought I had "made it" and achieved my dreams as the global president of a multi-billion dollar division at Johnson &amp; Johnson consumer. And then, I got a call to move to Silicon Valley and join this company called Ancestry that was thinking of bringing this thing called consumer genetics and DNA into the world through a DTC business model. Pay cut number two, I was the global CMO of Walgreens Boots with thousands of people in my organization, and I left for a Series C startup with an 80% pay cut.I learned a ton, but that risk was cut short as the zero-interest-rate policy environment came to a screeching halt and affected so many smaller technology companies. But things happen for a reason, and because of the experiences I had curated for myself, I found a fit here at Chime. It's been one of the most rewarding and fulfilling periods of my career. Today, I sit as a board member of a very hot marketing AI company, and on a couple of public boards, including one phenomenal data-science-powered ad tech company, and a DTC brand, where I am also a member of the audit committee. All of this is an effort to remain relevant for as long as possible in my career. Being "dangerous" across the entire modern marketing ecosystem is so important to me, especially in a time of such fundamental shifts in our craft and profession. I want to be part of the solution.<h2>What advice do you give to those who aspire to become CMOs? What should they be doing to move their career in the right direction?</h2>I talk about managing your career like a jungle gym instead of a career ladder. Horizontal careers are the new lateral careers.I never think of myself as just a marketer. You need to be a P&amp;L leader who happens to play a role on the marketing team, and ultimately the team is about shareholder value creation — whether that's private or public value creation. Don't be defined as just a marketer if you want to be a CMO one day.There's also nothing wrong with focusing on the specialist careers we will need.At Chime, we're creating tracks where you can follow a specialist career and ultimately make the same money as a manager. It used to be you needed to manage people. But for some people, we want you to be the best at the Google algorithm on the planet.That's one way we'll eliminate this malaise in our industry — by respecting all the different tracks.

Starbucks is the latest brand to eliminate its global CMO role, but Chime's Vineet Mehra rejects the view that the position faces an existential threat

<ul class="summary-list"><li>Russia passed a bill allowing crypto trade payments and is aiming to roll out the digital ruble next July.</li><li>Moscow's tilt to crypto reverses its previous anti-crypto stance.</li></ul>Russia is stepping up sanctions-evading measures to keep its international trade flowing. The country is passing new laws regulating cryptocurrency and a plan for the digital ruble.On Tuesday, Russia's State Duma — the lower house of Russia's federal assembly — passed a bill that would let businesses use cryptocurrencies in international trade, <a target="_blank" class="" href="https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/">Reuters</a> reported.Under this new law, Russia's central bank will create a new "experimental" payments platform. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.Nabiullina also said on Tuesday that the Russian central bank plans a mass introduction of the digital ruble in July next year, per <a target="_blank" class="" href="https://tass.com/economy/1823089">TASS.</a>Digital currencies, like the digital ruble, are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks.</a><h2 id="04f69842-16d5-468a-85c4-9bbe54193e49">Some Russian businesses are already using crypto</h2>In addition, Russia passed new regulations legalizing crypto mining on Tuesday.An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.In January 2022 — before the full-scale invasion of Ukraine — <a target="_blank" class="" href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">Russia's central bank</a> proposed a ban on the use and mining of cryptocurrencies within the country, citing risks to financial stability and monetary policy.However, the heavily sanctioned country is facing so many issues with international payments that it has been forced to shift its position.Some Russian businesses are already using cryptocurrencies to trade with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.<a target="_blank" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said earlier this month that Russia had to <a target="_blank" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.Russia's tilt toward crypto isn't unexpected. Analysts have been speculating about how <a target="_blank" href="https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia">Russia would eventually move</a> toward using crypto and digital assets following sweeping sanctions over its invasion of Ukraine.<h2 id="0eca508c-15cf-41aa-b85a-a557ee507d8d">Increasingly tight Western sanctions hit Russia's international trade</h2>Until recently, Moscow hasn't really had to look into digital currencies that intently — since Russian companies have managed to keep on doing business using non-US dollar currencies, such as the Chinese yuan, or via smaller banks.But Russia's international trade is getting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">ever more difficult.</a>The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions — even in non-US dollars — with Russia to avoid getting in the crosshairs."This episode demonstrates the global power of the US Treasury, causing banks from Turkey to India and China to pause the processing of payments invoiced by or to Russian counterparties," wrote Christopher Granville, the managing director of global political research at GlobalData TS Lombard, in a May note about <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">digital currencies and dedollarization.</a>"In other words, simply settling commercial invoices in national currencies rather than US dollars turns out to be an insufficient counter to US sanctions," Granville added.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a><h2 id="b33701e6-83ac-4290-b6c2-ada7fbc1bf3a">Russia could be eying a digital-currency-based settlement system</h2>It isn't clear how Russia's crypto and digital currency regimes will shape up.Implementation may be easier said than done.Even China, which has one of the world's most advanced <a target="_blank" class="" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital currencies,</a> relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote in May that that setup avoided excessively disrupting the operations of banks, which could threaten broader financial stability.

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

In a keynote address at the Indo-Singapore Judicial Conference, <keyword id="19941896" type="General" weightage="20" keywordseo="Chief-Justice-of-India" source="keywords">Chief Justice of India</keyword> DY Chandrachud emphasised the crucial role of <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword>, particularly Artificial Intelligence (AI), in reshaping <keyword id="21291398" type="General" weightage="20" keywordseo="legal-research" source="keywords">legal research</keyword> and the judiciary while stressing the imperative of <keyword id="20773416" type="General" weightage="20" keywordseo="ethical-considerations" source="keywords">ethical considerations</keyword> in its integration. Chandrachud commenced his address by lauding the conference's revolutionary focus on technology and its potential to catalyse crucial dialogues at the crossroads of technology and the judiciary. He acknowledged the profound impact of judicial dialogues in fostering cross-cultural exchange and mutual learning among diverse legal systems. Highlighting the deep-rooted ties between India and Singapore, Chandrachud commended both nations for their commitment to upholding the rule of law and promoting access to justice. "Judicial dialogues indeed play a vital role in fostering cross-cultural exchange and mutual learning among different legal systems. India and Singapore share not only deep social, cultural, and economic ties but also a commitment to upholding the rule of law and promoting access to justice. As two dynamic and rapidly evolving nations, both India and Singapore recognise the transformative potential of technology in modernising their respective judicial systems," said the CJI. He lauded Singapore's emergence as a global technology and innovation hub, citing its adoption of cutting-edge initiatives such as online dispute resolution platforms and electronic filing systems. "Singapore has positioned itself as a global hub for technology and innovation. With its strategic location, business-friendly environment, and robust legal framework, Singapore has attracted top talent and investment in the tech sector... Additionally, the Singapore International Commercial Court leverages technology to facilitate international dispute resolution, offering efficient and cost-effective solutions for resolving cross-border commercial disputes," he further said. The CJI praised India's strides in leveraging technology to modernise its judiciary, particularly through initiatives like the e-Courts project. "India boasts a vibrant tech ecosystem and a rich legal heritage. With a population of over a billion people and a rapidly growing economy, India presents enormous opportunities in adopting technology within the <keyword id="20199889" type="General" weightage="20" keywordseo="judicial-system" source="keywords">judicial system</keyword>. The e-Courts project, for instance, aims to computerise court processes, digitise case records, and establish online case management systems across all levels of the judiciary. By reducing administrative burdens and automating routine tasks, e- Courts enhance the speed and efficiency of legal proceedings, ultimately improving access to justice for all citizens," Chandrachud said. The Chief Justice then turned his attention to the transformative potential of AI in legal research, describing it as a "game-changer" that empowers legal professionals with unmatched efficiency and accuracy. He elucidated specific instances where AI, notably ChatGPT, had been utilised in court adjudication, citing examples from Colombia and India. "Additionally, the Supreme Court of India introduced live transcription services, an initiative aimed at enhancing accessibility to legal information. This initiative has been particularly impactful in addressing linguistic diversity, as live transcription services translate judicial proceedings into 18 regional languages and Hindi, ensuring that legal information is accessible to citizens across India using AI termed as the Supreme Court Vidhik Anuvaad Software. This not only saves time and resources but also improves access to justice by reducing delays and backlogs in the court system," he said, "In 2023, Justice Juan Manuel Padilla, a Colombian judge, utilised the ChatGPT to deliver a judgment in a case involving insurance claims for an autistic child," Chandrachud elaborated, underscoring the complementary role of AI in augmenting judicial reasoning rather than supplanting it. Similarly, he recounted how the Punjab and Haryana High Court in India sought insights from ChatGPT in a bail petition. However, Chandrachud cautioned against overlooking the ethical, legal, and practical considerations associated with <keyword id="20230984" type="General" weightage="20" keywordseo="AI-integration" source="keywords">AI integration</keyword> into court proceedings. "These instances show that we cannot avoid the question of using AI in court adjudication. The integration of AI in modern processes including court proceedings raises complex ethical, legal, and practical considerations that demand a thorough examination. The use of AI in court adjudication presents both opportunities and challenges that warrant nuanced deliberation," he asserted. He noted the importance of transparency, accountability, and fairness in AI utilisation, highlighting concerns about potential errors and biases inherent in AI systems. "The full realisation of AI's potential hinges on global collaboration and cooperation," Chandrachud said, urging stakeholders to prioritise robust auditing mechanisms and capacity building. In his concluding remarks, the CJI noted that the advancement of technology and AI is inevitable. "It holds the potential to significantly change professions and make service delivery more accessible to people. In the field of law, this translates to the potential for AI to expedite and streamline justice delivery. The era of maintaining the status quo is behind us; it is time to embrace evolution within our profession and explore how we can harness the processing power of technology to its fullest within our institutions," he said. Aiming to explore the intersection of technology and the legal system, particularly focusing on the transformative role of Artificial Intelligence (AI) in judiciary, the Supreme Court organised a two-day conference on Technology and Dialogue between the Supreme Courts of India and Singapore on Saturday and Sunday. Alongside judges, jurists, Chief Justice of Singapore Justice Sundaresh Menon also engaged in panel discussions covering a wide array of topics. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/business/auto/news/ather-rizta-vs-tvs-iqube-which-family-scooter-should-you-buy/articleshow/109233645.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-vs-tvs-iqube-which-family-scooter-should-you-buy/articleshow/109233645.cms" target="_blank">Ather Rizta vs TVS iQube – Which family scooter should you buy?</a><a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank">PlayStation 5 is now available at a discount of ₹10,000 for a limited period</a>

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Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order

Huileng Tan

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