Artificial Intelligence has taken the world by storm in the last decade. Given the power artificial intelligent systems possess, it is imperative that they may have negative consequences on health, safety, fundamental rights, democracy, rule of law and environment. It is hence necessary to take an approach towards AI that is cautious of its negative consequences. However, AI is a very powerful technique with potential to boost the economic growth of human civilization. The key is to balance the harms of AI through regulation and at the same time improving economic growth through innovation. The EU’s AI Act is the first comprehensive step in this direction. In this talk, we will cover the object and scope of the Act, to whom it applies. Then we will discuss the classification of various tiers of AI, prohibited, high risk, moderate and minimal going through the examples of each class. AI can enable perfect surveillance and thus there is a direct threat to the privacy of human beings. We will also make a passing reference to the intersection of AI Act with GDPR.