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In this video tutorial by Ash Milan T, he introduces an app called Live Transcribe, which allows users to transcribe videos and audios more efficiently. The app is available on the Play Store for Android users and can be checked on the App Store for iOS users. Live Transcribe is able to accurately punctuate sentences and properly recognize questions, making it a precise tool for transcription. The app can accurately transcribe spoken words with punctuation marks like commas and question marks. Ash highlights the app's ability to accurately transcribe speech, making it an efficient transcription tool.