DIGITAL INDIA ACT
Why the Digital Competition Bill has started a polarising debate in the tech industry
India’s Digital Competition Bill has turned previous foes in the tech industry into unlikely allies and sparked a polarising debate on market practices. The Committee on Digital Competition Law (CDCL) on February 27, submitted its report to the ministry of corporate affairs (MCA) after working on it for more than a year.
Madras HC delivers shot in the arm for online pharmacies
In a shot in the arm for epharmacies, the Madras High Court overturned a previous ruling by a single-judge bench restricting online platforms like Tata 1mg, PharmEasy, Netmeds, and Practo from engaging in the digital trade of medicines.
Telecom Act 2023 based on principles of inclusion, growth, responsiveness for developed India
The Telecommunications Act, 2023, effective from June 26, emphasizes inclusion, security, growth, and responsiveness for a developed India, enabling government control for national interests, research and development funding, and fair infrastructure access for network expansion.
FIU slaps Rs 18.82 cr penalty on crypto exchange Binance
FIU imposes Rs 18.82 crore penalty on Binance for alleged anti-money laundering law violation.
Citing overlaps, experts seek rejig of Digital Competition Bill
The ministry of electronics and information technology continued discussions on the digital competition bill with think tanks and industry bodies raising concerns about foreign regulation approaches. The impact on startups and overlap with existing laws were highlighted.
DPDP rules nearly ready, industry consultations likely soon: Ashwini Vaishnaw
Consultative process planned for DPDP Act rules. Creating a digital by-design platform for implementation. Stakeholder feedback crucial for final rules.
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Govt may release DPDP rules for public consultation before start of Parliament session
The DPDP Act, passed in August, aims to have administrative rules notified within a year to ensure compliance. The Act focuses on personal data collection, processing, and storage, marking India's first regulation on digital personal privacy. The rules are crucial for data protection, stakeholder engagement, and regulatory enforcement.
India's EU-like antitrust law worrying technology firms
India's proposed antitrust law, influenced by a panel report, targets tech giants with global turnovers exceeding $30 billion. The law aims to prevent market concentration, similar to the EU's Digital Markets Act.
Meity policy momentum to continue with Ashwini Vaishnaw retaining Electronics, IT portfolio
Union minister Ashwini Vaishnaw retains electronics and IT portfolio, spearheading success in electronics and semiconductor manufacturing. He also oversees the enactment of the Digital Personal Data Protection Act and holds the railway ministry along with the Information and Broadcasting ministry.
RBI, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
Data protection, AI rules top tech’s wishlist for next govt
Technology policy lawyers, think tanks and policy groups are making a list of priority items for the new leadership at the IT ministry after the results of the general elections. The Digital Personal Data Protection (DPDP) Rules seem to top the list, along with regulation of AI and the Digital India Bill.
IAMAI view on draft Digital Law not shared by all constituents: four members tell MCA
Four members of IAMAI, including Bharat Matrimony, Match Group, Hoichoi, and ShareChat, express divergent views on ex-ante regulation in the draft DCB to the Ministry of Corporate Affairs.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
Why does India have the first mover advantage in Web3 technology?
While regulatory clarity remains a work in progress, India's embrace of the Financial Intelligence Unit (FIU) registration requirement is a positive step, creating a safer trading environment for all.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Buddha Purnima bank holiday 2024: Are banks closed today? Check state-wise list
Buddha Purnima bank holiday 2024: Many banks are closed today for Buddha Purnima, which is an important holiday for Buddhists around the world. Buddha Jayanti, also known as Vesak, is celebrated on the Full Moon Day of May (Vaisakh).
81% of ad violations were on account of misleading claims in FY24: ASCI
ASCI examined 10,093 complaints and investigated 8299 advertisements. The majority of violations were on account of misleading claims at 81%, followed by ads that promoted harmful situations or products at 34% (the same ad can be processed for multiple objections).
Draft digital competition bill will make business untenable: IAMAI
Ex-ante regimes tell businesses precisely how to behave, or what to do. Under the current ex-post regime of the Competition Act, companies are only required to ensure that their conduct in the market is not anti-competitive. An overlapping ex-ante regime proposed under the digital competition Bill will force tech companies to comply with parallel legislation and undertake measures for additional compliance, the IAMAI said.
Paytm app launches auto-rickshaw booking feature via ONDC
Paytm introduces auto-rickshaw booking on its app through ONDC and Namma Yatri for users in NCR, Bengaluru, and Chennai. ONDC tab includes food, groceries, and rides. Pai Platforms facilitates the service with significant mobility transactions.
RBI action on Kotak Mahindra Bank: Is your data in other banks safe?
Kotak Mahindra Bank: The Reserve Bank of India (RBI) took action on Kotak Mahindra Bank due to observance of serious deficiencies and non-compliances in the areas of data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc. So did the bank violate Digital Personal Data Protection Act, 2023?
Binance to restart operations in India as compliant FIU-registered entity
Binance returns to India, paying $2 million penalty, seeking compliance with PMLA. Its re-entry may reshape the market dynamics with superior technology and liquidity, amidst soaring bitcoin and ethereum values.
Trai recommends govt funding for testing new telecom innovations as part of sandbox framework
The Telecom Regulatory Authority of India (Trai) has suggested that the government should provide funding for testing new products in the communications sector to bridge the digital divide. The regulatory sandbox framework allows entrepreneurs to test their products on live networks even without funding. However, the regulator emphasizes the need for network security and consumer protection.
How GoI, regulators and fintech firms can unlock the full potential of India's digital financial revolution
This surge in fintech adoption has positioned India as a global fintech frontrunner. Its innovative solutions attract global investors, and position the country as a trailblazer in establishing a robust digital public infrastructure (DPI) ecosystem, a pivotal factor in enhancing financial inclusion. The dynamic DPI framework, strengthened by fintech advancements, is projected to inject a windfall of $400 bn into the economy in seven years.
New AI law will guard rights of content creators: experts
Experts hailed the proposed AI law as "timely" given the explosive growth of AI-generated content. This rapid development has the potential to disrupt the publishing industry and raise copyright infringement concerns, they said.
Google says will defend its DMA compliance in coming months
Google will continue to defend the way it complies with the Digital Markets Act in the coming months, the Alphabet unit said on Monday, after EU antitrust regulators started an investigation into potential breaches of the EU tech rules.
New antitrust law for large tech firms shouldn’t stifle innovation: experts
Zomato, Swiggy, Flipkart and Oyo have opposed the new regulations on digital competition proposed by a government-appointed committee. Indian companies that supported the proposal of ex-ante regulations include Paytm and MakeMyTrip, albeit with caveats.
Europe's Digital Markets Act is forcing tech giants to make changes. Here's what that will look like
The DMA is the latest in a series of regulations that Europe has passed as a global leader in reining in the dominance of large tech companies. Tech giants have responded by changing some of their long-held ways of doing business - such as Apple allowing people to install smartphone apps outside of its App Store.
Govt mulling framework to prevent exploitation of online content creators: MoS IT Rajeev Chandrasekhar
The minister said that big powerful commercial platforms online have started to distort fundamental characteristic of openness of the internet. "I think to maintain the openness, the symmetry between those who create the content and those who distribute the content, there is a need for some sort of conversation or discussion," he said.
Social sites need a mechanism to verify their users: MoS IT Rajeev Chandrasekhar
The government has no issues with anonymous accounts on social media but platforms should develop a mechanism to verify users so that in case of any unlawful activity, they can be identified, said electronics and information technology minister of state Rajeev Chandrasekhar.
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