BANGALORE: The Union government is likely to modify the information technology (IT) Act to remove legal hurdles in the e-commerce transactions as it seeks to further boost the rapidly expanding online shopping market in the country.
The over $3 billion e-commerce industry has been buzzing with activity in recent times with homegrown Flipkart raised $1 billion from private investors and American e-commerce giant Amazon investing $2 billion for the Indian market among other developments. Agencies reported that under the proposed communications convergence Bill, the government will look to amend existing provisions to provide legal recognition for transactions carried out using electronic data interchange and other means of electronic communication.
There is an effort to draft a bill which will have globally acceptable guidelines to increase legal predictability as recommended by the Model Law on Electronic Commerce (MLEC) by the United Nations General Assembly, it was reported.
The Telecom Ministry is likely to finalise the draft bill before the winter session of Parliament, it was reported.
The government’s move to modify the IT Act, 2000 to boost online shopping also gels with its ambitious project worth around Rs 35,000 crore that aims to provide high-speed broadband connectivity to 2.50 lakh gram panchayats in India.
According to Telecom Minister Ravi Shankar Prasad, the National Optical Fibre Network will lead to an explosion of e-commerce in the country.
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