Government plans e-commerce regulator
An e-commerce regulator is likely to be set up in India to tighten control over the e-commerce. The regulator will have the power to seek any kind of information from the companies.
Penalties will be imposed on the companies those who fail to cooperate with the regulator.
The government has consulted stakeholders and e-commerce firms regarding the new policy.
The new policy is going to be the latest effort taken by government to maintain e-commerce firms and make sure that the companies follow all the legal laws and regulations in regards to running business.
The policy will be implied on social media platforms too. Whose revenue is linked to advertising and other means of monetisation of users data.
According to the new policy any kind of information asked by the regulator to the e-commerce company should be given within 72 hours.
India one of the world’s fastest growing e-commerce markets this year is expected to reach $120 billion, triple its size in 2017.
In order to regulate data storage by technology companies government had been working hard on many policies. The new appointed regulator will tell the e-commerce company on what kind of data to be stored within India.
Commerce and Industry Minister Piyush Goyal had informed the Lok Sabha that since e-commerce is a new issue, no date has been fixed for the release of the national e-commerce policy.