Skip to main content

E-commerce policy in six months; to tackle data privacy and tax issues

By
 E-commerce policy in six months; to tackle data privacy and tax issues
On the issue of a potential regulator for the sector, the Commerce Secretary said it would depend on whether the policy needed legislative requirements and new regulations or existing laws sufficed
The government has announced that a framework for an e-commerce policy will be prepared within the next six months.The comprehensive policy is expected to focus on all aspects of the e-commerce business and consumers. It will encompass data privacy and taxation, apart from a host of technical aspects such as technology transfer, server localisation and connectivity issues.
Commerce Secretary Rita Teaotia said on Tuesday that a large number of ministries, key industry players and several regulators, including the Competition Commission of India and the Telecom Regulatory Authority of India, would be involved in drafting the policy. The think tank tasked with drafting the policy held its first meeting on Tuesday.
On the issue of a potential regulator for the sector, Teaotia said it would depend on whether the policy needed legislative requirements and new regulations or existing laws sufficed.A task force will now be constituted and is expected to submit recommendations to the e-commerce think tank within five months. The think tank, in turn, will tentatively have a month to finalise the framework.
Major e-commerce companies such as e-marketplaces Flipkart and Snapdeal, e-wallet major Paytm and service provider MakeMyTrip were out in full force on Tuesday at the stakeholder consultation meet. Apart from data privacy, most firms were vocal about taxation and allegations made against them by brick-and-mortar retailers on the issue of excessive discounts being offered. 
“The discussion has been quite straightforward that no discounting is allowed and the fact that no inventory ownership, directly or indirectly, is allowed by online marketplaces. However, there is obviously a lot of concern about whether this is being effectively implemented or not, and if not, what is going to be done about it,” Kunal Bahl, Snapdeal chief executive officer, said.
A senior commerce ministry official said that an e-commerce policy may not go hand in hand with India’s arguments on e-commerce at the World Trade Organization (WTO).Over the past two years, developed nations have continuously pushed for a proposed set of global rules on e-commerce. India has argued that the move would sideline discussions on food security and other development-based issues important to developing nations.
But the domestic e-commerce industry has also remained cold to the proposal, fearing that the new rules could provide a pretext for unfair mandatory market access to foreign companies. “Because this is a WTO-led agenda, our suggestion has been that the access provided to India’s data, platform and markets should be reciprocal. In a way, India’s open market is a big advantage to global companies but the same might not be true for domestic ones,” Paytm chief Vijay Shekhar Sharma said.
The Business Standard, New Delhi, 25th April 2018

Comments

Post a Comment

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...
Post a Comment
Read more

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

By
  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024
Post a Comment
Read more

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

By
  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...
Post a Comment
Read more