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October 12, 1999
E-laws are high up on the to-do list of the new Parliament.
The Information Technology Bill seeks to regulate cyber documentation and curb computer crimes. Department of Electronics Secretary Ravindra Gupta has assured that the draft of the bill is ready and will be promulgated into law very soon when it is tabled before the Parliament.
He said information technology and the Internet are increasingly influencing modern environment and this has necessitated changes in existing laws to make e-documentation relevant.
He pointed out that ''This will require changes to the Indian Evidence Act, Indian Penal Code and Banking Regulation Act. The bill addressing such issues will be tabled before the Parliament and is expected to be passed in the budget session next year.''
Gupta claimed that the DoE has taken up the matter with the Union law ministry and persuaded them to enact the necessary legislation.
He said that a certifying agency would be set up to certify e-documents. Also, the identification and security system for verifying signatures on these documents will be set up, he added.
Gupta said that 'electronic fund transfer' for commercial transactions needed changes in the provisions of the Reserve Bank of India Act.
He said that the DoE has approached the Department of Company Affairs for incorporating changes in the Companies Act so that the concept of 'limited liability' can be extended to partnerships in case of companies financed by venture capital.
''Venture capital is high-risk capital and this change is necessary to provide comfort to the venture capitalist,'' he said.
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