The consumer affairs and IT ministries are studying plan to regulate e-commerce as the government feels predatory pricing, online fraud needs to be regulated.
It has being dubbed as India's sunrise sector and the government now wants to keep tabs on the e-commerce industry. Sources say the Centre is mulling regulating and monitoring the online retail sector.
The consumer affairs and IT ministries are studying plan to regulate e-commerce as the government feels predatory pricing, online fraud needs to be regulated. The ministry also believes e-Retailers are taking undue advantage by operating from low tax jurisdictions.
The consumer affairs ministry has floated a note to a committee of secretaries to this effect. According to the ministry the onus to mandate the regulation of the sector will rest with several ministries, not just one.
Consumer affairs ministry is likely to monitor predatory pricing, criminal frauds and the
Information Technology department is likely to handle server registration, data protection.
The Reserve Bank of India is also expected to come to rescue and regulate banking, payment gateway and forex issues.
The Revenue Department is likely to monitor taxation-related issues.
Reacting to the news, Vivek Gupta, partner, BMR Advisors said the e-tail industry is doing very well and there is conceptually no issue in government willing to create a regulator for the sector.
However, government must use a balanced approach as e-commerce impacts the economy in a huge way and is now one of the most profitable sectors, he added.
Gupta further said that the government should not meddle into trying to create a level playing field in e-tail segment and must avoid going overboard with regulations.
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