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No laws in India to protect customers if they lose money during digital transactions

The lack of basic privacy and security laws pertaining to digital payments in India puts the onus on consumers who use such services

Alnoor Peermohamed  |  Bengaluru 

India lacks laws to protect consumers if they lose money during digital transactions even as the government pushes for a less-cash economy after it withdrew Rs 500 and Rs 1,000 currency notes as the legal tender.   The Modi government's demonetisation move might have warranted an increase in transaction activity on digital wallets, but measures to ensure the underlying cyber security parameters for digital payments is still kept largely under the ambit of the Information Technology Act. "We don't have any dedicated law on digital payments. That's very ...

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No laws in India to protect customers if they lose money during digital transactions

The lack of basic privacy and security laws pertaining to digital payments in India puts the onus on consumers who use such services

The lack of basic privacy and security laws pertaining to digital payments in India puts the onus on consumers who use such services India lacks laws to protect consumers if they lose money during digital transactions even as the government pushes for a less-cash economy after it withdrew Rs 500 and Rs 1,000 currency notes as the legal tender.   The Modi government's demonetisation move might have warranted an increase in transaction activity on digital wallets, but measures to ensure the underlying cyber security parameters for digital payments is still kept largely under the ambit of the Information Technology Act. "We don't have any dedicated law on digital payments. That's very ... image
Business Standard
177 22

No laws in India to protect customers if they lose money during digital transactions

The lack of basic privacy and security laws pertaining to digital payments in India puts the onus on consumers who use such services

India lacks laws to protect consumers if they lose money during digital transactions even as the government pushes for a less-cash economy after it withdrew Rs 500 and Rs 1,000 currency notes as the legal tender.   The Modi government's demonetisation move might have warranted an increase in transaction activity on digital wallets, but measures to ensure the underlying cyber security parameters for digital payments is still kept largely under the ambit of the Information Technology Act. "We don't have any dedicated law on digital payments. That's very ...

image
Business Standard
177 22