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No Proposal for E Commerce Regulatory Framework : Jayant Sinha

No Proposal for E-Commerce Regulatory Framework : Jayant Sinha

By Indo Asian News Service | Updated: 13 December 2014 13:22 IST

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Though the sector is booming yet the government at present does not have any proposal for a separate regulatory framework for e-commerce under consideration, Minister of State for Finance Jayant Sinha informed the Lok Sabha Friday.

The number of complaints registered and number of complaints on which action has been taken during the last two years were seven in Maharashtra, and one each in Karnataka and Rajasthan.

"Presently there is no proposal for a separate regulatory framework for e-commerce under consideration. Directorate of Enforcement conducts investigations under Foreign Exchange Management Act, 1999 (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA)," Sinha said in written reply in the Lok Sabha.

"Such investigations are carried out as and when any credible information, including those relating to frauds committed by e-commerce companies, is received," he added.

Action under PMLA can be initiated in appropriate cases where a case of fraud by an e-commerce company is registered by some other Law Enforcement Agency, he said.

"Keeping in view the increased number of online fraud/cheating cases, the government has also initiated steps for incorporating sufficient provisions for protection of consumers of online shopping/e-commerce under Consumer Protection Act, 1986," Sinha added.

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