The IT ministry of India has finally decided to implement the new Information Technology laws in India. The long-awaited bill will be presented in the parliament in this year’s winter session.
The minister of state, Rajeev Chandrashekhar, in the US-India business council, said that the government would also come out with laws and rules on the national data governance framework over the next few months and reintroduce in the parliament the new digital data protection bill.
Information Technology Laws are set to bring revolution to Indian eco-system: Source
According to Mr. Rajeev, the new legislation will exceed the existing IT laws of the legislation under the IT act of 2000. Moreover, in case of any discrepancy with the present laws, the digital act of India will hold supremacy, therefore, amending the old laws accordingly.
Earlier in August, the Ministry of IT department had withdrawn the older version of the Data Protection Bill, introduced in the year 2019 in the parliament, to come up with a new, advanced, and more beneficial version.
Scope for Cyber Security
In order to improve cyber security, The new IT laws will cover everything from social media platforms to the metaverse and Web 2 and Web 3 crimes. The laws will work by the sector laws of the government and aim to develop self-regulatory means and internet safety guidelines for users.
Cyber Security has a room for improvement in India: Source
The bill will also impact large tech companies; revenue, operation, and citing ips are likely to be the primary concern. The DIA would also regulate OTT platforms and blockchain companies, among others.
What does it mean for the Tech companies of India?
The tech giants of India are fretting about the changes that this bill will introduce in the world of information technology. According to the ET report, companies like Google, Facebook, and Amazon want experts to analyze the upcoming regulations and prepare them for the consort of any sort.
New Wage Code
Along with IT, the government of India has also decided to make changes in labor wages. The new four labor codes, social security, industrial relations, and occupation safety, health, and working conditions, were to be implemented from July 1 but were not applied.
The new wage code will supposedly impact working hours, salary restructuring, and PF contributions, among other areas.
Labor being a concurrent subject, both the Centre and State will implement the laws in one go. There isn’t an official date for the implementation of the code, but it is likely to happen soon.
Till now, 23 states have pre-published draft rules on these laws, and the Centre has already completed the process of finalizing the draft rules of the codes in February 2021.
According to the media reports, if an employee’s basic pay is Rs 25,000 per month with an annual increment percent, the amount of EPF on retirement will be RS 1,16,62.366.
In the same way, an employee with Rs 15,000 basic pay will have a post-retirement EPF fund of Rs 65,36,758. The pay structure also incorporates DA, special allowance, medical allowance, and other incentives.
