Online Gaming Policy for Public Consultation Release Draft: The Modi government at the Center has prepared a proposal on Monday to create a self-regulatory system for online gaming companies. Along with this, provision has been included in the rules to make mandatory the verification of their address located in India. According to the new rules, online gaming companies will be brought under the new Information Technology Rules (IT Rules). Although these rules were issued in the year 2021 for social media companies.
what is it law
The Ministry of Electronics and Information Technology (MEITY) has drafted rules requiring online gaming companies to comply with the laws applicable in India. MEITY said that the law related to gambling or betting will apply to these companies. The ministry has informed that, “The objective of the draft amendments should be to ensure the growth of online gaming activities as well as to conduct them in a responsible manner.”
Will have to tell the amount won in the games
Additional due diligence provisions have been made for online gaming companies in the draft rules. In these, persons participating in all online games registered in the self-regulatory system will have to give information about withdrawal or refund of deposits, and distribution of winnings and other charges along with fees.
complaints will be resolved
Registration will have to be done about the Self Regulatory Body with the IT Ministry. This body will also settle the complaints coming through a complaint. It is known that the Ministry has invited public comments on the draft of these rules related to the regulation of online gaming till January 17, 2023.
Companies not following the rules
The Income Tax Department in the country feels that many companies are not following the tax rules. Due to this, more tax is being evaded. To overcome this, the department can make new provisions. Loopholes have been identified in the tax rules. It will be removed soon.