In a bid to regulate the rapidly growing online gaming sector in India, a new Regulatory Committee in the Works. The Indian government is planning to establish an inter-departmental committee.
The committee will bring together representatives from key government bodies, including the Enforcement Directorate (ED), Reserve Bank of India (RBI), and various tax and consumer affairs departments. The collaboration among these agencies will help monitor online gaming platforms closely, safeguarding users and the economy from potential risks associated with unregulated gaming activities.
Why Regulations?
The DGGI’s report highlights online money gaming as a “high-risk” industry, posing significant taxation, money laundering, and user safety challenges. The formation of this committee aims to mitigate these risks while ensuring fair play, responsible gaming, and the protection of user data and rights.
Conclusion
The formation of the inter-departmental committee marks a significant step towards regulating India’s booming online gaming industry. As the sector grows, ensuring compliance with legal standards is crucial to safeguarding users and preventing financial irregularities. With key government bodies like the ED and RBI involved, this move aims to create a safer, more transparent online gaming environment in the country.
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