Cyber criminals have acquired skills and capabilities that have made them quite dangerous for anyone in the digital space. To combat them and take the bite out of the threat that they hold out, the Narendra Modi government is planning to bring a digital payment Bill and thereby strengthen legal framework and enhance surveillance to check cyber crimes in the financial sector. According to officials, this also includes frauds targeting cards and e-wallets. During a meeting chaired by the Union Home Minister Rajnath Singh, the feasibility of the plan was discussed, Indian Express reported.
The need to implement the laws was felt after a number of complaints popped up following demonetisation. According to an official, at first the existing laws dealing with cyber crimes will be studied by an inter-ministerial committee which will be headed by the home minister and then new legislation will be proposed. The proposed legislation will not only deal with punishment and fine for those who fraud online users, but it will also have measures to fix responsibility in cases where digital transaction lands up in trouble.
Last year in December, the CBI had registered several FIRs after e-wallet company Paytm filed a complaint alleging that its customers have been cheated of Rs 9.41 lakh after demonetisation. The panel proposed to study the legislation will include representatives from the RBI, financial services, the ministry of electronics and information technology, Delhi police and the National Cyber Security Coordinator. The growth in online transaction is clearly evident in the figures which shows 998 crore digital transaction in 2016-17, 552 crore in 2015-16 and 369 crore in 2014-15.