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IAMAI's Pre-Budget Memorandum to Finance Ministry Requests Abolition of Angel Tax
In anticipation of 2024-25 Union Budget the Internet and Mobile Association of India
(IAMAI) made a submission to the Union Ministry of Finance, reaffirming its longstanding
demand of abolishing the 'angel tax'. In its submission IAMAI also recommended a series of
changes to the Companies Act, 2013 to remove hurdles faced by Foreign Domiciled Indian
Companies while "reverse flipping", along with a variety of other recommendations
including those pertaining to e-commerce export hubs and employee stock option programme.
IAMAI is also grateful to the Ministry of Finance for reduction of TDS from 1% to 0.1% on
e-commerce operators. This would improve cash flows and unblock working capital for
sellers.
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IAMAI Submission to Karnataka Govt. on Gig Workers Legislation: Needs to be Aligned with Central Code on Social Security
IAMAI made a submission to the Government of Karnataka on the Gig Worker (Social Security
and Welfare) Bill, 2024, stating that while it appreciates the efforts of the Karnataka
Government to provide social security and welfare measures for gig workers, it was
important to align state-specific legislations to the Code on Social Security passed by
the Centre to prevent duplicity of regulations. The submission also highlighted that the
imposition of a cess exclusively on online aggregators could result in price distortions
leading to diminished demand for gif-based services that could cause a reduction in
earning opportunities for lakhs of gig workers in Karnataka.
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IAMAI
Reiterates Its Position on Regulation of OCCPs and TRAI Recommendations on NBP 2024 In
Meetings with MIB |
The IAMAI's Digital Entertainment Committee Secretariat attended two meetings with the
Ministry of Information and Broadcasting (MIB). The first meeting discussed the concerns
with regards to the Broadcasting Services (Regulation) Bill, 2024. Reiterating the
fundamental differences between OCCPs and traditional broadcasting, IAMAI suggested that
part III of the IT Rules, 2021 be subsumed under the Bill as a separate chapter to define
and regulate OCCPs.
The Second meeting deliberated upon the the recommendations by TRAI on the National
Broadcasting Policy (NBP), 2024. The MIB has sought comments from stakeholders on the said
policy to make it robust for the growth of the sector.
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IAMAI
Submission to Goa Government on Draft GTPMR Bill Seeks Clarity on OSPs' Scope, Suggests
Changes |
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IAMAI's Traveltech Committee in submission to the Department of Tourism, Government of Goa
sought clarity on the scope of Online Service Providers in the draft Goa Tourism
Promotion, Management and Regulation (GTPMR) Bill, 2024. The submission also suggested
regulation for different types of establishments such as hotels, resorts, homestays and
‘bed and breakfasts' specifically tailored to each category, recognizing their unique
operational characteristics and purposes. To ensure a level playing field, IAMAI recommend
that hotels and service providers who were registered should be penalized if they
sold/displayed services through unregistered OTAs. Moreover, efforts should be made to
widen the tax net and bring all activities under existing tax regime. Introducing a new
tax burden on an already overtaxed small tax base will only lead to encouragement of
black-market activities. |
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IAMAI
Requests OTAs' Access to UTS, Tatkal Booking System and User Registrations in Meeting
with IRCTC Chairman |
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IAMAI's Traveltech Committee secretariat and members met the IRCTC Chairman in July and
put forward the request to allow access of unreserved ticketing systems (UTS), tatkal
booking systems and new user registrations to Online Travel Aggregators (OTA). IAMAI
pointed out that this restriction had led to user inconvenience. A white paper prepared by
the committee on UTS was also presented in this meeting. The members also sought guidance
from the Chairman on these issues.
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Meeting
with National Medical Commission Discusses Issues Affecting Digital Health
Companies |
IAMAI Healthtech Committee secretariat and members met Dr B N Gangadhar, Chairman,
National Medical Commission (NMC), and Dr Yogender Malik, Member-EMRB, NMC on 31st July
2024. Discussions were held on key issues affecting digital health companies, innovations
in the sector and other accreditation bodies functioning in respective domains. The
chairman advised the committee to come back with a presentation on key issues, suggested
solutions and best practices in the digital health industry.
Front row (L-R) Dr Vaibhav Kapoor, co-founder, Pristyn
Care; Dr Yogender Malik, Member-EMRB, NMC; Dr B N Gangadhar, Chairman, National
Medical Commission; Gaurav Agarwal, co-founder, Tata 1mg; Shashank N D,
co-founder and CEO, Practo.
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PCI
Submits PIDF Impact Assessment Report to RBI |
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The Payments Council of India (PCI), under the guidance of the Reserve Bank of India (RBI)
conducted a PIDF impact assessment study, which analyses the current impact and
bottlenecks of the PIDF scheme. The report with final recommendations and feedback has
been submitted to RBI. |
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PCI's
Card Networks Committee Meeting on Merchant Category Codes |
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The Card Networks Committee of the PCI held a meeting on 19th July, 2024, on Merchant
Category Codes (MCCs). The meeting discussed government chargebacks and reached a
consensus on aligning the categories that qualify under the circular and the corresponding
MCCs. The Committee identified various MCC codes applicable to tax payments, court cases,
fines, and government services. The Committee agreed to gather information to present to
the regulator. |
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PCI's
Card Networks Committee Meeting on COFT Declaration Requirement |
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The Card Networks Committee held a meeting on 30th July, 2024, on COFT declaration
requirements. Participants discussed the current process, which involves submitting
multiple sets of documentation for the same purpose, deeming it repetitive and
time-consuming. The group decided to review the declaration format internally and provide
feedback to establish a uniform declaration format. |
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Regulators
and Industry Leaders Engage at Fintech Panorama 2024 |
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Fintech Convergence Council and Payments Council of India organized the 4th edition of
Fintech Panorama on July 13th, 2024, at The Westin, Powai. Senior leaders from RBI's
Department of Regulations participated in the meet, engaging with over 45 Founders and
CEOs from the industry on various issues. |
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| PCI
Roundtable on MSME Exports |
The PCI hosted a roundtable on 16th July 2024 on creating an enabling payments ecosystem
for MSME exports, with a particular focus on the draft FEMA guidelines for Imports and
Exports released on 2nd July 2024. Shri Aditya Gaiha, CGM In Charge, Foreign Exchange
Department, RBI, was one of the key speakers at the roundtable. The roundtable addressed
key challenges such as IDPMS and EDPMS reconciliation, the high cost of forex, and other
critical factors affecting MSMEs. Over 40 industry leaders took part in the discussion.
Shri Aditya Gaiha, Chief General Manager-in-Charge, FED,
Reserve Bank of India, addressing the roundtable
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| Webinar
on Exploring Fintech Opportunities in Mexico |
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The Fintech Convergence Council (FCC) and the Payments Council of India (PCI) organised a
webinar in collaboration with Fintech Mexico and the Consulate of Mexico, Mumbai, on 25th
July 2024. Sebastian de Lara, Executive Director, Fintech Mexico was the chief speaker at
the webinar. Issues discussed included the fintech sector in Mexico, its regulatory
context, business opportunities and soft-landing alternatives. Forty industry
professionals participated in the webinar.
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