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for a period not less than three years. Under this Bill every person who was in charge of
a corporation at the time the offence was committed can be proceeded against.
Systemic risk
The breach of an electronic money system’s security once that system has already been
widely implemented could call into question the value of all forms of money. If a failure,
counterfeiting or theft were to affect all or part of a system, consumer confidence could
be so affected, so as to jeopardize certain electronic money
products and their bank
originators, issuers and sponsors. Adequate measures to track and prevent this problem
has to be evolved. One way to minimize the risk is to ensure that all e-money be protected
through sophisticated mechanisms using encryption. Stringent and mandatory encryption
standards for these issuers may be worthwhile. India can learn from the subway system
in Hong Kong.
Labour issues
Various labor issues arise when companies adopt a web-based business structure. Labor
law governs all aspects of relationship between employers and employees,
including
disputes, payment of wages, conditions of service,
termination of service, payment of
bonus etc.
With the advent of Internet it is possible to carry out a business with a lot of employees
located at various places at their respective homes, working
on the same project as
assigned by an employer, who is located at another place. The Industrial Disputes Act,
1947, defines industry to mean “any business, manufacture, trade, undertaking or calling
of employers and includes any calling, service, employment, or industrial occupation or a
vocation of workmen”. The Industrial Disputes Act applies only to workmen, i.e. “ any
person (including an apprentice) employed in any industry to do any manual, skilled,
unskilled, clerical, technical, operational, or supervisory work for hire or reward, whether
the terms of employment be express or implied, and for the purposes of any proceedings
under this Act in relation to an industrial dispute, includes any such person who has been
dismissed, discharged or retrenched in connection with,
or as a consequence of, that
dispute, or whose dismissal, discharge or retrenchment has led
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To that dispute. The definition of workmen does not include any person who is employed
mainly in a managerial or administrative capacity or who being employed in a supervisory
capacity, draws wages exceeding one thousand six
hundred rupees per month or
exercises, either by the nature of the duties attached to the office or by reason of the
powers vested in him, functions mainly of a managerial nature.
As long as any person employed to work on the Internet falls
within the definition of
workman, then any activity that he carries on may fall within the definition of industry. As
a consequence, such employees may have the benefits granted under the Industrial
Disputes Act, 1947.
