As India moves to demonetize in favor of digital transactions, the country does not have laws to protect consumers who may lose money in online transactions, Business Standard reports. Such laws are "very important to grant complete legality and remove an[y] doubts and clarifications pertaining to legal efficacies and legal validity of digital payments," said cyber law advocate in the Supreme Court, Pavan Duggal. Too much responsibility is on the consumers, the report states. "While the Reserve Bank of India usually sets security and privacy standards for banks in the country, the various digital wallets ... fall under the category of Non-banking Financial Corporations, the report adds. "While the issue is not being completely ignored by the authorities, some of the proposed workarounds such as creating a virtual sandbox around digital payment services raised questions."
Full Story