Cyber law Bill may be introduced in next budget session

BANGALORE:The cyber law bill is likely to be introduced in the next budget

session, according to Department of Electronics Secretary Ravindra Gupta.

Speaking at the inauguration of Aptech Ltd.'s new software facility at SEEPZ,

Mr Gupta said, "the framework of the Bill is already in place and it should

get cleared mid next year.'' The Bill requires several amendments before it is

passed. The cyber law seeks to legitimize the electronic document in the court

of law, certify the document, amend the RBI Act for electronic fund transfer and

legalize digital signatures, added Mr Gupta.

While the Bill will not tackle the intellectual property rights, there would

be amendments in the copyrights framework. The Government has also set up a

national venture capital facility, along with SIDBI and IDBI, for the knowledge

industry. The Government has already pumped in funds worth Rs 20 crore. Mr.

Gupta said "the facility will be operational in the next couple of

months.'' According to him, the IT industry, which is considered a

knowledge-based industry, needs venture capital to create a new paradigm.

However, with regards to new norms for venture capital, Mr Gupta said that it

would take some time as there were legal problems that needed to be addressed

before the new norms were put in place.