House panel favours phased adoption of proposed digital competition law to regulate Big Tech
Parliamentary Standing Committee on Finance
has pitched for a 'nuanced, phased, and evidence-based' approach in the implementation of a proposed
digital competition law
with an ex-ante framework to regulate the Big Tech companies, taking into account capacity constraints of the antitrust watchdog.
In its report submitted with the Lok Sabha on Monday, the panel headed by senior BJP leader Bhartruhari Mahtab also favoured the inclusion of new provisions in the Digital Competition Bill (DCB), aligning with global standards.
Finance
Value and Valuation Masterclass Batch-1
By CA Himanshu Jain
View Program
Finance
Value and Valuation Masterclass - Batch 2
By CA Himanshu Jain
View Program
Finance
Value and Valuation Masterclass - Batch 3
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals
By Vaibhav Sisinity
View Program
Finance
Value and Valuation Masterclass - Batch 4
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
Changes in threshold
The panel has suggested that the
corporate affairs ministry
refine the DCB's thresholds and designation mechanisms—which would be used to identify systemically significant digital enterprises (SSDEs) for ex-ante regulations—to 'prevent inadvertent capturing of fast-growing domestic firms'.
The panel has also recommended the introduction of a 'rebuttal mechanism' in exceptional cases, similar to the one adopted by the EU, to enable companies to contest their SSDE designation by the government.
MCA, CCI on ex-ante framework
The ministry of corporate affairs (MCA), in its submission with the house panel in April, said quick adaptation to new digital trends, 'ensuring a timely response to emerging anti-competitive practices and ex-ante evaluation of competitive behaviour in digital markets to pre-empt and prevent the emergence of monopolistic structures is the need of the hour'.
Live Events
The ministry has also shared various concerns expressed by stakeholders about select provisions of the draft bill.
For its part, the
Competition Commission of India
has told the panel that the ex-ante regulatory framework 'should reflect a balanced approach so as to achieve the objective of competitive digital markets without stifling innovation'.
'Only the largest of the technology behemoths with systemic significance should come within its ambit and the ex-ante obligations should target/prevent only such conduct that are unambiguously anti-competitive,' it said.
Last month, minister of state for corporate affairs Harsh Malhotra told the Lok Sabha that the government would undertake market studies to build "an evidence-based foundation" to introduce an ex-ante framework.
Last year, a high-level official panel led by then corporate affairs secretary Manoj Govil had suggested a new antitrust law with an ex-ante framework to regulate only the SSDEs.
It had submitted with the MCA a draft digital competition bill, along with its report, for consideration. The government was supposed to assess the draft bill and the report before firming up its own bill after due process of consultations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
Lok Sabha approves updated I-T bill, to ease compliance burden
Lok Sabha NEW DELHI: Lok Sabha on Monday approved the Income Tax Bill 2025 - a key reform aimed at revamping the decades old income tax law for individuals and companies, making it simple for taxpayers and easing the compliance burden. Earlier, FM Nirmala Sitharaman introduced the revised and updated version of the I-T bill in Parliament, incorporating recommendations of the Select committee of Parliament. On Aug 8, FM had withdrawn the earlier bill, which was introduced in the house on Feb 13. The Select committee of the Lok Sabha headed by BJP's Baijayant Panda had examined the I-T Bill 2025 and adopted the report on the draft legislation last month. The parliamentary panel had suggested 285 recommendations on the draft legislation, aimed at simplifying and modernising the country's tax laws. "Almost all of the recommendations of the Select Committee have been accepted by govt. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," according to the statement of Objects and Reasons of the Income Tax (No.2) Bill. " For TDS correction statements, the time period for filing statements has been reduced to two years from six years in the Income-tax Act, 1961. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like listen now on spotify samy Listen Now Undo I-T department sources said this is expected to reduce the grievances of deductees significantly. Flexibility has been provided in the new I-T bill for allowing refund claims in cases where the return is not filed on time, a move which is expected to come as a major relief for taxpayers. Tax experts said the reforms are expected to ease compliance for individuals, companies, MSMEs and promote a stable, predictable and transparent tax system, key for sustaining domestic consumption, attracting foreign investment and supporting growth. "The withdrawal of the earlier I-T bill and the introduction of a revised version demonstrates govt's responsiveness to stakeholder feedback and the Select Parliamentary committee's recommendations," said Gouri Puri, partner, Shardul Amarchand Mangaldas and Co. Puri said the original draft raised concerns about ambiguities, particularly regarding house property taxation, pension deductions, and the refund process for delayed filings. "The revised bill addresses these gaps to simplify interpretation, reduce disputes and promote fairness," said Puri. The new I-T Bill also aims to eliminate redundant and repetitive provisions for better navigation, reorganising sections logically to facilitate case of reference. It has opted for simplified language to make the law more accessible and has removed obsolete and redundant provisions for greater clarity. Mandatory investment and deposit of deemed accumulated income of 15% of regular income in specified modes has been done away with. The word "profession" has been added after "business" in clause 187 to enable professionals with total receipts exceeding Rs 50 crore in a year the facility of prescribed electronic modes of payment. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
an hour ago
- Time of India
After Ellen DeGeneres and Richard Gere, now Jimmy Kimmel could be next star to ditch US over Trump's administration
In recent years, a number of Hollywood celebrities have reportedly considered leaving the United States due to dissatisfaction with the political scenario under President Donald Trump 's administration. After outspoken figures like Ellen DeGeneres and Richard Gere raised their concerns and hinted at leaving, talk show host Jimmy Kimmel has also been hinted at moving overseas. Celebrity Reactions to Trump's Presidency Throughout Trump's presidency, many well-known entertainers publicly criticized his policies. Ellen DeGeneres, known for her daytime talk show and advocacy for kindness, expressed frustration with the administration approach. Similarly, actor Richard Gere highlighted concerns about political tensions and its influence on American society. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program These statements often gathered media attention and sparked conversations about the role of celebrities in politics. For some, considering a relocation outside the U.S. symbolized deep dissatisfaction with the direction of the country. Jimmy Kimmel's Political Commentary Jimmy Kimmel, host of the late-night show Jimmy Kimmel Live! , has been a critic of Trump and his administration over the years. His monologues frequently address political issues, often highlighting controversies and policies with sharp humor and pointed critique. Reports now suggest Kimmel has privately discussed the possibility of leaving the United States, joining other celebrities in expressing discomfort with the country's political environment of Trump's administration. Live Events Public and Media Reactions News that some celebrities are contemplating leaving the country often sparks mixed reactions. Supporters argue that speaking out and even leaving is a legitimate response to political dissatisfaction. Critics sometimes accuse these figures of being out of touch or abandoning the country during challenging times. Jimmy Kimmel's possible plans add to this ongoing discussion, highlighting the role of entertainers as both public figures and citizens of the country. FAQs: Q1. Who is Jimmy Kimmel? A1. Jimmy Kimmel is a popular late-night talk show host known for Jimmy Kimmel Live! . Q2. What show does Jimmy Kimmel host? A2. He hosts Jimmy Kimmel Live! on television.
Time of India
an hour ago
- Time of India
Apple may introduce an ultra-thin iPhone Air to replace the Plus model.
The iPhone 17 might get a big makeover to look more like the Pro models. It could have a slightly bigger 6.3-inch screen, which is 0.2 inch bigger than the iPhone 16. The display might support 120Hz refresh rate, improving smoothness, up from 60Hz on current phones. The front camera is rumored to be 24 megapixels, better than before. New colors may include purple and green. On the Pro models, the back camera setup may change: three cameras arranged in a long rectangle across the back. The flash, light sensor, and microphone could be positioned on the right side of the phone, as per the report by TechCrunch. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program In recent years, the MagSafe compatibility has become a must in Apple's devices, with its logo centered in a way that it juxtaposes with the wireless charger. The iPhone 17 Pro Max is expected to house a bigger battery, and hence could be a thicker device while the iPhone 17 pro is expected to have a aluminium screen band, a cheaper version of the company's usually Titanium band. Prices might be about $800 for the iPhone 17, $1,050 for the Pro, and $1,250 for the Pro Max, as stated by TechCrunch report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo ASLO READ: Gerard Butler's explosive new thriller climbs to #2 on Netflix overnight, and viewers just love it iPhone Air rumors Apple might launch its slimmest phone ever called the iPhone Air, replacing the Plus model. The iPhone Air could be just 5.5 mm thick, about 0.08 inch thinner than current iPhones. It may have a 6.6-inch screen, which is large. Live Events This is Apple's answer to slimmer phones from Samsung and Huawei. The iPhone Air could be thinner than Samsung's Galaxy S25 Edge (which is 5.8 mm thick). The thin design may lead to compromises, like having only one rear camera lens instead of two, according to the report by TechCrunch. There might be no speaker at the bottom, so sound could come only from the front earpiece. Expected price is around $950, with colors like black, silver, and light gold. This thin phone might prepare the way for Apple's rumored foldable phone coming in 2026. Apple watch series 11, Ultra 3, and SE 3 After two years, big changes are expected for the Apple Watch Ultra 3, including faster charging, 5G support, satellite connectivity, and a bigger screen. Both the Ultra 3 and Series 11 might get blood pressure monitoring that alerts users about high or low levels, as per the report by TechCrunch. Apple is also thinking about a sleep apnea detection feature but may delay it for more development. The Apple Watch SE 3 is expected to get only small updates, possibly a larger screen and maybe a plastic body version. Prices might be $250 for SE 3, $400 for Series 11, and $800 for Ultra 3, as mentioned in the reports. ALSO READ: Inside RFK Jr. & Cheryl Hines' $4.4 million DC love nest — scandal? 'We have moved on' AirPods Pro 3 The AirPods Pro 3 may come after the 2022 release of AirPods Pro 2. Rumors say the new AirPods will have a sleeker design, touch controls, smaller earbuds, and a thinner case. The new H3 chip is expected to improve noise cancellation and adaptive sound, according to the report by TechCrunch. FAQs Q1. When will Apple announce the iPhone 17? Apple is expected to announce the iPhone 17 on September 9, 2025. Q2. What new features will the iPhone 17 have? The iPhone 17 may have bigger screens, better cameras, and a faster 120Hz display.
