Latest news with #RegulatoryImpactAssessment
Daily Express
a day ago
- Business
- Daily Express
Law to regulate e-commerce likely
Published on: Sunday, August 10, 2025 Published on: Sun, Aug 10, 2025 By: Jonathan Nicholas Text Size: Fuziah said the Ministry's study showed the need for a more comprehensive legal framework to ensure better governance of e-commerce at the national level. Kota Kinabalu: The Ministry of Domestic Trade and Cost of Living (KPDN) is weighing a new legislation to regulate e-commerce, after finding sellers' profit margins and commissions on popular online shopping platforms are significantly reduced, particularly during heavily promoted monthly sales events. Deputy Domestic Trade and Cost of Living Minister Senator Datuk Dr Fuziah Salleh said the review was essential to keep laws relevant in a fast-changing digital marketplace. Advertisement 'While e-commerce is now part of everyday life for Malaysians and a driver of our digital economy, rapid growth has also brought risks such as fraud, unsafe products, misleading advertisements and cross-border enforcement limitations,' she told a press conference, Saturday. The Ministry convened a stakeholder engagement session at a hotel here involving industry representatives, digital platforms, trader associations, consumer protection groups, legal experts and academics to examine the current regulatory gaps. It was the second such consultation held as part of a broader review. Fuziah said the Ministry's study showed the need for a more comprehensive legal framework to ensure better governance of e-commerce at the national level. Advertisement 'Persistent complaints between 2023 and 2024 included the sale of counterfeit goods, the use of false identities by sellers, misleading advertising, and difficulties in dealing with overseas suppliers, particularly over returns and refunds. 'Many small traders also reported that steep platform-imposed discounts during special sales campaigns had eroded their profit margins to unsustainable levels,' she said. The proposed legislation will rest on three pillars: clearer industry responsibilities, more effective enforcement, and stronger protections for both consumers and small businesses. 'We want an e-commerce ecosystem that is not only innovative, but also safe, transparent and ethical,' she added. The consultation formed part of the Regulatory Impact Assessment process outlined by the Malaysia Productivity Corporation, which requires public input to shape any Regulatory Impact Statement with the Ministry expected to finalise a draft bill soon. Separately, on Friday (Aug 8) Fuziah visited STF Agriculture Sdn Bhd in Tamparuli, to monitor enforcement following the withdrawal of the government's egg subsidy. The move was aimed at preventing profiteering under the Price Control and Anti-Profiteering Act 2011. 'KPDN will continue to step up monitoring to ensure egg prices remain reasonable, sufficient supply, and no one takes advantage to reap excessive profits,' she said, adding that action would be taken against violators. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
2 days ago
- Politics
- New Straits Times
Fuziah: PKR membership open to all, including Tengku Zafrul
KOTA KINABALU: PKR has defended its position that anyone, including former Umno leader Datuk Seri Tengku Zafrul Abdul Aziz, can join the party. Its secretary-general Datuk Dr Fuziah Salleh said party membership applications can be made online. "As far as Keadilan is concerned, anybody is free to apply. "There is no special privilege for anyone. It is not that we processed it because he is Tengku Zafrul. "In fact, the central leadership council approved more than 1,000 applications during the last meeting," she told the media after a stakeholder engagement session for the review of the Trade Master Plan 2025–2035 and the review of e-commerce legislation. On May 30, Tengku Zafrul announced his resignation from all posts in Umno, including his party membership. At the time, the investment, trade and industry minister expressed his intention to join PKR, citing "compatibility and suitability." When asked about criticism from Umno leaders over PKR accepting Tengku Zafrul, Fuziah declined to comment further. Among the critics was Umno Youth chief Datuk Dr Muhamad Akmal Saleh, who slammed PKR for accepting the membership of the former Umno leader despite earlier warnings. Commenting on seat negotiations between BN and PH in Sabah, Fuziah said the party would heed the prime minister's advice for BN, PH and GRS to work together in the Sabah election. Previously, Fuziah had said Sabah PH and BN had finalised their seat negotiations, but she declined to reveal the numbers. "For PH-BN, I hold to PM's statement that he would like to see cooperation between PH, BN and GRS." Fuziah, who is the deputy domestic trade and cost of living, said the second series of engagements was part of the Regulatory Impact Assessment required to amend existing laws related to e-commerce.
Time of India
29-07-2025
- Business
- Time of India
‘Draft telecom cybersecurity rules may raise compliance costs for firms, impact digital adoption'
NEW DELHI: The draft telecom cybersecurity amendment rules, proposed by the Department of Telecommunications (DoT), may significantly raise compliance costs for non-telecom licensed entities such as fintech applications, OTT services, ecommerce businesses, and small digital firms, among others, according to CUTS International . The Draft Telecommunications (Telecom Cyber Security) Amendment Rules, 2025, propose a new category of entities, Telecommunication Identifier User Entities (TIUEs), which may potentially include entities in the abovementioned categories. The telecom department, under the proposed cybersecurity rules , can direct telecom carriers and other entities such as banks, financial institutions, e-commerce players, etc., to verify mobile numbers or identities of users through a centralised platform to curb online fraud and spoofing. If a TIUE is directed by the Central or state government, or an authorised agency, to seek mobile number validation, a fee of ₹1.50 per request will be levied, while for private TIUEs making voluntary requests for mobile number validation, the fee will be ₹3 per request. 'This may extend telecom-style obligations to entities not covered under the parent Act, raising concerns about constitutional validity,' the research and advocacy firm said in a statement based on a rapid Regulatory Impact Assessment (RIA). CUTS said that the modest per-verification charges proposed in the draft amendment rules may result in 'large recurring costs', and may cause digital platforms to pay 'tens of thousands of crores of rupees' in annual compliance costs. CUTS estimated potential impact on one key platform each from three of India's fastest-growing digital consumer sectors - digital payments, food delivery, and mobility. PhonePe, which processes nearly 282 million daily transactions, may face over ₹1,500 crore if merely 10% of its users are subjected to mobile number validation, while Zomato, with 30.7 million weekly active users, may face validation costs of over ₹24 crore annually, in a similar situation. Likewise, ride-hailing application Uber India, with 1.12 million daily users, may incur ₹6.13 crore annually. CUTS said that voluntary validations at ₹3 per request would 'double these figures', making compliance economically unviable, especially for smaller platforms and sensitive digital services. At the same time, it estimated that the total costs passed onto consumers may add up to ₹540 crore per month–or over ₹6,480 crore annually. 'Overall, increased costs and exclusion risks may reduce digital adoption, hinder competition, and result in an estimated ₹2.5 lakh crore loss to the digital economy even at a 10% compliance, potentially excluding 4,000–5,000 potential startups from the market, and risking a loss of nearly 150,000–200,000 direct jobs,' it added.
Hans India
29-05-2025
- Business
- Hans India
Trust, deregulation key to achieve long-term economic prosperity: Chief Economic Advisor
New Delhi: Trust, deregulation and reciprocation are the cornerstones of avoiding the middle-income trap and achieving long-term economic prosperity, Chief Economic Advisor (CEA) Dr V. Anantha Nageswaran said on Thursday. Speaking at the CII 'Annual Business Summit 2025' here, Dr Nageswaran emphasised India's top policy priorities for sustainable development and economic growth. "Key areas include balancing energy affordability and security with energy transition through power sector reforms, addressing AI's impact on employment, ensuring fair income distribution, and focusing on education and skilling for the youth," he stressed. The CEA further emphasised promoting manufacturing and SMEs, enhancing food security and agricultural productivity, encouraging private sector investment, and integrating economic growth with energy policies and external dynamics are also crucial for a resilient and competitive economy. "The private sector's role in nation-building is crucial and necessitates a tripartite collaboration between the government, private sector and academia. To achieve developed economy status by 2047, the private sector must be socially responsible, ensuring balanced deployment of capital and labour," he noted. This involves fair income distribution, workplace safety, investment in research and development, and attention to mental health, among other aspects. On the macroeconomic front, the CEA emphasised that the IMF projects India to reach a $5 trillion economy by 2027-28. "Achieving this milestone and avoiding the middle-income trap requires improving living standards. Trust, deregulation, and reciprocation from the private sector are pivotal for fostering sustainable growth and ensuring economic resilience," he added. Siemens Limited Managing Director and Chief Executive Officer, Sunil Mathur, emphasised the need to improve regulatory frameworks in the country through the adoption of best practices like Regulatory Impact Assessment (RIA) for new regulations. CII Vice President R. Mukundan highlighted the need for transformational reforms and outlined a multi-pronged agenda for enhancing India's competitiveness covering issues such as adoption of a consultative approach to policy making as seen with the GST Council, investment in human capital along with physical infrastructure, improving the female labour force participation rate, significant increase in inhouse R&D spending, and moving toward sustainable growth.
Reuters
31-01-2025
- Business
- Reuters
India financial regulators need formal impact assessment rules, government report says
MUMBAI, Jan 31 (Reuters) - India's financial sector regulators need to put in place a formal process to assess the impact of their regulations, the government's Economic Survey said on Friday. The survey, presented a day ahead of the annual budget, details the state of the economy while flagging longer-term economic and policy issues. Its suggestions and recommendations are not binding. Regulators in the financial sector, such as the Reserve Bank of India, Securities and Exchange Board of India and Insolvency and Bankruptcy Board, are largely left to regulate themselves, the report said. While there are public consultation processes followed before new rules and regulations are formed, "there is a huge potential for improvement in their responsiveness", it added. The report suggested that regulators set up an independent Regulatory Impact Assessment (RIA) agency internally. The RIA would directly report to the board of the regulator, which includes members from the government and independent directors. This can provide an "impartial and objective assessment of the regulatory processes and outcomes, including the economic and social impacts of regulations," the report said. Such a process would also improve the transparency and responsiveness of regulators, it added.
