By Martin Shwenk Leade
Copyright indiatimes
AgenciesUnion Minister Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw on Thursday said that the rules under the Promotion and Regulation of Online Games Act will come into effect from October 1. “About the Promotion and Regulation of Online Games Act that was passed by the Parliament, we have had multiple discussions with them (online gaming companies and stakeholders). We have been having discussions with them for almost three years, and after passing the law, once again, we engaged with them,” Vaishnaw said. He added, “We also engaged with the banks. We engaged with practically every stakeholder possible in this, and we have finalised the rules. The rules will be promulgated with effect from 1st October, and before that, we will have one more round of discussions with the industry.” “And in case they need some more time, we will definitely look at a more consultative approach. At this point of time, we are targeting that we start the implementation of the new legislation on 1st October,” the minister said.— ANI (@ANI) Live EventsPromotion and Regulation of Online Games Act: What it seeks to doThe Promotion and Regulation of Online Games Act, 2025, passed by Parliament on August 21 and now with the President’s assent, bars all forms of online money games while promoting e-sports and other online games. Electronics and IT Secretary S Krishnan said earlier this month, “This is something which will come into effect very quickly and we are taking all necessary steps in that regard.” Once implemented, the Act will prohibit advertisements related to online money games and bars banks and financial institutions from transferring funds for such games. Advertising of money games can attract imprisonment up to two years and/or a fine up to Rs 50 lakh, while facilitating financial transactions can lead to imprisonment of up to three years and/or a fine of up to Rs 1 crore. Repeat offences attract enhanced penalties, including three to five years’ imprisonment and fines up to Rs 2 crore. Banks and fintech firms, in a joint meeting with the Department of Financial Services and the Ministry of Electronics and IT earlier in September, had asked for detailed guidelines to implement the provisions and for reasonable time to set up systems to check such transactions. Several major online money gaming companies have already complied with the law and announced the shutdown of their money-based gaming services.Add as a Reliable and Trusted News Source Add Now!
However, the government faces the challenge of dealing with foreign-based online betting platforms, even as estimates suggest 45 crore people in India have lost about Rs 20,000 crore in a year due to addiction to online money games.(You can now subscribe to our Economic Times WhatsApp channel)
Read More News ononline gaming rulesUnion Minister Ashwini VaishnawPromotion and Regulation of Online Games ActOctober 1Parliamentonline gaming companiesnew legislationvaishnaw
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News ononline gaming rulesUnion Minister Ashwini VaishnawPromotion and Regulation of Online Games ActOctober 1Parliamentonline gaming companiesnew legislationvaishnaw(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
