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REGULATORY FRAMEWORK OF E- COMMERCE

Business firms and consumers are increasingly using computers to create, transmit and store information in the electronic form. Thus growth of e-commerce gave rise to a variety of legal issues.

Although communication through electronic media is more convenient and cheap, people are usually reluctant to do business due to the security concerns.

Thus there exist the need for an adequate legal framework to protect the internet of those who trade over Internet.

INTRODUCTION

LAWS ON INTERNET The issue of laws on the Internet is a complex one. Laws give

people certainties about their rights and responsibilities: they make their life more predictable. Without predictability, business will not be able to act efficiently, or price services effectively.

Cyber Laws Information Technology Act – 2000 Information Technology Act - 2008

LAWS ON INTERNET

CYBER LAWS• A lot of business transactions including e – commerce transactions

can be conducted through electronic channels without any geographical barrier.

• The legal framework supporting commercial transactions has to be consistent and predictable regardless of the jurisdiction in which a particular buyer and seller live.

• The United Nations Commission on International Trade Law (UNCITRAL) has drafted a Model Law that support the commercial use of International contracts in electronic commerce, known as UNCITRAL Model Law on Electronic Commerce 1996.

MODEL LAWThe Model Law establish rules and norms that validate and recognize contracts formed through electronic means, set default rules for contract formation and governance of electronic contract performance, defines the characteristics of a valid electronic writing and an original document provide for the acceptability of the electronic signatures for legal and commercial purpose and support the admission of computer evidence in courts and arbitration proceedings.