Industry welcomes six-month window to refund real-money game deposits

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The proposed six-month transition period for companies and payment partners to refund money collected from users for real-money games before their ban eases pressure on these firms, which otherwise face criminal liability under the draft online gaming rules, industry executives and legal experts said.

The Ministry of Electronics and Information Technology (MeitY) has opened stakeholder consultations on the draft rules issued on Thursday.

“Under the proposed rules, banks, UPI operators, card networks, and payment gateways will have 180 days to figure…



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Industry welcomes six-month window to refund real-money game deposits



The proposed six-month transition period for companies and payment partners to refund money collected from users for real-money games before their ban eases pressure on these firms, which otherwise face criminal liability under the draft online gaming rules, industry executives and legal experts said.

The Ministry of Electronics and Information Technology (MeitY) has opened stakeholder consultations on the draft rules issued on Thursday.

“Under the proposed rules, banks, UPI operators, card networks, and payment gateways will have 180 days to figure…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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