MBA, since its evolvement has been a subject to continuous debates, few good,...
1. IT ACT 2000
In India , the Information Technology Act was passed in 2000. This was the time when our country was facing the problem of growing cyber-crimes. In present time, Internet has become indispensable part of our life. With the growing use of communication via internet, percentage of cyber-crime is also increasing. IT Act 2000 takes into consideration all abuses with our computers. If our computer will be made target, we will face endless problems as our computers keep our very important data. Computers can be used as weapon also to do crime such as credit card frauds and Pornography. Thus, cyber-crime includes all unlawful acts in which computer is either a target or a weapon. It is necessary to educate people about benefits which IT Act 2002 gives.
2. IT Act 2000 and Corporate World
IT Act 2000 also came as miracle for corporate world of India. It is relevant for us to understand the infrastructural base which this act offers to Indian corporate world.
3. Email as an accepted legal form of Communication: In present time corporate world thrive on email. Before the IT act 2000, emails were not accepted as a legal form of communication hence emails were not accepted as an evidence. IT act 2000 gave a valid form to all communication with email. Now emails can be duly produced in court and court will approve them as legal document.
4. Infrastructure to regulate commercial transactions: In India e-commerce was not possible because of absence of proper infrastructure required for online transactions. Due to absence of any law to regulate online transactions, companies were not able to invest their resources in e-commerce business.
Also Read : What is e – Commerce ?
5. Revolution of Digital Signature: IT Act 2000 gave one revolutionized weapon to corporates in the form of Digital Signature. Digital Signatures are an electronic signature which makes a document very authentic. Digital signatures can be made by the person concerned only. It eliminates the probability of fake signature. Thus it increased reliability and increased transparency. Digital Signatures are valid. Now a days mark sheets, insurance papers etc are coming with digital signatures. You don’t need to get it signed again.
6. Business Opportunity in IT Act 200
In IT Act 2000, there is a provision of making or appointing certifying authorities which will issue digital signature certificates. Government alone cannot issue all digital signature certificates so Government appoints certifying authorities who fulfills their criteria. In this way a new business opportunity comes in the scene for the corporates. They can apply to become certifying authorities.
7. Form or Documents in Electronic form: IT Act 2000 allows companies to interact with different government departments via electronic media. Submission of any type of form or document through online mode will save companies time and cost. Companies can utilize their manpower in more productive work.
8. Retention of Information in Electronic Form : Companies can keep their valuable records in electronic form. IT act 2000 gives legal status to such retention. Not only this, if any body breaks computer system or network system of company and make copy/damages to information, companies benefit is protected in the form of compensation.
9. Cyber Law to protect from Hacking : Before the implementation of IT Act 2000, companies were not having any protection against hacking or damage of their computer codes. IT Act 2000 is to protect corporate world from such cyber-crime. A separate cell as cyber cell works to check and control cyber-crimes.
IT Act 2000 was mainly brought to make legal infrastructure for E-Commerce and with growing numbers of e-commerce companies, we can say that the IT Act 2000 got success in its objective. But, time has come to make amendments as we are in 2017 and 17 years makes lots of changes in society.
Author’s Bio– Sunita Singhal is an academician with 18 years of experience and loves to write on trending subjects. She is associated with several Management Institutes. Her blog on UPSC serves up Preparation Tips for aspirants to get success. Follow her on Twitter .