Property_Manu - Final - The New India Assurance Co. Ltd.

The New India Assurance Co.Ltd.3. There is a need for bringing in suitable amendments in the existing laws in our country tofacilitate e-commerce. It is, therefore, proposed to provide for legal recognition of electronicrecords and digital signatures. This will enable the conclusion of contracts and the creationof rights and obligations through the electronic medium. It is also proposed to provide fora regulatory regime to supervise the Certifying Authorities issuing Digital SignatureCertificates. To prevent the possible misuse arising out of transactions and other dealingsconcluded over the electronic medium, it is also proposed to create civil and criminalliabilities for contravention of the provisions of the proposed legislation.4. With a view to facilitate Electronic Governance, it is proposed to provide for the use andacceptance of electronic records and digital signatures in the Government offices and itsagencies. This will make the citizens interaction with the Governmental offices hasslefree.5. It is also proposed to make consequential amendments in the Indian Penal Code andthe Indian Evidence Act, 1872 to provide for necessary changes in the various provisionswhich deal with offences relating to documents and paper based transactions. It is alsoproposed to amend the Reserve Bank of India Act, 1934 to facilitate electronic fundtransfers between the financial institutions and banks and the Banker’s Books EvidenceAct, 1891 to give legal sanctity for books of account maintained in the electronic form bythe banks.6. The proposal was also circulated to the State Governments. They have supported theproposed legislation and have also expressed urgency for such legislation.”The relevant sections of The Information Technology Act, 2000, that are applicable to thestorage of the Insurance Certificates in the electronic format, their production andevidentiary value are extracted below-4: Legal recognition of electronic records.- Where any law provides that information orany other matter shall be in writing or in the typewritten or printed form, then,notwithstanding anything contained in such law, such requirement shall be deemed tohave been satisfied if such information or matter is –(a)(b)rendered or made available in an electronic form; andaccessible so as to be usable for a subsequent reference.5. Legal recognition of electronic signature. – Where any law provides that informationor any other matter shall be authenticated by affixing the signature or any documentshall be signed or bear the signature of any person, then, notwithstanding anythingcontained in such law, such requirement shall be deemed to have been satisfied, if suchinformation or matter is authenticated by means of electronic signature affixed in suchmanner as may be prescribed by the Central Government.MANUAL ON PROPERTY87