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Information Technology Minister Ashwini Vaishnaw held a meeting with online gaming companies to discuss the protection of users’ money and promotion of eSports and social games, an official source said yesterday.
According to a PTI report from New Delhi yesterday, the meeting comes within a fortnight of the Parliament passing The Promotion and Regulation of Online Gaming Act, 2025, that bars all forms of online money games while promoting e-sports and other online games.
“IT Minister Ashwini Vaishnaw and officials met online gaming industry representatives today. Discussion focused on promoting eSports and social games. Points related to orderly transition and protection of users’ money were also discussed. It was noted that industry has taken steps to ensure compliance with the Act,” the source said.
The Act has received the President’s assent. The Act will come into effect after its notification by the government.
Last week, banks and fintech firms, in a joint meeting with the Department of Financial Services and the Ministry of Electronics and IT, asked for detailed guidelines to implement the provision of the Bill and a reasonable time for putting up a system in place to check transactions for the online money games.
The Act seeks to prohibit advertisements related to online money games and bars banks and financial institutions from transferring funds for any of such games.
Advertising of money games can attract imprisonment up to two years and/or a fine up to Rs 50 lakh. Facilitating financial transactions related to money games can lead to imprisonment for up to three years and/or a fine of up to Rs 1 crore.
Meanwhile, major online money gaming players have complied with the government’s move and voluntarily announced the shutdown of their money-based gaming services.
The challenge for the government, however, remains in checking foreign-based online money gaming and betting platforms. As per an estimate, 45 crore (450 million) people in the country have lost around Rs 20,000 crore in a year after getting addicted to online money games.
