The government on Tuesday introduced two bills in the Rajya Sabha, a bill to amend the Cinematograph Act, the Cinematograph (Amendment) Bill, 2019 and a bill to set up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country, The International Financial Services Center Authority Bill, 2019.
Minister of State for Information and Broadcasting Rajyavardhan Rathore introduced the Cinematograph (Amendment) Bill, 2019 in the Upper House.
The Bill seeks to amend provisions of Cinematograph Act, 1952, in order to tackle film piracy by including penal provisions for unauthorised camcording and duplication of films.
To check piracy, particularly the release of pirated versions of films on the internet which causes huge losses to the film industry and the exchequer, the bill proposes to make film piracy offences punishable with imprisonment of up to three years and fines that may extend to Rs 10 lakh or both.
The proposed amendment states that any person, who without the written authorisation of the copyright owner, uses any recording device to make or transmit a copy of a film, or attempts to do so, or abet the making or transmission of such a copy, will be liable for such a punishment.
The Cabinet last week had approved the Ministry of Information and Broadcasting’s proposal for introducing the bill.
The proposed amendments would increase industry revenues, boost job creation, fulfil important objectives of India’s National Intellectual Property policy and will give relief against piracy and infringing content online, an official statement had said.
The film industry has been demanding for a long time that the government consider amendments to the law preventing camcording and piracy.
Prime Minister Narendra Modi had made an announcement at the inaugural function of the National Museum of Indian Cinema at Mumbai on January 19, 2019, to tackle the menace of camcording and piracy.
The government also introduced a Bill to set up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country.
The International Financial Services Center Authority Bill, 2019 mandates that transaction of financial services in the IFCS shall be governed by an Authority headed by a Chairman.
Currently, banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators the RBI, Sebi and IRDA and this would provide inter-regulatory coordination.
The bill has a provision for establishment and incorporation of the Authority. Regulatory bodies including RBI, SEBI, IRDA, PFRDI would have one nominee as its member, while the Finance Ministry will have rights to nominate two officials in the Authority.
It will be “regulating the financial products, financial services and financial institutions in an IFSC,” the bill said.
Two members could also be appointed by the central government on the recommendation of the selection committee.
“The Chairperson and a member shall hold offices for a term of three years from the date on which he enters upon his office and shall be eligible for reappointment,” the bill said.
An IFSC enables to bring back to India the financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches or subsidiaries of financial institutions (FIs).
It provides business and regulatory environment that is comparable to other leading international financial centres in the world like London and Singapore.
IFSC provides Indian companies easier access to global financial markets.