3-year-old jail, £ 1 CR Fyn: Modi Govt sets online games played with money; Bill probably in parliament today

Prime Minister Narendra Modi-Lied Union government is ready to ban online games with money. A proposed bill will be moved in the Lok Sabha today. If passed in parliament, the move will get a heavy blow to an industry that has attracted billions of dollars of foreign investment, according to the Reuters news agency. The Bill – ‘Promoting and Regulation of Online Game Account 2025’ – mentions psychological and financial damage that can be caused by such games and says that no person ‘will offer, help, induce or otherwise offer the offering of online -money games and such services. The proposed law, cleared by the Union Cabinet, would mean a blanket ban on all online money games for real money, where user can play games after depositing money in the form of an interest or bet. According to reports, the move is due to growing concerns about alleged money laundering through these services. The 13-page bill drawn up by the Union Ministry of Electronics and Information Technology (Meity) describes an online money game as one played by a user who deposits money into the expectation of winning monetary and other enrichment, the news agency said. The Indian market for such games will be worth $ 3.6 billion by 2029, says Lumikai, venture capital firm. The approval by celebrities of cricket and Bollywood and other marketing efforts has increased the appeal and investor interest of Real Money GamingApps. In a letter to the Union Ministry of Home Affairs this week, major game industry bodies said that the ban on the blanket would hit a ‘death knell’ for the legal, job-creating industry. Three-year-old prison, £ 1 CR fine the government will prohibit any person from offering online real games, and if you do not comply, it will result in a imprisonment of up to three years and a fine of £ 1. Those who promote such platforms, including influencers on social media, can also face a two -year imprisonment and a £ 50 lakh fine “such games often use manipulative design functions, addictive algorithms … while promoting compulsive behavior leads to financial ruin,” the bill said. The government considers competitive e-sports and game development as a major driver of the online game industry and is eager to promote it via the proposed law, Indian Express said in a report. (With Reuters inputs)