The government has started to zero-in on the companies which have not declared their geo-tags. This is based on suspicions of illegal money market or even routing to terrorist funds. Comment.
The governmental crackdown on many registered businesses who have not declared their geo-tags is a welcome step as the fears of the government that these firms could be engaged in certain fraud or even in certain terrorist activity cannot be ruled out. Only 60% firms in India have so far complied with the provision. But, the government should also consider that not all firms are involved in any financial misconduct or terrorist activity. Many firms generally hold-on to their IPRs for fear of hostile takeovers. Thus, any severe penal action should definitely follow only after giving the concerned firm a fair chance to prove themselves as innocent. Any rushed action will actually lead to an incomplete solution.
Published: June 21, 2019 | Modified:December 1, 2019