Information technology act in business law
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Information Technology Act
Connectivity via the Internet has greatly a bridged geographical distances and made communication even more rapid. While activities in this limitless new universe are increasing incessantly, the need for laws to be formulated to govern all spheres of this new revolution was felt. In order to keep pace with the changing generation the Indian Parliament passed Information Technology (IT) Act, 2000. The IT Act has been conceptualised on the United Nations Commission on International Trade Law (UNCITRAL) Model Law.
The Act aims at providing legal recognition for transactions carried out by means of electronic data interchange and other means of electronic communications commonly referred to as "electronic commerce" which involve the use of alternative to paper based methods of communication and storage of information and aims at facilitating electronic filing of documents with the government agencies.
The Act applies to the whole of India. It also applies to any offence committed outside India by any person. It does not apply to the following.
a negotiable instrument as defined in section 13 of the Negotiable Instruments Act, 1881; a power-of-attorney as defined in section 1A of the Power-of-attorney Act, 1882; a trust as defined in section 3 of the Indian Trusts Act, 1882; a will as defined in section 2 (h) of the Indian Succession Act, 1925 (39 of 1925) including any other testamentary disposition by whatever name called; any contract for the sale or conveyance of immovable property or any interest in such property; any such class of documents or transactions as may be notified by the Central Government in the Official Gazette.