The digital entities who qualify as gatekeeper platforms or systemically important digital intermediaries (SIDIS) would have to provide this declaration to the Competition Commission of India (CCI), according to the proposed Bill.
The CCI will have the power to levy a fine of up to 1 percent of the global turnover of the online entity in case it fails to make this declaration, sources said.
Such online firms would have six months to submit this declaration from the time they cross the threshold set for SIDIS, it is learnt. These thresholds, according to sources, are based on the India and global turnover of online platforms, their gross merchandise value in India, average global market capitalisation, and the number of end users.
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Indians prefer credit over debit card for high-value payments
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An Indian anthropologist ahead of her time
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Noel's appointment as Tata Trusts' chair signals continuity: Analysts
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