India's online gaming law takes effect October 1
India's new Promotion and Regulation of Online Games Act is set to take effect from October 1.
Announced by Union Minister Ashwini Vaishnaw, the law was passed after three years of back-and-forth with gaming companies, banks, and other stakeholders.
The main aim? To keep online money gaming in check while giving a boost to e-sports.
Last round of talks with industry
Before rollout, there'll be one last round of talks with the industry—Vaishnaw said tweaks are still possible if needed.
The law bans ads and money transfers for online money games, with strict penalties like jail time or heavy fines for anyone breaking the rules.
Banks and fintechs are asking for clear guidelines; some gaming platforms have already paused their money-based games.
The government hopes this move will help reduce financial risks as millions have lost big sums to online gaming addiction in recent years.