Following are the objectives of the Information Technology Act:
1. To grant legal recognition for transactions carried out by means of electronic data interchange and other means of electronic communication commonly referred to as “electronic commerce” in place of paper based methods of communication;
2. To give legal recognition to Digital signatures for authentication of any information or matter, which requires authentication under any law;
3. To facilitate electronic filing of documents with Government departments;
4. To facilitate electronic storage of data;
5. To facilitate and give legal sanction to electronic fund transfers between banks and financial institutions;
6. To give legal recognition for keeping of books of accounts by banker’s in electronic form;
7. To amend the Indian Penal Code, the Indian Evidence Act, 1872, the Banker’s Book Evidence Act, 1891, and the Reserve Bank of India Act, 1934.
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