Inquiry before buying @ https://www.absolutemarketsinsights.com/enquiry_before_buying.php?id=658

• Some of the players operating in the online auction market are A One Salasar Pvt. Ltd., ATG, Auction House UK, Auction Network, Biddingo.com, Catawiki, eBay Inc., Groupon, Goods Liquidation Auctions, John Pye & Sons., LiveAuctioneers, SDL Auctions Limited, The Auction Company, US Auction Online, UKauctioneers.com and Wilsons Auctions.

The detailed research study provides a qualitative and quantitative analysis of the online auction market. Demand side analysis includes market revenue across all regions and further across all major countries. The supply-side analysis includes the key market players and their regional and global presence and strategies. The geographic analysis performed focuses on each of the major countries across the country North America, Europe, Asia Pacific, middle East & Africa and Latin America.

Get complete information about this premium [email protected] https://www.absolutemarketsinsights.com/reports/Global-Online-Auction-Market-2019-2027-658

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A team of scientists and engineers from the University of Sydney, Microsoft and EQUS, the Australian Research Council Center of Excellence for Engineered Quantum Systems, has taken a step towards developing a new generation of powerful quantum computers.

The team, which published their findings in the Jan. 25 issue of Nature Electronics, invented a cryogenic computer chip that can operate at temperatures near absolute zero, which could enable a new generation of high-performance quantum computers capable of calculating thousands of qubits can perform , or more.

Qubits are the quantum equivalent of the bits used by traditional computers. Because qubits aren’t binary – they don’t process information using 0s and 1s – they are able to work much faster. For various reasons, however, quantum computers have so far only been able to record a few dozen qubits. That’s why the new cryochip called Gooseberry is such a breakthrough.

“If the chip works as researchers propose and can be manufactured inexpensively, the design could simplify and accelerate the development of larger quantum systems,” said Charles King, principal analyst at Pund-IT, a technology consulting firm in Hayward, Calif., told TechNewsWorld.

EQUS Chief Investigator Professor David Reilly explained in a statement that to realize the potential of quantum computers, machines need to run thousands, if not millions, of qubits.

“The largest quantum computers in the world currently work with only about 50 qubits,” he continued. “This small scale is partly due to the limitations of the physical architecture that drives the qubits.”

“Our new chip breaks those limitations,” he asserted.

Freeze errors

Most quantum systems require qubits to operate at temperatures close to absolute zero (-273.15 degrees Celsius). This prevents them from losing their “quantumness,” the character of matter or light that quantum computers need to perform their specialized calculations.

“The environment can affect qubits quite a bit,” said Heather West, senior research analyst at IDC.

“If they’re influenced, bugs can be introduced,” she told TechNewsWorld. “By cooling the environment down to really cold temperatures, it helps eliminate bugs.”

“The more qubits you have,” she continued, “the better your computer will perform. The problem is that qubits start working with each other — a process called entanglement — because they’re so unstable that they can start working incorrectly, or decoherently. As scale increases, decoherence increases.”

She added that there is another benefit of working close to absolute zero. “To reach supercold temperatures, you have to work in a vacuum, which helps reduce the environmental impact on the qubits,” she said.

Gilded Bird’s Nest

As with any computing device, quantum devices need instructions in order to do anything useful. That means sending and receiving electronic signals to and from the qubits. With the current quantum architecture, this requires a lot of wires.

“Current machines create a nice array of wires to drive the signals. They look like an upside down gilded bird’s nest or a chandelier,” Reilly said.

“They’re pretty, but basically impractical,” he continued. “This means that we cannot scale the machines to perform useful calculations. There is a real input-output bottleneck.”

With gooseberry, all wires are eliminated. “With just two wires carrying information as input, it can generate control signals for thousands of qubits,” Microsoft senior hardware engineer Kushal Das, a co-inventor of the chip, said in a statement.

Reilly compared the current state of quantum computing to the ENIAC state of computing in the 1940s, when a computer needed rooms with control systems to do anything useful.

“Our industry may face even greater challenges in taking quantum computing beyond the ENIAC phase,” Reilly said.

“We need to develop highly complex silicon chips that operate at 0.1 Kelvin,” he continued. “This is an environment 30 times colder than space.”

A true quantum control system

Operating at such low temperatures means the system must run on an incredibly low power budget, noted Sebastian Pauka, whose doctoral research at the University of Sydney served to connect quantum devices to the chip.

“If we try to put more power into the system, we overheat the whole thing,” he said in a statement.

To achieve their result, the team built the most advanced integrated circuit to operate at cryogenic temperatures.

“We achieved this by designing a system that operates in close proximity to the qubits without disturbing their operation,” Reilly explained.

“Current control systems for qubits are meters away from what’s happening, so to speak,” he continued. “They exist mainly at room temperature.”

“In our system, we don’t have to leave the cryogenic platform,” he said. “The chip is right there with the qubits. This means less power and faster speeds. It’s a real control system for quantum technology.”

quantum computer race

King noted that quantum computing is still in its infancy. “We are still in the early stages of both building commercial quantum systems and programming and working with them,” he said.

“Some great things have been achieved, but there is still a long way to go before quantum computers become commercially viable,” he added.

Today’s quantum computers are mainly used to solve optimization problems. “These problems are found in almost every industry,” West said.

Hodan Omaar, a policy analyst at the Center for Data Innovation, a think tank that studies the intersection of data, technology and public policy in Washington, DC, noted that Japan is using quantum computers to optimize garbage collection.

Meanwhile, Volkswagen is using quantum computing to streamline the picking of parts for its cars. “They have shown that using a quantum computer is more cost-effective compared to a traditional computer,” she told TechNewsWorld.

“For a small set of applications – currently mostly optimization problems – quantum computers show that they can solve some types of problems better,” she said.

“As quantum computers improve,” West added, “they will be used to solve more advanced problems in fields like chemistry and pharmacy.”

“We still have a long way to go,” she continued, “but when we get there, we will solve a lot of different problems.”

One of those problems is already one nation competing against another.

“If a country can figure out how to build a quantum computer big enough and secure enough, it could be used to crack any encryption,” Omaar explained.

“That started a quantum computer race,” she said. “If you’re a country, you have to be in this race because if another country finds out first, you’ve got a big national security problem.”

The demand for semiconductors, also known as chips, has grown sharply over the last year due to an increasing demand for consumer electronics. As many workers around the world transition to remote work and the need for more leisure activities at home, the number of electronic devices such as computers, tablets, game consoles and more is proliferating, exhausting the chip supply chain. This demand continues to increase while chip production levels do not. Its ramifications extend well beyond restricting PS5 console availability and into the world of automakers. It’s likely former President Trump’s pre-pandemic tariffs on China are at the root of the shortage as many companies stockpile.

According to CNBC:

• On Tuesday, GM announced it would extend production cuts in the U.S., Canada and Mexico through mid-March. They join a long list of major automakers, including Ford, Honda and Fiat Chrysler, that have warned investors or slowed vehicle production over chip shortages. But not only the automotive industry is struggling to get enough semiconductors to build their products. AMD and Qualcomm, which sell chips to most of the leading electronics companies, have noticed the shortage in recent weeks.
• Chips are likely to remain in short supply over the coming months as demand is higher than ever. The Semiconductor Industry Association said in December that global chip sales will increase 8.4% in 2021 from total sales of $433 billion in 2020. That’s up from 5.1% growth between 2019 and 2020 — a remarkable jump considering how big the absolute numbers are.
• Last year, the US imposed restrictions on Semiconductor Manufacturing International (SMIC), the largest foundry in China, preventing them from getting advanced chip-making equipment and making it much more difficult to sell their finished products to companies with US ties. Customers would have to shift their orders to competitors like TSMC, Gupta said. SMIC executives acknowledged that the U.S. move prevented the company from using its full capacity, saying geopolitical factors would prevent it from taking advantage of “this year’s rare market opportunity,” citing chip shortages .

On 1 October, the European Court of Justice (ECJ) ruled in Case C-649/18 that an EU Member State may not prohibit a mail-order pharmacy established in another Member State from paying for referencing on search engines and price comparison sites, unless it promotes its service , the Member State clearly demonstrates that the restriction is proportionate and does not go beyond what is necessary to protect public health. The CJEU also found that several other advertising restrictions imposed by France restricted the freedom to provide services under EU e-commerce rules, but added that these restrictions may be justified provided certain conditions are met, which is a matter for the referring national to assess court is. This is the first case in which the ECJ interprets the substantive free movement rules of the EU E-Commerce Directive (Directive 2000/31/EC).

The case concerned Shop-Apotheke, a mail-order pharmacy based in the Netherlands, which promoted its online sales service and the parapharmaceutical and non-prescription medicines it sells to French consumers through various online and physical advertising practices. The Paris Court of Appeal had submitted an appeal question to the ECJ on whether the French measures in question were compatible with EU law.

Evaluation according to the e-commerce directive

The ECJ confirmed that an online sales service such as that offered by Shop-Apotheke is an information society service within the meaning of the E-Commerce Directive. It also confirmed the existence of a procedural notification obligation: the e-Commerce Directive requires that a Member State wishing to impose certain restrictions on an information society service provider established in another Member State must first inform the Member State of establishment and the European Commission.

In terms of content, the ECJ took the view that advertising practices such as those used by shop pharmacies should be assessed solely according to the E-Commerce Directive, regardless of whether they are carried out physically or electronically. The ECJ further stated that the Member State of destination cannot, in principle, restrict the free movement of information society services from another Member State, unless such a restriction is justified by specific public interest objectives.

The ECJ found that each of the French measures amounted to such a restriction. It then assessed whether the measures were necessary and proportionate to achieve an objective of public interest. It found that the intensive use of advertising or the choice of aggressive advertising messages can harm public health and the dignity of the healthcare profession (in this case the pharmacist profession) and that a ban on such advertising may be appropriate. However, a restriction amounting to a general and absolute ban on any advertising by healthcare professionals to promote their activity goes beyond what is necessary to protect those objectives. It is for the national referring court to determine whether the ban in question amounted to an absolute ban on all advertising by Shop-Apotheke.

Regarding the ban on the promotion of promotional offers consisting of a discount on the total price of an order above a certain amount, the ECJ stated that the E-Commerce Directive does not in principle prevent the Member State of destination from applying such a ban if the excessive consumption or to prevent the improper use of medicines. The CJEU clarified that such a ban must be sufficiently specific and aimed exclusively at medicinal products and not at parapharmaceutical products, which is for the national referring court to assess.

The CJEU also found that requiring a consumer to complete a health questionnaire prior to a consumer’s first order on a pharmacy’s website may act as a deterrent to consumers wishing to buy medicines online. Such a questionnaire is nevertheless sufficient to protect the patient’s health and does not appear to go beyond what is necessary to achieve the intended objective.

Finally, the ECJ found that the contested ban on the use of paid references to search engines and price comparison websites limits the possibilities of a mail-order pharmacy to make itself known to potential customers in another Member State and to advertise its online sales service. The CJEU found that France had failed to demonstrate that the ban was justified in order to ensure a balanced distribution of pharmacies throughout the national territory and that it therefore failed to fulfill its burden of proving that the ban was proportionate. The CJEU concluded that the Member State of destination cannot prohibit mail-order pharmacies established in other Member States from using such paid references to advertise their services and the products they sell, unless duly verified by the referring court demonstrated that this is appropriate to protect public health and does not go beyond what is necessary to achieve that objective.

Effects on the Swiss pharmaceutical market?

Since Switzerland is not part of the EU and has no agreement with the EU on e-services or the regulation of medicines (and Ceterum censeo, an institutional framework agreement with the EU is still missing), the ECJ decision mentioned above will probably have no impact on how foreign mail-order pharmacies are allowed to advertise their services in Switzerland. Please note, however, that (i) advertising for a pharmacy alone (ie advertising activities that do not mention specific medicines) is permitted under Swiss law, but (ii) advertising by physical or electronic means aimed at Swiss customers for medicines Products that are not permitted in Switzerland are expressly prohibited. Since the Swiss authorization contains specific national features that characterize the authorized products, in particular a leaflet in the three official languages ​​of Switzerland and the corresponding packaging, advertising for medicines supplied from abroad is normally covered by this ban.

ICC – known for its global standards that enable trillions of dollars worth of cross-border transactions each year – has announced the operational launch of a major new initiative to ensure the benefits of digital commerce can be enjoyed by everyone, everywhere.

The ICC Digital Standards Initiative (DSI) will work towards the ambitious goal of creating a globally harmonised, digitized trading environment – and directly addressing disruptions that have occurred during the COVID-19 crisis as a result of trade flows’ reliance on paper documents.

Although the impact of the pandemic on the workplace has accelerated the adoption of digital technologies, significant barriers to digitizing commerce-related processes remain. Legacy legal frameworks often force companies to use paper documents in cross-border transactions to comply with local legal requirements. while the cost implications of siled – and often incompatible – industry initiatives deter micro, small and medium-sized enterprises from adopting digital systems.

In this regard, DSI will leverage ICC’s independence, integrity and convening power to drive the harmonization of digital processes across the trading ecosystem, enabling convergence of both industry systems and applicable regulatory frameworks. The initiative will be launched through open and inclusive consultations with industry groups, companies and technical experts from the ICC network in more than 130 countries – and in partnership with key international institutions and governments.

The DSI reflects this multi-stakeholder approach and has been operationalized thanks to seed funding provided by the Government of Singapore and the Asian Development Bank.

ICC Secretary General John WH Denton AO said:

“COVID-19 has highlighted the inherent fragility of global trade’s reliance on paper-based processes. A resilient post-crisis recovery must be built on the deep digitalization of the global trading ecosystem – a process we believe the ICC Digital Standards Initiative is uniquely positioned to advance. As many small businesses struggle to weather the impact of the pandemic, we see an absolute need to accelerate our work with partners within the DSI to ensure digital technologies can truly democratize access to global markets.”

The initiative is managed from ICC’s Singapore headquarters and the organization today announced the appointment of Oswald Kuyler as Managing Director of DSI after an extensive search process. Mr. Kuyler comes to ICC from BHP, the world’s largest diversified mining company, where he led a number of initiatives in blockchain technologies, electronic documentation in trade finance, data analytics and process automation, most recently in the role of Head of Data Strategy.

Further hires will be made to expand the Singapore-based DSI team led by Mr. Kuyler over the coming months.

Operationalizing the initiative, Gina Lim, Director of Financing Ecosystem Development at Enterprise Singapore said:

“The Covid-19 pandemic has underlined the importance of digitizing trade. The DSI will help accelerate the digitization of global trade by developing open digital trade standards. We are pleased that this initiative has now started its global activities in Singapore under the leadership of ICC.”

Steven Beck, Head of Trade and Supply Chain Finance at Asian Development Bank added:

“Digitalization is critical to strengthening the global trade and supply chains that create jobs, development and prosperity. ADB is excited to partner with ICC and the Government of Singapore to create the digital standards and protocols needed to achieve this important goal.”

* * * * *

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ISLAMABAD: The Federal Board of Revenue (FBR) has decided to “strictly” regulate the buying and selling of goods, including digital products, through electronic transactions conducted over the Internet or other computerized (online communication) networks .

In this context, the FBR published the draft of the Import and Export of E-Commerce Rules here on Thursday.

In the absence of customs supervision of e-commerce goods, the FBR cannot fully verify the movement of such goods for an accurate determination of duties and taxes.

Monitoring of these digital products would be possible after implementation of e-commerce import and export regulations, sources added.

According to the rules, the new procedure applies to the assessment and clearance of imported or exported goods from business-to-consumer (B2C) transactions by authorized traders through the customs station designated by the list.

The FBR has also explained the responsibilities of registered courier and e-commerce exporters and importers.

According to the Regulations, “e-commerce” means the buying and selling of goods or services, including digital products, through electronic transactions conducted over the Internet or other computerized (online communication) networks.

“E-Commerce Exporter” means an exporter registered by an authorized State Bank of Pakistan (SBP) dealer in the B2C e-Commerce module in WeBOC and “E-Commerce Importer” means an importer or end consumer receiving goods intended for personal use and not for commercial purposes and who is registered with the WeBOC e-commerce portal.

These provisions do not apply to the following goods: goods requiring sample inspections, animals, perishable goods, foodstuffs including beverages, medicines of all kinds, alcoholic beverages, restricted items subject to compliance with import and export regulations under the relevant law; Prohibited under Sections 15 and 16 of the Customs Act 1969, and import and export goods destined for clearance from a customs office or airport other than that at which they arrived.

Under the new regulations, the registered courier must submit the pre-arrival manifest of e-commerce goods in the prescribed format.

The risk management system is applied at the manifest submission stage.

The consumer must provide the details of the shipping and the e-commerce importer.

Consumer e-commerce goods will be declared after providing information before the manifest or after the arrival of the goods.

The goods declaration is submitted by the registered courier on behalf of the e-commerce importer and exporter for the specified type of goods declaration for the purpose of e-commerce.

Duties and taxes are paid by the e-commerce importer and exporter in the following ways: self-payment by the e-commerce e-importer and exporter via a unique payment ID and payment by an authorized registered courier.

The registered courier, along with the e-commerce importer or exporter as the case may be, is responsible and will be treated under the relevant provisions of the Customs Act 1969, according to the FBR.

The goods will be released after inspection and evaluation by the WeBOC system, following the decision of the RMS system, the FBR added.

Copyright Business Recorder, 2020

A lot of people thought it was a waste of money… But not China.

Beijing hosted the 2008 Summer Olympics. The Chinese government has spent years preparing… and spared no expense.

The direct cost of the event was $40 billion. At the time, it was the most expensive Olympics of all time. China knew this was its chance to present itself to the world. It could prove that it is no longer a poor and “backward” nation, but a great superpower.

What’s more, all this spending on modernizing Beijing and its environs continues to pay off.

Today, with 22 subway lines, getting around Beijing is as easy as any western city. And months before the pandemic hit, Beijing’s brand new Daxing International Airport was able to handle up to 100 million passengers each year – more than double the city’s capacity.

After years of uninterrupted development, it’s hard to imagine what else Beijing could build before it gets its next chance to shine…

You see, Beijing will be hosting the Winter Olympics in just 11 months. This time, the expected price is a modest $3.9 billion. That’s no surprise – again, most of the infrastructure is already in place.

But if Beijing has its way – and it usually does – there will be a new aspect to the Olympics, which are set to take place next year…

That’s the complete absence of physical cash. No paper bills. No coins. Digital currency only.

Today I’m going to share why this crazy thought is an almost certainty…

China has been working on this project for some time. And now the Olympics have become the goal of getting things off the ground.

In short, the Chinese government has paved the way for this major shift in how people handle money in the world’s second largest economy. But what might surprise you is that China is already mostly cashless…

The word – cashless – sounds perfectly normal to anyone who knows China today.

The country is ground zero for the cashless (or mobile) payment revolution that is now sweeping across many parts of the world.

Two years ago, Kevin Lu, an analyst at CICC (China’s largest investment bank), spoke to us about what it’s like…

“Not only in Beijing but even in my hometown, I don’t need a wallet at all,” he said. “The only thing that concerns me is the battery of my mobile phone.”

It was part of a documentary called New Money: The greatest wealth-building event in history. Steve produced it with Stansberry Research to help investors better understand the breathtaking changes happening in China.

(If you haven’t seen the documentary yet, I highly recommend it. It has more than 9 million Views on YouTube. And it will probably be one of the best hours you spend looking at anything online. You can see it here.)

Cashlessness became a reality in China thanks to the country’s two main mobile payment systems, Alipay and WeChat Pay.

They are owned by the two largest Internet companies in China, Alibaba (NYSE:BABA) and Tencent (HK: 0700). Alipay and WeChat Pay work as apps on your phone that are linked to your bank account or credit card.

Each has more than 1 billion users in China, showing how widespread they have become in the country. And more and more companies no longer accept physical cash as a means of payment – only Alipay or WeChat Pay.

The speed at which the country has gone from a cash-based to a cashless society is simply amazing. Just look at the table below…

In less than a decade, China’s consumers have gone from paying almost exclusively with cash (and less often credit cards) to paying for almost everything using their cell phones.

Hell, there are probably people in China who have never put their hands on cash.

Well, China’s goal is to host the Olympics entirely without cash… And I bet it will happen.

Additionally, this widespread adoption of digital payments makes China fertile ground for a national digital currency — the first of any major economy. And as I will explain tomorrow, the wheels are already in motion.

invest well,

Brian Tycangco

UPS AND DOWNS

background

The Department of Consumer Affairs, Grocery and Public Distribution of the Government of India has notified the provisions of the Consumer Protection (E-Commerce) Rules 2020 (E-Commerce Rules) under the Consumer Protection Act 2019 (Act) and came into effect on 24 July 2020.

The e-commerce rules have been discussed for some time. In August 2019, the government had published the draft Consumer Protection (E-Commerce) Directives 2018 under the former Consumer Protection Act 1986. Later, in November 2019, the government published the same guidelines as the Consumer Protection (e-Commerce) draft. Rules, 2019, inviting public comments. While the E-Commerce Rules are similar in structure to their predecessors, some obligations differ; For example, e-commerce companies are no longer required to submit a self-declaration to a government agency confirming compliance.

applicability

The general subject matter of the E-Commerce Rules is an “e-commerce entity”, which is broadly defined as any person who owns, operates or manages digital or electronic facilities or platforms for e-commerce. Other important definitions in the e-commerce rules include “inventory e-commerce business,” which is an e-commerce business that owns inventory of goods or services and sells those goods or services directly to consumers; and “marketplace e-commerce entity,” which is defined as an e-commerce entity that provides an information technology platform on a digital or electronic network to facilitate transactions between buyers and sellers.

The E-Commerce Rules apply to all e-commerce transactions involving goods or services, including e-commerce entities that are not based in India but systematically offer goods or services to consumers in India, with the sole exception that individuals in certain limited circumstances.

The e-commerce rules generally prescribe the duties of e-commerce companies, which apply to all e-commerce companies, regardless of the type of business they do.

In addition, the E-Commerce Rules also prescribe the following: (a) Liabilities of Marketplace E-Commerce Businesses; (b) Obligations of Sellers in the Marketplace; and (c) duties and liabilities of inventory e-commerce entities (which also include single-brand and multi-channel single-brand retailers) that are specific and apply only to certain individuals, depending on the manner in which they conduct their business.

Main tasks of e-commerce companies

• Use in India. Pursuant to Rule 4(1)(a) of the E-Commerce Rules, E-Commerce Entities should: (a) be registered as a company in India; or (b) incorporated as an office, branch or agency outside India owned or controlled by Indian residents. For this purpose Rule 4(1)(a) refers to a provision of the Indian Exchange Control Regulations which is worded differently than Rule 4(1)(a) and this different wording may give rise to conflicting interpretations.




• Compliance Officer. E-commerce entities must appoint a node person or senior designated officer to ensure compliance with the law and e-commerce rules.




• disclosure. E-commerce businesses are required to disclose the following information: (a) themselves, including their legal name, location of offices, website details and contact details for customer care and a complaints officer; and (b) place from which goods are imported, the details of the importer or seller.




• Complaint Resolution. E-commerce businesses must set up a proper grievance mechanism. A period of 48 hours for information and one month for remedy is provided for consumer complaints.




• Other Obligations. E-commerce businesses are prohibited from engaging in unfair trading practices. Specifically, the E-Commerce Rules state that e-commerce businesses cannot: (a) levy cancellation fees on consumers, unless similar fees are also charged by the e-commerce businesses for unilaterally canceling orders without reason carried; (b) automatically record consent to purchase (e.g., pre-checked checkboxes) and record explicit consent for each purchase; (c) manipulate the price of the goods or services offered on their platforms in order to make an improper profit by imposing an unfair price on consumers; and (d) discriminate between consumers of the same class or make an arbitrary classification of consumers that affects their rights under the law.

Main liabilities of marketplace ecommerce companies

• mediator. The E-Commerce Rules recognize that marketplace e-commerce businesses can take advantage of being considered intermediaries by complying with the Information Technology (Intermediary Guidelines) Rules, 2011. However, the law imposes other obligations on electronic service providers, including marketplace e-commerce entities.




• disclosure. Marketplace e-commerce businesses are required to disclose on their platforms: (a) information about sellers; (b) information on returns, refunds, exchanges, warranties and guarantees, delivery and shipping, payment methods and complaints procedures; (c) explanation of the ranking algorithm that determines the ranking of Goods or Sellers on the Platform; (d) general terms and conditions governing their relationship with sellers; and (e) information provided to them by Sellers, including mandatory notices and information required to be provided by Sellers under applicable law, details of goods and services offered for sale (including country of origin, complaints officer details and warranty). related to the authenticity of products). Marketplace e-commerce businesses are required to obtain a commitment from each seller to certify that the information provided by that seller is accurate.




• Complaint Resolution. Marketplace eCommerce businesses must provide a dispute resolution mechanism on their platforms for consumers to contact the sellers.




• Records. Marketplace e-commerce businesses are also required to record seller details if they repeatedly offer goods or services that have previously been removed under the Copyright Act 1957, the Trade Marks Act 1999, or the Information Technology Act 2000.

Main obligations of sellers in the marketplace

Sellers offering goods and services through a marketplace e-commerce business must, among other things, (a) ensure that the advertisements are consistent with the goods or services, (b) do not misrepresent facts, and (c) do so Refuse to accept returns where such goods or services are defective, defective or delivered late (except as a result of
Force majeure), (d) enter into a written contract with the Marketplace E-Commerce Entity; and (e) appoint a complaints officer.

Main Duties and Liabilities of Inventory Ecommerce Businesses

Inventory ecommerce businesses have similar duties and liabilities as sellers and marketplace ecommerce businesses. They must, among other things: (a) make the necessary disclosures about their policies (including returns, refunds, exchanges, warranties and guarantees, delivery, payments, and complaint resolution); (b) providing mandatory notices and information in accordance with applicable law; (c) display the total price of the product; (d) ensure that the advertisement is consistent with the goods or services, (e) there is no misrepresentation of fact, and (f) they will not refuse to accept returns where, among other things, such goods or services are defective, defective or delivered late (except because Force majeure).

Conclusion

The recognition of marketplace e-commerce companies as intermediaries and the obligation for sellers to provide the marketplace with proper information, which must then be disclosed on the platform, strikes a delicate balance between the obligations of marketplace e-commerce companies and the Seller here on the platform.

However, e-commerce rules occasionally appear to address consumer issues based on precedent, rather than providing a broader guideline that can be adopted for changes in market practice and technology.

The difference between the wording of Rule 4(1)(a) and the relevant provision of Indian Exchange Control Regulations cited therein requires further clarification. The lack of such clarification can have a significant adverse impact on foreign e-commerce platforms accessible to Indian consumers.

The omission of limited liability partnerships from the definition of “e-commerce entities” is also striking, and leaves open the question of whether e-commerce operations can be conducted by a limited liability partnership that is wholly owned by Indian and is controlled by Indian residents. This omission appears to be due to the alignment of the definition of ‘e-commerce entities’ with that of India’s exchange control regulations. Given that the rationale for the definition under the Indian Exchange Control Regulations is fundamentally different from that under the E-Commerce Rules, the inclusion of limited liability partnerships wholly owned and controlled by Indian residents , deserve a reconsideration.

Finally, the e-commerce rules came into effect on July 23, 2020 and there are several penalties for non-compliance. Given the number of changes existing players may need to make to their operations, a compliance window would have been fair and appropriate.

Originally published July 27, 2020.

The content of this document does not necessarily reflect the views/position of Khaitan & Co, but remains solely those of the author(s). For further questions or follow-up, please contact Khaitan & Co at legalalerts@khaitanco.com

“Auctions are currently at the top of the international art scene and bundle all trends on the art market. That’s why the Artprice databases and our decision support tools have never been more valuable,concludes Thierry Ehrmann, President and Founder of Artmarket.com and its Artprice division.

“Auctions even attract a significant portion of the primary market; The latest records for Beeple and Banksy have been set by works put up for sale directly by the artists themselves.“

Cautious estimates

With no international art fairs, gallery openings and major exhibitions, collectors pay more attention to the works circulating in the auction area. This drives up prices, which in turn encourages owners of works by these popular artists to resell them. This stimulation of supply and demand produced young superstars of the art market within a few months.

Artists under 40 who had never achieved auction results before have suddenly achieved dizzying prices with recent works (“The paint is still wet‘, as we said a few years ago). These results are all the more worrying given that the estimates have been wiped out published by the major auction houses, proving that this acceleration has either taken contemporary art specialists completely by surprise… or that they want to remain cautious.

– Amoako Boafo (1984), The lemon swimsuit (2019)
Estimated: $40,000 – $65,000
Price with fees: $881,400
02/13/2020 Phillips London

– Matthew Wong (1984-2019), The kingdom of appearances (2018)
Estimated: $60,000 – $80,000
Price with fees: $1,820,000
06/29/2020 Sotheby’s new York

– Christina Quarles (1985), tucker (2016)
Estimated: $70,000 – $100,000
Price with fees: $655,200
08/12/2020 Phillips New York

About the need to stay alert

A few years or even just a few months after their creation, these canvases have already been auctioned. A situation that shocked the artists themselveshow Amoako Boafo explained in an interview with Bloomberg in February 2020titled Hot new artist laments his work being flipped for profit.

www.bloomberg.com/news/articles/2020-02-12/hot-new-artist-laments-that-his-work-is-being-flipped-for-profit

So far, the prices of the young Ghanaian artist have held up: His 34 paintings have been for sale ever since January 1, 2020 all found buyers in London, new York and Hong Kong. However, Artprice remains extremely vigilant regarding the development of Amoako Boafos Market. His next work to be offered for sale is a canvas titled Gracefulness (2018) was purchased by the seller directly from the artist and is offered at Sotheby’s in Hong Kong on April 20, 2021.

www.artprice.com/artist/904704/amoako-boafo/painting/23560098/grace

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