The Shere Committee had discussed the issues of admitting electronic f‌iles as evidence and of preserving electronic records and recommended the need to amend the Bankers‘ Books Evidence Act, 1881 on the lines of the Customs and Central Excise Laws (Amendment) Act, 1988 and Central Excise and Salt Act, 1944 for the purpose. It is learnt that Government of India is processing the draft Bill amending the Bankers‘ Books Evidence Act, 1881. This is a welcome development and would meet the legal requirement of acceptance of contracts, documents etc. in electronic form as evidence.

The Committee on Technology upgradation in the Banking Sector ( 1998) considered certain provisions of the Electronic Commerce Bill for admitting electronic records/signatures as evidence. Clauses 9, 10, 11, 12 and 14 of this Bill. It is worth mentioning that while clauses 9, 10 and 11 of this Bill are based on the UNCITRAL Model Law, clauses 12 and 14 are based on Singapore Electronic Transactions Act. As and when the Electronic Commerce Bill is passed, these provisions will be made applicable, ipso facto, to electronic funds transfer transactions as well.