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The Delhi High Court, while staying an order passed by financial intelligence unit-India (FIU) has asked the ministry of finance (FinMin) to clarify its position on reporting entities under the Prevention of Money Laundering Act (PMLA), says a report from LawStreetIndia.com, the corporate law portal of TaxSutra.com. However, the stay on penalty is subject to PayPal Payments Pvt Ltd (PayPal) depositing a bank guarantee of the penalty amount with the High Court and maintaining records of all its transactions.
The FIU order had imposed a penalty of Rs96 lakh on PayPal for not registering itself as a reporting entity under the PMLA. PayPal challenged the order saying that it is a facilitator of monetary transactions, both in foreign exchange and in Indian rupees and ought to have been categorised as payment system operators and not as reporting entities.