ETtech
Illustration: Rahul Awasthi
A bunch of Indian payment gateway companies are being investigated by the Enforcement Directorate (ED) under prevention of money laundering act for allowing Indian customers to transfer money to Chinese betting apps. As per the investigations several Indians were betting on Chinese apps and the money was transferred to the Cayman Islands.
Any payment made by Indians to any app or a wallet must be routed through a payment gateway.
This would be the first time the ED triggered Prevention of Money Laundering Act of 2002 (PMLA) or PMLA against the payment gateway companies.
Investigators have found that payment gateway companies apparently boarded Chinese apps and allegedly allowed processing without adequate due diligence.
Indian Payment Gateway Firms Under ED Scanner For Facilitating Money Transfer To Chinese Betting Apps: Report
by Swarajya Staff - Aug 3, 2021 03:38 AM
Be careful when downloading Chinese apps. (Representative image)
The Enforcement Directorate is investigating several Indian payment gateway firms under the Prevention of Money Laundering Act (PMLA) for allegedly allowing Indian costumers to transfer money to Chinese betting apps, reports
Economic Times.
The ED probe revealed that several Indians were betting on Chinese apps and the money was transferred to the Cayman Islands, a tax haven.
It should be noted that payment made by Indians to any app or a wallet must be routed through a payment gateway.
Dubai: One of the most common queries among Non-Resident Indians (NRIs) is whether or not he or she will get fined if a regular Indian resident savings account is not converted to a non-resident account after moving away from home and settling abroad in a country like the UAE.
If you are operating a normal savings or current account while residing outside the country for a prolonged duration, you could be in violation of India’s Foreign Exchange Management Act (FEMA) laws of the Reserve Bank of India (RBI). Let’s understand how. Image Credit: Reuters
While there is no clear mandate concerning the legality of a NRI holding a resident account in India, what you should be aware of is that one should not hold accounts with different tax statuses. Meaning, you should either hold non-resident accounts or resident accounts but not both, tax consultants caution.
Future Retail s plea for an ad interim injunction against the global e-commerce giant
Amazon.
However, the order also said that prima facie Future Retail s resolution approving the Reliance deal was also valid.
Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance.Reliance Industries agreed to buy Future Group but Amazon objected. The Jeff Bezos-led company already got an order from a Singapore arbitrator stopping the deal between Mukesh Ambani and Kishore Biyani from progressing.
In response, Future Group went to the Delhi High Court seeking it to stop the global e-commerce giant from interfering in the deal between. What the court said in its verdict is a case of “operation successful but patient dead”, said Hitesh Jain, Managing Partner at Parinam Law Associates.