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Blockchain, cryptocurrency can help democratise financial services: PayPal CTO

Blockchain, cryptocurrency can help democratise financial services: PayPal CTO
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Committee on whether payment gateway reporting entity under PMLA contrary to court order: PayPal to HC


Committee on whether payment gateway reporting entity under PMLA contrary to court order: PayPal to HC
PayPal has contended that only a bank or an authorised dealer of foreign exchange will be a reporting entity and it only a facilitator of financial transactions between registered banks
PTI | May 20, 2021 | Updated 14:47 IST
American online payment gateway, PayPal, on Thursday told the Delhi High Court that the constitution of a committee to examine whether entities like it can be considered as a payment system operator and a reporting entity under PMLA was contrary to the court s orders.
Therefore, the report submitted by the committee was illegal, PayPal said to Justice Rekha Palli who was hearing the company s plea challenging a Rs 96 lakh penalty imposed on it by the Financial Intelligence Unit (FIU) India for alleged violation of the Prevention of Money Laundering Act (PMLA). ....

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