Paypal told the High Court, the committee made about the payment gateway is contrary to the order of the court – paypal told the high court that the committee made about the payment gateway is contrary to the order of the court

Paypal told the High Court, the committee made about the payment gateway is contrary to the order of the court – paypal told the high court that the committee made about the payment gateway is contrary to the order of the court

New Delhi, May 20 (PTI) America’s online payment gateway PayPal on Thursday told the Delhi High Court that setting up of a committee to find out is contrary to the court’s order to consider entities like it as payment system operators under PMLA Want it or not.

Paypal told Justice Rekha Palli that the report filed by the committee was therefore invalid, hearing the petition of the company challenging the penalty of Rs 96 lakh imposed on the company.

The Indian fine has been imposed by the Financial Intelligence Unit (FIU) for alleged violation of the Prevention of Money Laundering Act (PMLA).

On 17 December 2020, the FIU ordered the company to pay a fine within 45 days and to register as a reporting entity in the FIU.

According to the law, it is necessary for the reporting entity to inform the authorities about the financial transactions in foreign currency.

The court had on 12 January stayed the FIU’s order, though during this time the company had to keep a record of all transactions on a secure server and submit a bank guarantee of Rs 96 lakh to the High Court within two weeks.

After this PayPal deposited the bank guarantee in the High Court.

Justice Palli said that the next hearing of the case would be held on July 28 and till then the interim order in favor of PayPal would continue.

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