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    Delhi High Court Seeks Financial Intelligence Unit Reply On PayPal Plea Against Penalty

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    Delhi High Court Seeks Financial Intelligence Unit Reply On PayPal Plea

    PayPal has challenged the Rs 96 lakh penalty imposed on it for alleged violation of money laundering law.

    New Delhi:

    The Delhi High Court on Tuesday sought response of the Financial Intelligence Unit (FIU) India on American online payment gateway PayPal’s plea challenging the Rs 96 lakh penalty imposed on it for alleged violation of money laundering law.

    Justice Prathiba M Singh issued notice to the FIU and sought its stand on PayPal’s plea by February 26.

    The court also stayed the FIU order subject to PayPal maintaining records of all its transactions and depositing within two weeks in the high court a bank guarantee of Rs 96 lakh.

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    The court also made the Reserve Bank of India (RBI) a party in the matter.

    It directed the RBI and the Ministry of Finance to constitute a committee of its representatives to take a policy decision at the highest level on whether such an entity can be considered as a reporting agency and would they be governed by the Prevention of Money Laundering Act (PMLA). 



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