Settlement System Act News Today

Moneycontrol has learnt that in the runup to the Union Budget, the group will shortlist provisions in various Acts in which imprisonment can be done away and replaced with a penalty. The Income Tax Act, Central Excise Act and Central Goods and Services Tax Act are also being looked at

Holding that Paypal is liable to be viewed as a "payment system operator", the single judge had said that it is "consequently obliged to comply with reporting entity obligations as placed under the PMLA".

PayPal said that the Central government has taken contrary stands in the case of Google Pay and PayPal.

Rohatgi was referring to an August 7 order passed by a Delhi HC division bench of the Chief Justice and Justice Subramonium Prasad which said Google Pay is a “mere third party app provider” for which no authorisation from the RBI is required under the provisions of the PSS Act.

This means that Paypal has to comply with reporting entity obligations under the Prevention of Money Laundering Act, the court ordered.

The Court set aside the Financial Intelligence Unit's order imposing ₹96 lakh on PayPal for failing to register as a ‘reporting entity’ under PMLA.

The Calcutta High Court has held that mere allegations of fraud inter-se the respondents would not make a dispute non-arbitrable. The bench of Justice Shekhar B. Saraf held that merely because...

Registrar of Companies, NCT Delhi and Haryana has lately approved IRCTC’s MoA, which states its interest in becoming a payment aggregator

March 8, 2021 Some of India’s leading startups, fintechs, large banks and corporates, alongside a few  global financial giants and tech companies, have come together, all to grab a piece of India’s burgeoning payments market. Soon, the Reserve Bank of India (RBI) may grant some of them their wish to build and scale new ways for Indian consumers to transact. While cash remains the dominant form of making transactions in the country, over the last few years the number of consumers and mercha...