Finance Ministry Slaps Rs 96 Lakh Penalty Against PayPal
This is the first time that the Financial Intelligence Unit has undertaken punitive action against an online payment system operating in the country
PTI 20 December 2020 outlookindia.com 2020-12-20T14:50:33+05:30
American online payment gateway giant PayPal was imposed a Rs 96 lakh penalty by the Financial Intelligence Unit (FIU) for alleged contravention of the anti-money laundering law and the platform has been accused of concealing financial transactions and abetting disintegration of India s financial system.
PayPal, which began its India operations in November 2017, said it was fully committed to following due processes and is carefully reviewing the matter .