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American online payments gateway service provider PayPal has registered its operations with the Financial Intelligence Unit of India, about six years after a protracted legal battle ensued between the two entities.
Official sources told PTI that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU).
The FIU is a national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions in Indian economic channels to various enforcement agencies and foreign FIUs.
Despite years of campaigns and demand for clear regulations, the Indian government has not offered clarity.
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