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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.