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PRATHIBA M. SINGH
Paypal Payments Private Limited – Appellant
Versus
Financial Intelligence Unit India – Respondent
JUDGMENT
Prathiba M. Singh, J. (Oral). - This hearing has been done by video conferencing.
CM APPLs. 422/2021 & CM APPLs. 423/2021(for exemption)
2. Allowed, subject to all just exceptions. Applications are disposed of. W.P.(C) 138/2021 & CM APPL. 421/2021 (for interim relief)
3. The Petitioner in the present petition challenges the impugned order dated 17th December, 2020, passed by the Director, Financial Intelligence Unit-India, Ministry of Finance, Government of India. By the impugned order, the Petitioner has been held to be a "reporting entity" and a "payment system operator", under Section 2(l) (wa) and Section 2(l)(rc) of the Prevention of Money Laundering Act, 2002 (hereinafter, 'PML Act'). Further, the impugned order finds the Petitioner guilty of violations under the provisions of the PML Act, and has imposed a penalty amounting to Rs.96 Lakhs. The impugned order, thereafter, directs the Petitioner to register itself as a "reporting entity" with the Financial Intelligence Unit-India {hereinafter, 'FIU-IND") as well as to appoint a Principal Officer and communicate the name, designation and address thereof, within a period of 15 days of the receipt of the said order. The oper
The central legal point established in the judgment is the need for clarification on whether facilitators of monetary transactions should be categorized as 'payment system operators' and 'reporting e....
The classification of facilitators as 'payment system operators' under the PML Act raises substantial legal issues, meriting further review and clarification from regulatory bodies.
The sufficiency of evidence and compliance with essential elements to constitute an offence under the PMLA Act are crucial in determining the legality of criminal proceedings.
The central legal point established in the judgment is the necessity of the existence of proceeds of crime for the commission of an offence of money laundering under the Prevention of Money Launderin....
The issues raised under the Payment and Settlement Systems Act, 2007 and the 2020 Guidelines on Regulation of Payment Aggregators and Payment Gateways were to be decided by the RBI, the designated re....
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