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DELHI HIGH COURT
RAJIV SHAKDHER, TARA VITASTA GANJU
Lotus Pay Solutions Pvt. Ltd. – Appellant
Versus
Union of India – Respondent
| Table of Content |
|---|
| 1. challenge to rbi's 2020 guidelines (Para 1 , 2 , 3 , 4 , 5) |
| 2. background of petitioners and their claims (Para 6 , 7 , 8 , 9) |
| 3. arguments for the petitioners' claims (Para 10 , 11) |
| 4. counterarguments from rbi (Para 12 , 14 , 15) |
| 5. court's analysis of definitions and legal powers (Para 16 , 17 , 18) |
| 6. conclusive statements on the public interest (Para 19 , 20 , 21) |
| 7. final ruling of the court (Para 22 , 23 , 24 , 25) |
JUDGMENT
[Physical Hearing/Hybrid Hearing (as per request)]
Rajiv Shakdher, J.
TABLE OF CONTENTS
Preface
Background
Submissions of the petitioners
Submissions of the respondent no.2/RBI
Analysis and reasons
Conclusion
Preface:
1. This writ petition seeks to assail three clauses of the circular dated 17.03.2020 issued by respondent no.2 i.e., the Reserve Bank of India [hereafter referred to as "RBI"], titled "Guidelines on Regulation of Payment Aggregators and Payment Gateways"[hereafter referred to as "the 2020 Guidelines"].
1.1. The three clauses, to which, challenge is laid by the petitioners are Clause 3, Clause 4 and Clause 8.
2. Briefly, Clause 3mandates,that insofar as non-banking entities which offer payment aggregation services are concern
The RBI's imposition of directives under Section 35A of the Banking Regulation Act does not necessitate pre-decisional hearings, emphasizing the need for depositor protection over procedural formalit....
The court's discretionary jurisdiction under Article 226 is not absolute and should be exercised judiciously.
The main legal point established is that Google Pay, operating as a third-party UPI enabled app, does not require separate authorization under the PSS Act, 2007, as it is not a Payment System Provide....
RBI's OTS guidelines are enforceable by courts, obligating banks to comply with them when accounts are classified as NPA.
Particular role of RBI as an important functionary in economic and financial system of country, with expertise in matters entrusted to it.
(1) Right to carry on trade or business is subject to reasonable restrictions which are imposed in interests of general public.(2) A regulated economy is a critical facet of ensuring a balance betwee....
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