HC stays Rs. 96 Lakh Penalty imposed on Paypal by FIU-IND

Paypal Payments Private Limited Vs Financial Intelligence Unit India (Delhi High Court) 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(1)(wa) and Section 2(1)(rc) of the Prevention of Money Laundering Act, 2002 (hereinafter, ‘PML Act’). Further, the impugned order finds the Petitioner guilty o...