Delhi HC seeks Financial Intelligence Unit’s reply on PayPal Plea

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to the FIU and sought its stand on PayPal’s plea by February 26.

The court also stayed the FIU order subject to PayPal maintaining records of all its transactions and depositing within two weeks in the high court a bank guarantee of ₹ 96 lakh.

The court also made the Reserve Bank of India (RBI) a party in the matter.

It directed the RBI and the Ministry of Finance to constitute a committee of its representatives to take a policy decision at the highest level on whether such an entity can be considered as a reporting agency and would they be governed by the Prevention of Money Laundering Act (PMLA).

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