STOCK MARKET BSE NSE

Delhi High Court seeks RBI response regarding PayPal's credibility

Paypal through its unauthorized operation in India as a Payment and Settlement System has unmonitored access to the personal information.

Published: 03rd July 2019 06:19 PM  |   Last Updated: 03rd July 2019 06:19 PM   |  A+A-

RBI

RBI (File Photo | PTI)

By IANS

NEW DELHI: The Delhi High Court on Wednesday asked the Reserve Bank of India (RBI), Enforcement Directorate (ED) and PayPal to file a reply to a plea alleging that the company PayPal was operating illegally in the country.

A division bench of Chief Justice D.N. Patel and Justice C. Harishankar issued notices to RBI, ED and PayPal and slotted the matter for hearing on September 18.

The court was hearing a plea filed by Abhi Mishra through his counsel Payal Bahl.

The petitioner stated that Paypal Payments Pvt Ltd was not listed as an authorized operator as per the list of the 'Payment System Operators' authorised by the Reserve Bank of India to set up and operate in India under the Payment and Settlement Systems Act, 2007.

ALSO READ: Freelancers upset over PayPal refusal to operate in Pakistan

The plea said that PayPal payment Pvt Ltd was unauthorized and was illegally operating in India as a Payment Systems in contravention of the Section 4 sub section 1 of the Payment and Settlement Systems Act, 2007.

The section clearly mentioned that no person other than the Reserve Bank shall commence or operate a payment system except under and in accordance with an authorization issued by the Reserve Bank under the Act.

ALSO READ: PayPal India introduces 'OneTouch' to enhance user experience

Mishra further claimed that Paypal Payments Pvt Ltd was operating as a foreign exchange dealer in contravention of the Foreign Exchange Management Act.

Paypal through its unauthorized operation in India as a Payment and Settlement System has unmonitored and unauthorized access to the personal information such as Aadhaar and PAN.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp