FEMA, BANKING amp; INSURANCE : Where petitioner-Paypal was held to be reporting entity and payment system operator by FIU-IND and penalty was imposed on it for violating PML Act, Ministry of Finance was directed to constitute a committee to clarify their position as to whether companies like petitioners who claimed to be facilitators of monetary transactions, both in foreign exchange and in Indian Rupees, ought to be categorised as ‘payment system operators’ and, hence, ‘reporting entities’FEMA, BANKING amp; INSURANCE : Where petitioner-Paypal was held to be reporting entity and payment system operator by FIU-IND and penalty was imposed on it for violating PML Act, Ministry of Finance was directed to constitute a committee to clarify their position as to whether companies like petitioners who claimed to be facilitators of monetary transactions, both in foreign exchange and in Indian Rupees, ought to be categorised as ‘payment system operators’ and, hence, ‘reporting entities’www.taxmann.com Latest Case LawsRead More
