The Finance Ministry's Financial Intelligence Unit (FIU) has slapped at ₹96 lakh penalty against PayPal Payments Private Limited, the global payments giant's Indian arm, in an order dated December 17, 2020. The primary charge against PayPal is that it failed to register itself with the FIU for several years, which is a violation of Prevention of Money Laundering Act, 2002 (PMLA). This is the first time that the FIU has issued a penalty against a payments system provider and operator in the country for not following anti-money laundering norms. The order is based on an FIU direction which PayPal did not comply with and in response in September 2019 the FIU issued the company a show cause notice. In its order, the FIU said that "there is ample evidence of the willful violation of the law and, therefore, PayPal cannot…
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Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
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