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Business News

Jul 03, 2019
6:15PM

HC asks RBI, ED to respond to plea alleging PayPal operating illegally

delhihighcourt.nic.in
The Delhi High Court today asked Reserve Bank of India and Enforcement Directorate to respond to a plea alleging that online payment platform PayPal was operating illegally without the central bank's authorization.

The bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the RBI, ED and Paypal Payments Private Limited and sought their stand on the PIL before the next date of hearing scheduled on 18th September.

Abhijit Mishra, a financial economist, has claimed in his plea that Paypal is operating as a payment and settlements system in blatant violation of the Payments and Settlements Systems Act. He said,  Paypal does not figure in the list of authorized payment system operators published by RBI on 27th May 2019.

According to the PIL, filed through advocate Payal Bahl, PayPal's services are being used by various online travel, clothing and food websites or apps, including Yatra, Makemytrip, Bookmyshow, Dominos Pizza and Myntra.

The petition has alleged that PayPal was also operating as a foreign exchange dealer in contravention of the Foreign Exchange Management Act (FEMA).

Claiming that the company has unmonitored and unauthorized access to the personal information such as Aadhaar, PAN, etc of the public. Such access to the personal information of the public was a violation of Article 21 of the Constitution of India, the plea contended and sought directions to PayPal to immediately stop its allegedly illegal and unauthorized operations.

It has also sought directions to RBI and ED to take action, including imposition of fines and penalties, against PayPal for the alleged violations. 

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