Delhi High Court Seeks Reply From RBI, SEBI, NPCI On Plea Seeking Regulation Of GooglePay, AmazonPay, PhonePe Etc

first_imgNews UpdatesDelhi High Court Seeks Reply From RBI, SEBI, NPCI On Plea Seeking Regulation Of GooglePay, AmazonPay, PhonePe Etc Shreya Agarwal9 Dec 2020 8:59 AMShare This – xThe Delhi High Court on Wednesday sought reply from the Ministry of Law, Finance Ministry, RBI, SEBI, and National Payments Corporation of India (NPCI) on a public interest litigation seeking regulation of the entry and operations of “tec-fin” companies like GooglePay, AmazonPay, PhonePe and others. The petition, which has been filed by an applied economist, Reshmi P Bhaskaran, seeks…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Delhi High Court on Wednesday sought reply from the Ministry of Law, Finance Ministry, RBI, SEBI, and National Payments Corporation of India (NPCI) on a public interest litigation seeking regulation of the entry and operations of “tec-fin” companies like GooglePay, AmazonPay, PhonePe and others. The petition, which has been filed by an applied economist, Reshmi P Bhaskaran, seeks the High Court to direct inter alia that these “TechFin” companies be allowed to operate in the country only after having their registered offices here, their necessary approval/ registration from the appropriate financial regulators, the formulation of a strict framework for their entry and operation through any mode (including partnerships with existing financial entities), and their mandatory statutory audit. A bench of Chief Justice D N Patel and Justice Prateek Jalan also issued notice to the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) seeking their stand on the plea. The petition, filed through Advocate Deepak Prakash, alleges that though in the current UPI (United Payments Interface) regime GooglePay, AmazonPay and PhonePe control more than 85% market share, they do not require any authorization from RBI for their entry or operation and are allowed to operate without any supervision from the apex regulatory authority. The petition also raises concern that these companies are not held accountable to similar standards as other licensed entities/ intermediaries and that if they are not given an ‘even playing field’ authorized intermediaries will lose business. Currently, NPCI is the sole authority owning and regulating a pan-India digital payments network. There has also been news that the RBI is looking to bolster digital payments competitions with National Umbrella Entities (NUE). NUEs, which are umbrella entities for digital payments, will have the same powers and responsibilities as the NPCI.Click Here To Download Petition[Read Petition]Next Storylast_img read more

Justice Yogesh Khanna Recuses Himself From Hearing Plea Seeking Criminal Prosecution Of DG BSF, Rakesh Asthana

first_imgNews UpdatesJustice Yogesh Khanna Recuses Himself From Hearing Plea Seeking Criminal Prosecution Of DG BSF, Rakesh Asthana Shreya Agarwal12 Feb 2021 2:10 AMShare This – xDelhi High Court Judge Justice Yogesh Khanna, today recused himself from hearing a plea by a dentist from Chandigarh, Mohit Dhawan, seeking directions for the criminal prosecution of the Director General of the Border Security Force, and former bureaucrat, Rakesh Asthana under Sections 7 and 7A of the Prevention of Corruption Act (PCA). The bench has directed for the matter to be…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginDelhi High Court Judge Justice Yogesh Khanna,  today recused himself from hearing a plea by a dentist from Chandigarh, Mohit Dhawan, seeking directions for the criminal prosecution of the Director General of the Border Security Force, and former bureaucrat, Rakesh Asthana under Sections 7 and 7A of the Prevention of Corruption Act (PCA). The bench has directed for the matter to be listed before another bench on Monday. The dentist from Chandigarh has alleged in his plea that complaints against Asthana under the PCA have been long pending before the Central Vigilance Commissioner and the Central Bureau of Investigation (CBI) but no action has been taken on them yet.Before approaching the High Court, Dhawan had approached the Supreme Court seeking directions to the same effect, however, a Division Bench of Justice L Nageshwar Rao and Justice Ravindra Bhatt had dismissed his plea, as withdrawn, directing him to pursue other appropriate remedies under the law.The plea states that it seeks prosecution against the “high profile bureaucrat, who is the present Director General of BSF, the Director General of Narcotics Control Bureau and a former Special Director of CBI, Rakesh Asthana”, against whom it has been alleged that, “while serving as Special Director of CBI, he hijacked the entire criminal justice system in connivance with other police officers of Chandigarh conspiring to obtain undue advantage, for himself and his close family friends,” while performing his public duty “improperly and dishonestly.”The plea further alleges that Asthana connived with other public servants to falsely and illegally implicate and intimidate the petitioner dentist and sought to extort money from him, thereby, abusing his official position through “corrupt means and corrupt activities”.The plea states that Asthana did the abovementioned acts in order to favour his personal contacts Gertrude and Bryan D’Souza, and “demolished, destroyed and devastated,” for his “personal vengeance,” the name and standing of the petitioner dentist, Mohit Dhawan.It has been further alleged in the petition that complaint to this effect was submitted before the Central Vigilance Commissioner and Central Bureau of Investigation on 18.9.2019, 27.7.2020 and 17.8.2020 but the said authorities are sitting over the same and no action or adjudication or prosecution has been initiated yet against Asthana in consequence to the said complaints.Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more