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court clarifies that payment aggregators will fall under the category of a payment system

Court clarifies that ‘Payment Aggregators’ will fall under the category of a ‘Payment System’

The Division bench of the Delhi High Court, on September 15, 2022, in the matter of Lotus Pay Solutions Pvt. Ltd and Anr v Union of India and Ors. held that payment aggregators fall within the purview of the definition of ‘payment system’ under the Payment and Settlement Systems Act, 2007 (PSS Act). Lotus Pay …

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court clarifies that payment aggregators will fall under the category of a payment system

Department of Telecommunication published draft Indian Telecommunication Bill, 2022

On September 11, 2022, the Department of Telecommunications (“DoT”) released the Indian Telecommunication Bill, 2022 (“Draft Bill”) in the public domain, inviting comments from stakeholders. The DoT, through the release of the Draft Bill, has aimed to achieve two objectives – (a) to override the existing outdated regulatory framework, formulated and governed under the Indian …

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court clarifies that payment aggregators will fall under the category of a payment system

Reserve Bank of India amends Master Direction on External Commercial Borrowing

The Reserve Bank of India (“RBI”) vide it’s A.P. (DIR Series) Circular No.11 (“Circular”) dated August 01, 2022 pertaining to liberalization of External Commercial Borrowings (“ECB(s)”) amended the Master Direction – External Commercial Borrowings, Trade Credits and Structured Obligations, 2019 (hereinafter referred as “Master Direction, 2019”) which supersedes the Master Direction – External Commercial Borrowings, …

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court clarifies that payment aggregators will fall under the category of a payment system

Delhi High Court directs Telegram to disclose details of its users engaged in Copyright Infringement

The Delhi High Court, in its recent judgment (pronounced on August 30, 2022) by J. Pratibha M. Singh in the case of Neetu Singh & Anr v. Telegram FZ LLC & Ors., CS (Comm) 282/2020 held an Indian Court has the authority to direct an extra territorial service provider (providing services to Indian customers) to …

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court clarifies that payment aggregators will fall under the category of a payment system

Foreign Exchange Management (Overseas Investment) Directions, 2022

The Foreign Exchange Department (“FED”) of the Reserve Bank of India (“RBI”) vide notification dated on August 22, 2022 has notified the Foreign Exchange Management (Overseas Investment) Regulation, 2022 (“OI Regulation”) and the Central Government vide notification dated August 22, 2022 has notified the Foreign Exchange Management (Overseas Investment) Rules, 2022 (“OI Rules”) superseding the …

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court clarifies that payment aggregators will fall under the category of a payment system

Government plans to Introduce Legislation to regulate E-Sports

There is speculation that Government of India is currently in the midst of finalising an extensive framework to regulate and structure the online gaming companies. The draft regulations are expected to be released in the near future, which shall covers aspects of data retention, grievance mechanisms as well as other pertinent issues currently plaguing the …

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court clarifies that payment aggregators will fall under the category of a payment system

RBI’s extends timeline for compliance by Card Issuers in respect of Credit Cards until October 1, 2022

The Reserve Bank of India (“RBI”), on April 21, 2022, had introduced the ‘Master Direction- Debit and Credit Card – Issuance & Conduct Directions, 2022’ (“Master Direction”) which aimed to provide a thorough set of guidelines to card-issuers on issues pertaining to issuing debit and credit cards, co-branded cards, billing, telemarketing, etc. The deadline for …

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