PMLA - Applicant is not entitled for grant of anticipatory bail u/s 45 of PMLA as Court does not find any reasonable ground to believe that applicant is not guilty of crime : HC (See 'Legal Desk') SARFAESI Act - Petition has been filed to overreach recovery proceedings, wherein Petitioners have been found to be liable to pay certain amount so as to circumvent provisions of statutory appeal : HC (See 'Legal Desk') SARFAESI Act - District Magistrate is under statutory obligation to decide application u/s 14 of the SARFAESI Act within thirty days : HC (See 'Legal Desk') CSIR implements new in-house 'Accounts Manager Software' for financial management (See 'Corp Brief') IREDA reports All-Time High Annual Net Profit, NPAs below 1% (See 'Corp Brief') IBC - Wilful defaulter proceeding cannot be relatable to recovery of debt but is merely an off-shoot of debt : HC (See 'Legal Desk') Govt announces election of 11 members Veterinary Council of India (See 'Corp Brief') Competition Act - Since it is agreement between enterprise and end consumer, same is not covered within ambit of Section 3(4) of Act: CCI (See 'Legal Desk') DRDO hands over first batch of Airbrake Control Module for LCA Tejas Mk1A (See 'Corp Brief') Companies Act - Charges of professional misconduct in SCN are proved for which monetary penalty can be imposed : NFRA (See 'Legal Desk') PMLA - Application for anticipatory bail can be rejected as there is failure on part of applicant to appear before trial Court despite service of bailable warrant : HC (See 'Legal Desk') IBC - There is no scope of interference in writ petition since there is no arbitrariness, mala fides or palpably illegality in impugned order : HC (See 'Legal Desk') Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC (See 'Legal Desk') LODR Regulations - Stay can be granted on effect and operation of order pending disposal of appeal on condition that Appellant deposits 50% of interest amount determined to be payable to CUHL : SAT (See 'Legal Desk') SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC (See 'Legal Desk') CCI approves acquisition of stake in PAMP Technologies by PAMP Ventures SA (See 'Corp Brief') SARFAESI Act - Due to failure to repay outstanding amount despite interim order, present petition is dismissed : HC (See 'Legal Desk') Limitation Act - Sec 14 of Limitation Act is wide in its application, inasmuch as it is not confined in its applicability only to cases of defect of jurisdiction but applicable also to cases where prior proceedings have failed on account of other cause : HC (See 'Legal Desk') IBC - Application is deemed to be withdrawn as it is filed at time when amendments came into force and it is incumbent upon FC to comply with newly enforced statutory requirements : NCLT (See 'Legal Desk') Indian Economic Service calls on President Murmu (See 'Corp Brief') Companies Act - ROC's decision of rejecting application for conversion is not contrary to legislative intent of Section 18 : HC (See 'Legal Desk') PMLA - If criminal case against person is quashed then there can be no offence of money laundering against him : HC (See 'Legal Desk') SEBI Act - Violation of various SEBI circulars by noticee stands established for which penalty can be imposed : SEBI (See 'Legal Desk') Ambuja Cements signs agreement to acquire 1.5 MTPA Grinding Unit at Tuticorin (See 'Corp Brief') PMLA - Any person aggrieved by order, even if person is not party to order, can file appeal u/s 26 of PMLA, 2002 before Appellate Tribunal : HC (See 'Legal Desk') Copyright Act - Trustee only owe fiduciary duty to beneficiary with regards to trust property and Registrar of Copyright to rectify Register in that registration shall be in name of Trust : HC (See 'Legal Desk') SEBI Act - Though broker has failed to be vigilant in securities market by allowing and facilitating non-genuine transactions but has not personally gained from transactions : SAT (See 'Legal Desk') IREDA celebrates legacy: Past leaders share Vision for Future (See 'Corp Brief') SARFAESI Act - Confirmed auction sale can be interfered by High Court by entertaining writ petition only when there is fraud/collusion and present case is not case of fraud or collusion : SC (See 'Legal Desk')

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'Google Pay' - More time sought to comply with RBI norms

Published: Sep 11, 2018

By TIOLCORPLAWS News Service

NEW DELHI, SEPT 11, 2018: The Internet major Google is ready to comply the RBI's local data storage norm for payment services but wants time until December. During the US visit of Law and IT minister Mr Ravi Shankar Prasad, the Google had conveyed to him that they are ready to comply with RBI rules but want two months more to comply with data storage rule.

Google runs digital payment services in the name 'Google Pay'. The company had claimed 22 mn people use the platform every month and 750 mn transactions had been made with USD 30 bn in annual run rate of transaction value. The Reserve Bank of India (RBI) had directed all companies running payment services to store data in India by mid-October.

Amid concern around data security, the RBI had asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight, but, the directive of the RBI had seen resistance from foreign firms. The banking regulator had further said that at present "only certain" payment system operators and their outsourcing partners store the payment system data either partly or completely in the country.

Google operates cloud region in India - which comprises three data centres and offers services like big data, storage and networking. Google competes with the likes of Amazon Web Services and Microsoft in this space. However, the company has not explicitly states if the payment related of Indian consumers are stored in these data centers.

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