Recently, the Whatsapp Inc has assured by submitting a undertaking that it shall not start payment business in India without RBI’s approval.
The responses from Whatsapp for RBI’s approval regarding the payment through UPI network was recently sought by a bench comprising of Justice S.A Bobde, Justice Indu Malhotra and Hrishekesh Roy. The bench heard the application filed by an NGO named Good Governance Chamber (G2 Chambers) which pleased the court not to grant permission to the social media giants to participate and operate in the Indian Digital Market through UPI.
The G2 Chambers vide its plea has highlighted the will full violation of the Whatsapp Inc. in compliance of Mandatory Guidelines and Regulatory norms of UPI system of India which is direct threat to National Security of India.
On the other hand, Whatsapp Inc., asserted that they have obtained the permission from the National Payments Corporation of India in order to provide the payment services for the country.
Thus, Mr. Kapil Sibal the learned senior council appearing for the Whatsapp Inc., has made a clear statement on behalf of the Whatsapp Inc. that they will not go ahead with the payments scheme without the complying the regulations which are in force .
Find this article on Money Control via this link – https://bit.ly/33Qoe5Q The Direct Tax Code (DTC), which was submitted by the government panel on August