https://www.taxtmi.com/caselaws?id=428950 A payment aggregator was held to fall within the statutory concept of a payment system under the Payment and Settlement Systems Act, 2007, so RBI could insist on authorisation for its operation. The Court also upheld the Clause 4 minimum net worth requirement in the 2020 Guidelines, treating it as a rational eligibility measure linked to financial soundness, customer protection, and operational viability rather than arbitrary classification. Clause 8 on maintaining collected funds in an escrow account was likewise sustained as consistent with the Act's express power to require separate accounts and protect beneficiary funds. The guidelines were upheld in substance. en-us Thu, 15 Sep 2022 00:00:00 +0530 Fri, 14 Oct 2022 21:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428950 A payment aggregator was held to fall within the statutory concept of a payment system under the Payment and Settlement Systems Act, 2007, so RBI could insist on authorisation for its operation. The Court also upheld the Clause 4 minimum net worth requirement in the 2020 Guidelines, treating it as a rational eligibility measure linked to financial soundness, customer protection, and operational viability rather than arbitrary classification. Clause 8 on maintaining collected funds in an escrow account was likewise sustained as consistent with the Act's express power to require separate accounts and protect beneficiary funds. The guidelines were upheld in substance. Case-Laws Indian Laws Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428950