Black money fight: PMO raises alarm over foreign e-wallets over money laundering worries
The PMO has written to the Union Ministry of Home Affairs (MHA), citing concerns raised by the Intelligence Bureau (IB), and a possibility of money laundering because the data of these firms is not accessible to Indian authorities. The communication, sent days after RBI asked foreign-based digital wallets to store data within India, says there should be a proper mechanism to regulate their working as they could be involved in money laundering, top government sources told DNA
The government is grappling with issues concerning foreign digital payment. One is data residency or its location. Data access is another grey area because Indian authorities cannot get details on transactions. Image source: Reuters