The Prevention of Money Laundering Act, 2002 (hereinafter referred to as “PMLA”) serves a dual purpose, one being preventive in nature and other being penal in nature.
A couple of months ago, I was searching online for mobile phones. What followed after a voluminous search was the barrage of emails of buy now, pay later (hereinafter referred to as “BNPL”) schemes. With 0% interest, flexible EMI options and little documentation looked very promising.