{"id":4174,"date":"2025-03-06T11:52:17","date_gmt":"2025-03-06T06:52:17","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=4174"},"modified":"2025-03-06T11:52:17","modified_gmt":"2025-03-06T06:52:17","slug":"indias-paytm-under-scrutiny-for-foreign-exchange-violations-worth-70-million","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=4174","title":{"rendered":"India\u2019s Paytm Under Scrutiny for Foreign Exchange Violations Worth $70 Million"},"content":{"rendered":"

New Delhi, [Date]<\/em> \u2013 India\u2019s financial crime watchdog, the Enforcement Directorate (ED), has revealed that Paytm<\/a> and its subsidiaries violated the country\u2019s Foreign Exchange Management Act (FEMA) to the extent of 6.11 billion rupees ($70 million).<\/p>\n

According to a statement released on Monday, the ED found that Paytm made a foreign investment in Singapore without adhering to the necessary reporting requirements set by the Reserve Bank of India (RBI). Furthermore, the fintech giant received foreign direct investment (FDI) from overseas investors without following RBI’s stipulated pricing guidelines.<\/p>\n

Paytm\u2019s subsidiary, Little Internet, was also found to have received FDI without complying with the RBI\u2019s pricing regulations. Meanwhile, another unit, Nearbuy India, failed to report foreign direct investment within the mandated timeframe, the agency added.<\/p>\n

In response to the allegations, a Paytm spokesperson stated, \u201cWe are working towards resolving the matter in accordance with applicable laws and regulatory processes.\u201d<\/p>\n

Despite the ED\u2019s findings, Paytm assured its customers and merchants<\/a> on Saturday that the notice would not impact its services.<\/p>\n

The scrutiny comes at a critical time for Paytm, as it awaits RBI\u2019s approval for a payment aggregation license, which would enable it to accept and disburse payments online<\/a>. Earlier this year, in January 2024, the RBI had directed Paytm Payments Bank<\/a> to halt the acceptance of new deposits in its accounts and digital wallets, citing persistent non-compliance and supervisory concerns.<\/p>\n

The latest regulatory setback raises further challenges for Paytm as it seeks to navigate India\u2019s stringent financial compliance landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"

New Delhi, [Date] – India’s financial crime watchdog, the Enforcement Directorate (ED), has revealed that Paytm and its subsidiaries violated the country’s Foreign Exchange Management Act (FEMA) to the extent of 6.11 billion rupees ($70 million). According to a statement released on Monday, the ED found that Paytm made a foreign investment in Singapore without […]<\/p>\n","protected":false},"author":1,"featured_media":4175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1300],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t