Paytm Parent Failed To Inform RBI About Foreign Investment: ED

The ED said it issued the show cause notice to Paytm and two of its subsidiaries for “contravention” of multiple provisions of FEMA involving transactions worth about INR 611 Cr

The notice was sent to Paytm as its parent One97 Communications failed to report its foreign investment to the RBI

One97 Communications also failed to meet the RBI’s pricing guidelines while securing foreign direct investment from overseas investors, the ED alleged

The Enforcement Directorate (ED) said that it issued a show cause notice…