Paytm Faces Rs 611 Crore FEMA Violation Notice

• Paytm's parent company, One 97 Communications, received a show cause notice from the Enforcement Directorate for alleged FEMA violations amounting to Rs 611 crore.
• The notice involves non-compliance in investment transactions of Rs 245 crore in OCL, Rs 345 crore in Little Internet, and Rs 20.9 crore in Nearbuy India.
• Paytm is seeking legal advice to resolve the matter and insists there is no impact on its services to consumers and merchants.
• The compliance issues in the subsidiaries date back to a period before their acquisition by Paytm in 2017.
• Despite the notice, Paytm's services remain fully operational and secure, with the company emphasizing its commitment to transparency and governance.

Source: The Economic Times, Business News India