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Paytm Gets Probe Agency Notice Over Foreign Exchange Rule Violation by Units

Paytm received a show cause notice from the Directorate of Enforcement regarding alleged contraventions under the Foreign Exchange Management Act, 1999, related to its investments in Little Internet Pvt Ltd and NearBuy India Pvt Ltd.
The allegations concern transactions amounting to over Rs 611 crore that occurred from 2015 to 2019, including a time when the two companies were not subsidiaries of Paytm.
Paytm is seeking legal advice to address the allegations and has stated that there is no impact on its services to consumers and merchants, which are fully operational and secure.
The notice claims alleged contraventions involving an aggregate amount exceeding Rs 611 crore.

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The Siasat Daily

Paytm gets ED notice for FEMA violations in acquisition of 2 firms

New Delhi: The Enforcement Directorate has sent a notice to Paytm-owner One97 Communications for alleged violation of certain FEMA rules by the company and its two subsidiaries- Little Internet and Nearbuy, with respect to certain investment transactions, according to an exchange filing. Paytm clarified that the alleged breach pertains to the period when the two companies were not its subsidiaries. “We hereby inform you that a show cause notice……

2 days ago

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NDTV

Paytm Gets Probe Agency Notice Over Foreign Exchange Rule Violation by Units

The Enforcement Directorate has sent a notice to Paytm-owner One97 Communications for alleged violation of certain FEMA rules by the company and its two subsidiaries- Little Internet and Nearbuy, with respect to certain investment transactions, according to an exchange filing. Paytm clarified that the alleged breach pertains to the period when the two companies were not its subsidiaries. "We hereby inform you that a show cause notice...has been …

2 days ago·New Delhi, India

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India Today

Paytm clarifies FEMA allegations on acquired subsidiaries. Details here

The company is seeking legal advice and will take necessary steps to resolve the matter through appropriate regulatory processes in line with applicable laws.

2 days ago·India

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Devdiscourse

FEMA show cause notice of Rs 611 crore issued to Paytm's parent company One97 Communication Ltd, its MD and others: ED.

FEMA show cause notice of Rs 611 crore issued to Paytm's parent company One97 Communication Ltd, its MD and others: ED. FEMA show cause notice of Rs 611 crore issued to Paytm's parent company One97 Communication Ltd, its MD and others: ED.

10 hours ago·India

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MediaNama

Paytm Gets ED Notice For Alleged FEMA Violations

One 97 Communications, the parent company of Paytm, has received an ED notice for FEMA violations linked to two of its subsidiaries.

12 hours ago

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NDTV Profit

Paytm Ties Up With RBL Bank To Boost Digital Adoption Among Lender's Merchant Partners

Paytm parent One 97 Communication Ltd. has partnered with RBL Bank Ltd. to strengthen digital payment adoption among the private lender’s merchant partners, according to a press release issued on Monday.As part of the tie-up, Paytm will provide Soundbox and card machines to the bank's merchant partners. This initiative allows the lender's merchant partners to leverage Paytm’s technology for secure and reliable payments, the release said.The inte…

12 hours ago

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