Fintech giant PayTM is seeking regulatory relief from the Reserve Bank of India [RBI] in their 611 crore FEMA case. Explore all key details of this case, including the case timeline, PayTM’s current course of action, and more.
Overview: What went wrong
One97 Communications Ltd, Paytm's parent business, is being investigated for potential violations of the Foreign Exchange Management Act (FEMA) amounting to ₹611 crore. The Enforcement Directorate (ED) has claimed that PayTM and its subsidiaries—Little Internet Pvt Ltd and Nearbuy India Pvt Ltd—failed to comply with necessary RBI reporting rules for foreign investments.
Case Timeline
2015–2019: The time frame during which the purported infractions took place, involving foreign investments and FDI transactions.