Paytm received a show cause notice from India’s financial crime agency for allegedly violating regulations linked to its subsidiary acquisitions from 2015 to 2019. The company assured that this notice has no impact on its services to customers and merchants.
On Saturday, India’s leading digital payment firm Paytm was issued a show cause notice by the Enforcement Directorate, the country’s financial crime fighting agency. This notice pertains to alleged violations of the Foreign Exchange Management Act (FEMA) connected to the acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited, spanning the years 2015 to 2019.
In its statement, Paytm clarified that this regulatory notice does not affect the services provided to its consumers and merchants. The company remains committed to ensuring compliance with regulatory requirements and is taking the necessary steps to address the concerns raised in the notice.
In summary, Paytm has received a show cause notice regarding possible FEMA violations related to its acquisitions between 2015 and 2019. However, the company assures that this issue will not disrupt its services, highlighting its commitment to compliance and service continuity.
Original Source: www.usnews.com
