Been receiving notices from ED and other agencies, says Paytm parent
10 months, 1 week ago

Been receiving notices from ED and other agencies, says Paytm parent

The Hindu  

Amid reports that the Enforcement Directorate had on Wednesday filed cases against Paytm for alleged FEMA violations, One 97 Communications Ltd., the parent company of Paytm, neither confirmed nor denied the reports and told stock exchanges that the company, its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices from various authorities including the ED. In a clarification to the exchanges, the company said that besides notices it has received requests for information, documents and explanations from the authorities, including ED, with respect to customers that may have done business with the respective entities. “The Company and its associate have continued to provide such information, documents and explanations to the authorities as is being required by them,” it said in a filing with the exchanges. “We would also like to clarify that our associate Paytm Payments Bank Limited does not undertake Outward Foreign Remittance.

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History of this topic

Paytm Receives SEBI Warning Over Unapproved Transactions With Paytm Payments Bank
5 months, 1 week ago

Paytm Receives SEBI Warning Over Unapproved Transactions With Paytm Payments Bank

Live Law  

One 97 Communications, the parent company of Paytm, has received an administrative warning from the Securities and Exchange Board of India regarding certain transactions conducted during the financial year 2021-22. SEBI's letter stated that Paytm engaged in related party transactions with Paytm Payments Bank Limited without obtaining the necessary approvals from its audit committee or shareholders. SEBI's letter noted that …

Paytm gets Sebi warning on related party transactions with Payments Bank
5 months, 1 week ago

Paytm gets Sebi warning on related party transactions with Payments Bank

Hindustan Times  

Paytm's parent company One 97 Communications received an administrative warning letter from market regulator SEBI over related party transactions conducted by the company with Paytm Payments Bank for FY22. Sebi's administrative warning focuses on related party transactions valued at ₹324 crore and ₹36 crore, respectively. The markets regulator noted in the letter, “On one hand, the company claimed that it …

ED issues fresh look-out notice against Byju Raveendran
10 months ago

ED issues fresh look-out notice against Byju Raveendran

The Hindu  

The Enforcement Directorate has issued a fresh look-out notice against edutech entrepreneur Byju Raveendran in connection with the inquiry into alleged violation of the Foreign Exchange Management Act involving ₹9,362.35 crore. In November last year, the FEMA Adjudicating Authority had issued show cause notices to Think & Learn Private Limited, which runs education portal Byju’s, and Mr. Raveendran, based on …

Paytm crisis: No forex violations found by probe agency yet, says report
10 months ago

Paytm crisis: No forex violations found by probe agency yet, says report

India Today  

An investigation into potential foreign exchange breaches at Paytm Payments bank by the Enforcement Directorate of India hasn't uncovered any violations yet, according to a government source familiar with the situation, news agency Reuters reported. Since the Reserve Bank of India's announcement on January 31st that Paytm Payments Bank couldn't take in new funds, Paytm's shares have plummeted by over …

No FEMA violation found by ED in Paytm Payments Bank case: Report
10 months ago

No FEMA violation found by ED in Paytm Payments Bank case: Report

Hindustan Times  

In the case of Paytm Payments Bank Limited, the Enforcement Directorate has not found any violation under the Foreign Exchange Management Act, The Hindu has reported quoting people familiar with the development. REUTERS/Florence Lo/Illustration//File Photo Only the apex Reserve Bank of India, which, on January 31, prohibited PPBL from onboarding new customers after February 29, cracking down due to ‘persistent …

ED finds no FEMA violation in Paytm Payments Bank case
10 months, 1 week ago

ED finds no FEMA violation in Paytm Payments Bank case

The Hindu  

February 17, 2024 03:00 am | Updated 11:44 am IST - NEW DELHI The Enforcement Directorate has not found any violation under the Foreign Exchange Management Act during the inquiry of Paytm Payments Bank Limited transactions. On January 31, the RBI had issued a circular barring PPBL from taking further deposits, top-ups or undertaking credit transactions into its customer accounts, …

ED questions Paytm officials, gets documents on RBI action: Report
10 months, 1 week ago

ED questions Paytm officials, gets documents on RBI action: Report

Hindustan Times  

The Enforcement Directorate questioned senior Paytm officials and had got documents from them following the Reserve Bank of India action against Paytm Payments Bank, officials told PTI. In a regulatory filing, Paytm had said,"One 97 Communications Limited, its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices and requisition for information, documents and explanations from …

Enforcement Directorate questions Paytm executives; gets documents on latest RBI action
10 months, 1 week ago

Enforcement Directorate questions Paytm executives; gets documents on latest RBI action

The Hindu  

“The Enforcement Directorate has questioned senior Paytm executives and taken submission of documents from them following the recent Reserve Bank of India action of barring Paytm Payments Bank Limited from accepting deposits or top-ups in any customer account,” official sources said on February 15. Paytm said its associate Paytm Payments Bank Limited does not undertake outward foreign remittances. "One 97 …

Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case
10 months, 1 week ago

Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case

Hindustan Times  

Fintech company Paytm in an exchange filing clarified about the reports of an investigation by the Enforcement Directorate, saying that no FEMA violation cases have been filed against the company by the probe agency. Paytm denies reports of ED probe against firm One 97 Communications Limited, the parent company of Paytm and Paytm Payments Bank, stated in an exchange filing …

ED questions Paytm executives, collects documents on RBI restrictions
10 months, 1 week ago

ED questions Paytm executives, collects documents on RBI restrictions

India TV News  

The Enforcement Directorate has questioned senior executives at Paytm and collected documents from them in response to the recent Reserve Bank of India action, which barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account. One97 Communications, the parent company of Paytm, and its banking arm, Paytm Payments Bank, have been receiving notices and requests for …

Paytm Under ED Lens, Agency Seeks Documents From RBI For Enquiry
10 months, 1 week ago

Paytm Under ED Lens, Agency Seeks Documents From RBI For Enquiry

News 18  

The Enforcement Directorate has begun an enquiry against Paytm. In the latest development, CNN-News18 learned that ED has sought documents on Paytm from RBI and a decision on whether an ECIR can be registered will be taken after the scrutiny. Since then, the agency has asked RBI at least twice for papers related to Paytm Payments Bank. Earlier, One97 Communications, …

Paytm Payments Bank faces probe over foreign exchange violations
10 months, 1 week ago

Paytm Payments Bank faces probe over foreign exchange violations

India Today  

A case has been filed against crisis-hit Paytm Payments Bank Limited over violation of rules under the Foreign Exchange Management Act. The development comes two weeks after the Reserve Bank of India took strict regulatory action against Paytm Payments Bank and asked it to stop key operations. In its order, the RBI said it initiated regulatory action against Paytm Payments …

ED probing Paytm and bank unit over currency transactions: sources
10 months, 2 weeks ago

ED probing Paytm and bank unit over currency transactions: sources

The Hindu  

India's financial crime-fighting agency is investigating if platforms run by One 97 Communications, also known as Paytm, were involved in violations of foreign exchange rules, two senior Government sources said. The Reserve Bank of India ordered Paytm Payments Bank to wind down most of its businesses, including deposits, credit products and its popular digital wallets, by Feb. 29. The Paytm …

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore
1 year, 6 months ago

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore

The Hindu  

The Enforcement Directorate on Friday said it had issued show cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B. Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than ₹5,551 crore. The adjudicating authority …

Crypto Exchanges Under Scanner: CoinSwitch, CoinDCX Get ED Notices Over FEMA Violation, Say Sources
2 years, 5 months ago

Crypto Exchanges Under Scanner: CoinSwitch, CoinDCX Get ED Notices Over FEMA Violation, Say Sources

News 18  

The Enforcement Directorate, continuing its crackdown on cryptocurrency firms, has sent notices to crypto exchange companies CoinSwitch and CoinDCX as they allegedly came under the central agency’s radar. The notices against CoinSwitch and other platforms have been sent by the ED over the alleged violation of the Foreign Exchange Management Act, the abovementioned sources told News18. As per a statement …

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