Forex Violations News Today

India Business News: NEW DELHI: Enforcement Directorate has registered a forex violations case against Paytm and ordered a probe.

Byjus founder and chief executive Byju Raveendran could be in trouble after the Enforcement Directorate (ED) said he appears to be “guilty” of alleged forex violations amounting to Rs 9,362 crore by the embattled edtechs parent.

India Business News: The Enforcement Directorate (ED) on Tuesday issued show-cause notice to Byju's for allegedly violating foreign exchange rules amounting to Rs 9000 cro

"Based on the information shared by Sebi, the searches over alleged irregularities under forex rules and money laundering were conducted. The promoters of these firms have been summoned and they will be quizzed in due course," said a senior official privy to the investigations.

In this regard, the agency had asked former India Managing Director Manu Kumar Jain to appear for questioning. However, neither Jain nor the agency has commented on this.

On April 30, the Enforcement Directorate seized Rs 55 billion from Xiaomi Technology India Private Limited, a Chinese electronics firm. According to top sources, the capital was seized after it was discovered illegally lying in bank accounts. While the seizure is being carried out under FEMA and in relation to the company's illicit external remittances, the economic intelligence agency has launched an inquiry into the illegal remittances made in February. Xiaomi India is a wholly-owned subs...