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ED Questions Paytm executives, Gets Documents On Latest RBI Action

OutlookIndia

OutlookIndia · 1y ago

ED Questions Paytm executives, Gets Documents On Latest RBI Action

The Enforcement Directorate (ED) has questioned senior executives at Paytm and collected documents following the recent action by the Reserve Bank of India (RBI) to restrict Paytm Payments Bank from accepting deposits or top-ups in customer accounts. The ED is conducting a preliminary examination to determine whether to launch a formal investigation into alleged irregularities at the company under the Foreign Exchange Management Act. Paytm is already under investigation for potential money laundering activities. The RBI directed Paytm Payments Bank to stop accepting deposits after February 29.

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ED quizzes Paytm Payments Bank officials

Economic Times

Economic Times · 1y ago

ED quizzes Paytm Payments Bank officials

The Enforcement Directorate (ED) has questioned officials from Paytm Payments Bank as part of a probe into alleged violations of the Foreign Exchange Management Act (FEMA). The ED has requested more information and documents from the executives, who have so far complied with the agency's requests. Government officials have indicated that there have been no clear violations of FEMA thus far. The ED has also held a meeting with the Reserve Bank of India (RBI) to discuss entities that are said to have violated FEMA and other norms.

Paytm parent confirms ED action

Livemint

Livemint · 1y ago

Paytm parent confirms ED action

Paytm's parent company, One97 Communication Ltd, has confirmed receiving notices from the Enforcement Directorate (ED) requesting information on customers who have conducted business with its group companies. Paytm has provided the necessary information and documents to the investigating agency. This comes after reports that the ED is probing suspected breaches at Paytm Payments Bank based on a referral from the Reserve Bank of India. The ED is currently verifying the information and no formal complaint has been lodged yet. The restrictions imposed by RBI on Paytm Payments Bank remain in place.

Paytm Bank gets a knock on the door from ED

Livemint

Livemint · 1y ago

Paytm Bank gets a knock on the door from ED

India's Directorate of Enforcement (ED) is conducting a preliminary inquiry into potential breaches at Paytm Payments Bank, following a referral from the Reserve Bank of India (RBI). The ED, known for investigating money laundering and forex violations, has not yet registered an enforcement case. The RBI and ED are currently the only entities involved, with the government refraining from interference. The ED will assess the concerns raised by the RBI and address any deficiencies found. Compliance breaches generally fall under the purview of sectoral regulators.

FIU, ED Seek Report From RBI On Paytm

OutlookIndia

OutlookIndia · 1y ago

FIU, ED Seek Report From RBI On Paytm

The Enforcement Directorate (ED) and the Financial Intelligence Unit (FIU) have requested the Reserve Bank of India (RBI) to share a report on the recent action taken against Paytm Payments Bank Ltd. The ED is looking to analyze if a probe needs to be initiated, while the FIU wants to assess if Paytm followed the required procedures under the Prevention of Money Laundering Act. The RBI had barred Paytm Payments Bank from accepting customer deposits or top-ups, but Paytm denies any wrongdoing and claims they are not under investigation for money laundering or foreign exchange violations.

ED tapped RBI for more info on FX violations by those using Paytm Payments Bank

Economic Times

Economic Times · 1y ago

ED tapped RBI for more info on FX violations by those using Paytm Payments Bank

The Enforcement Directorate (ED) has requested additional information from the Reserve Bank of India (RBI) regarding alleged violations of the Foreign Exchange Management Act (FEMA) by individuals and companies using Paytm Payments Bank. The ED sought information on entities that may have breached FEMA and made suspiciously large deposits in Paytm wallets. Investigations will be carried out on the prime violators, and if complicity with insiders is established, they will also be prosecuted. Additionally, if money laundering or tax evasion is found, appropriate action will be taken.

No Foreign Remittance License, So No Question Of Forex Laws Breach: Paytm Payments Bank To ED

Inc42 · 1y ago

No Foreign Remittance License, So No Question Of Forex Laws Breach: Paytm Payments Bank To ED

Paytm Payments Bank has informed the Enforcement Directorate (ED) that it does not have the necessary license for outward foreign remittances. The ED has reached out to the Reserve Bank of India (RBI) to verify this statement. The ED is investigating alleged breaches of the Foreign Exchange Management Act (FEMA) involving entities using Paytm Payments Bank. However, after reviewing the data provided by the RBI, the ED has not found any evidence of FEMA violations by Paytm. The RBI has also instructed the National Payments Corporation of India (NPCI) to examine Paytm's request to become a third-party application provider for UPI payments.

Enforcement Directorate says Paytm violated foreign exchange rules

VCCircle

VCCircle · 5m ago

Enforcement Directorate says Paytm violated foreign exchange rules

The Enforcement Directorate (ED) claims that Paytm and its units violated the Foreign Exchange Management Act by $70 million. Paytm allegedly didn't report foreign investments in Singapore to the Reserve Bank of India (RBI) and received foreign direct investment without adhering to RBI guidelines. Units like Little Internet and Nearbuy India also reportedly violated these guidelines. Paytm is addressing the issue, asserting it doesn't affect their services. The ED notice arrives amid Paytm's pending payment aggregation license approval.

Paytm Payments Bank Does Not Undertake Foreign Remittances: Paytm On Report Of FEMA Violations

Inc42 · 1y ago

Paytm Payments Bank Does Not Undertake Foreign Remittances: Paytm On Report Of FEMA Violations

Paytm has clarified that its banking unit, Paytm Payments Bank, does not undertake outward foreign remittances, in response to reports of the Enforcement Directorate (ED) registering a case of forex violations against the company. Paytm also stated that it continues to cooperate with authorities by providing information and documents as required. The ED had sought information on previous overseas transactions conducted by Paytm Payments Bank during a preliminary examination. Paytm's shares have plummeted to a record low following regulatory actions from the Reserve Bank of India.

ED, authorities have been sending notice, request to Paytm for info on customers: OCL

Economic Times

Economic Times · 1y ago

ED, authorities have been sending notice, request to Paytm for info on customers: OCL

Paytm and Paytm Payments Bank have been receiving notices and requests for customer information from authorities, including the Enforcement Directorate (ED). Paytm stated that its banking arm does not undertake outward foreign remittances. This comes after recent media reports claimed that the ED has launched a preliminary inquiry into Paytm Payments Bank for alleged FEMA violations. Paytm shares have plummeted by 18% since Tuesday as a result. The RBI has also been asked to share its report on barring Paytm Payments Bank from accepting deposits or top-ups in customer accounts.

Paytm CEO Vijay Shekhar Sharma meets FM Sitharaman

Inshorts · 1y ago

Paytm CEO Vijay Shekhar Sharma meets FM Sitharaman

Paytm CEO Vijay Shekhar Sharma met Finance Minister Nirmala Sitharaman on Tuesday, ANI reported quoting sources. They reportedly discussed the recent curbs imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank. It was earlier reported that Sharma and other Paytm executives met the RBI officials on Monday and discussed a roadmap to address the regulatory concerns.

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