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RBI, ED likely to turn up heat on mobile payment users violating Fema rules

Economic Times · 1y

The Reserve Bank of India (RBI) and investigating agencies are planning to intensify their actions against individuals and companies violating Foreign Exchange Management Act (FEMA) and other norms on various mobile payment platforms. The agencies seek assistance from the central bank to identify potential violators. This move comes after RBI shared information on possible violations with the Directorate of Enforcement (ED). The ED is expected to request the central bank for updated information on violators related to Paytm Payments Bank. Joint efforts will be made by the ED, Financial Intelligence Unit, and Income Tax Department to investigate money laundering and impose penalties.