Key Points
The Directorate of Enforcement (ED) quizzed Paytm Payments Bank officials this week in connection with its probe into alleged violations of Foreign Exchange Management Act (Fema) by entities using the bank, said people aware of the matter..
The information gathered so far and documents shared by Paytm Payments Bank prima facie does not exhibit violation of Fema so far, a top government official told ET .on condition of anonymity...
Since RBI (Reserve Bank of India) last November had reached out to ED asking it to investigate Fema violations, summons to the company officials had to be sent to seek explanation and requisite information, he added..
Another government official told ET that the ED had urged the RBI to share the. requisite information pertaining to entities that, according to the central bank, have violated Fema and other norms...
One97 Communications Ltd, its subsidiaries and its associate, Paytm Payments Bank Ltd, have over time been receiving notices and requisition for information,. documents and explanations from the authorities...and provided the required information, documents and explanation to the authorities, the company said in a filing late on Wednesday..
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