FEMA Violation: Paytm made investments in Singapore without reporting to RBI, says ED

Online payments platform Paytm’s parent company, One 97 Communication (OCL), allegedly made certain foreign investments in Singapore without informing India’s banking regulator, the Reserve Bank of India (RBI), reported the news agency PTI on Monday, March 3.

According to the investigation, the Enforcement Directorate (ED) alleged that they found OCL “did not” file the necessary reporting meant to be filed with the national banking regulator RBI for the creation of a step-down subsidiary firm.