ED closes FEMA probe against Myntra

A FEMA investigation against Flipkart-backed online fashion-and-lifestyle platform Myntra has been “terminated” after the RBI issued a compounding order on the basis of a “no objection” given by the Enforcement Directorate (ED). The Reserve Bank of India (RBI) issued the order on April 20 in the case of Myntra Designs Private Limited, the ED said in a statement.

The central agency had initiated a probe against the e-commerce platform last year for alleged contraventions of the Foreign Exchange Management Act (FEMA), based on “credible” information.