The Enforcement Directorate (ED) has not found any violation under the Foreign Exchange Management Act (FEMA) during the inquiry of Paytm Payments Bank Limited (PPBL) transactions. RBI has the authority to take action against non-compliance instances. The ED looked into the transactions for FEMA violations while ruling out money laundering investigation.
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The Madras High Court has dismissed a writ petition filed by DMK MP S. Jagathrakshakan challenging the proceedings initiated against him and his family members by the Enforcement Directorate (ED) under the Foreign Exchange Management Act (FEMA) of 1999. The court also rejected the connected writ petitions filed by the MP’s daughter, son, and a private limited company. The ED alleged that the MP and his family members contravened FEMA regulations by purchasing and transferring foreign securities without Reserve Bank of India approval.
