The Enforcement Directorate has reportedly asked the Reserved Bank of India(RBI) on Foreign Exchange Management Act (FEMA) violation by the companies and individuals.
Paytm who caught the eye of the storm has claimed that the question does not arise as it does not possess the licence required for outward foreign remittances.
The Institute of Chartered Accountants of India President Ranjeet Kumar Agarwal stated that, “So far, we have not considered it (Paytm issue), but the board meeting of the FRRB will take place in the near future and it will consider appropriate action if required. So far, we have not decided anything as far as this matter is concerned.”
