India’s Paytm has received a show cause notice from the country’s financial crime fighting agency for allegedly violating the Foreign Exchange Management Act. The notice concerns the acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited, between 2015 and 2019. Paytm stated that these companies were not its subsidiaries during that period. The company assured that the notice will not affect its services to consumers and merchants.

Paytm Faces FEMA Notice Over Alleged Subsidiary Acquisitions
India’s Paytm has received a show cause notice from the country’s financial crime fighting agency for allegedly violating the Foreign Exchange Management Act. The notice concerns the acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited, between 2015 and 2019. Paytm stated that these companies were not its subsidiaries during that…
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