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(Reuters) -India’s Paytm received a program cause notification from India’s financial prison exercise battling agency on Saturday for presumably breaching the nation’s Foreign Exchange Management Act.
The notification connects to infractions associating with the procurement of two subsidiaries – Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019, Paytm acknowledged in a declaration.
This discuss with a period when these enterprise weren’t subsidiaries of Paytm, it acknowledged.
The notification has no affect on its options to its prospects and distributors, the agency included.
(Reporting by Harshita Meenaktshi and Aditi Shah; modifying and enhancing by David Evans)
