Wednesday, 7 February, 2024

Tightened Scrutiny: RBI, ED Targeting ePay Violators

It is anticipated that users of electronic payment systems (ePay) who break the Foreign Exchange Management Act (FEMA) restrictions will come under closer scrutiny from the RBI and Enforcement Directorate (ED). The purpose of this measure is to prevent illicit transactions and guarantee adherence to FEMA regulations. To protect against illicit financial operations and preserve the integrity of India's financial ecosystem, authorities may impose severe measures against violators.