India’s Paytm received a show cause notice from India’s financial crime fighting agency on Saturday for allegedly violating the country’s Foreign Exchange Management Act.
The notice relates to violations relating to the acquisition of two subsidiaries – Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019, the Paytm said in a statement.
This pertains to a period when these companies were not subsidiaries of Paytm, it said.
The notice has no impact on its services to its consumers and merchants, the company added.
