ED closes FEMA probe against Myntra after ₹2.88 lakh compounding settlement
Enforcement Directorate has dropped its foreign exchange probe against Flipkart-owned Myntra after the fashion retailer paid ₹2.88 lakh to compound two FEMA violations covering roughly ₹46 crore in transactions, following RBI's April 20 compounding order.
What happened
ED closed its FEMA probe against Flipkart-owned Myntra after the fashion retailer paid ₹2.88 lakh to compound two alleged foreign exchange violations involving
Key facts
- ₹2.88 lakh penalty
- ₹46 crore transactions
- April 20 compounding order
Why this matters
The settlement clears a diligence flag on Myntra's FEMA history, smoothing any restructuring, secondary, or listing transaction involving the Flipkart fashion arm.