Myntra Cleared Of FEMA Charges After RBI Compounds Violations For Rs 2.88 Lakh; ED Closes Probe
RBI has compounded Myntra's FEMA violations tied to delayed APR filings worth Rs 42.85 crore and pending ODI commitments of Rs 3.03 crore on payment of a Rs 2.88 lakh one-time fee. The Enforcement Directorate has consequently closed its probe against the Flipkart-owned fashion etailer, removing a key regulatory overhang.
RBI compounded Myntra's FEMA violations involving delayed APR filings (Rs 42.85 cr) and pending ODI commitments (Rs 3.03 cr) on a Rs 2.88 lakh one-time fee, prompting the ED to close its probe against the Flipkart-owned fashion etailer.