RBI closes FEMA case against Flipkart-owned Myntra after ₹2.88 lakh compounding penalty
The central bank shut its FEMA probe into fashion e-tailer Myntra after the Enforcement Directorate cleared compounding. Myntra paid a one-time ₹2.88 lakh fee to settle alleged contraventions tied to transactions worth ₹46 crore, drawing a line under a long-running regulatory overhang for the Walmart-backed platform.
RBI has closed a FEMA investigation against Flipkart-owned Myntra after ED issued no-objection for compounding. The fashion e-commerce platform paid a one-time Rs 2.88 lakh penalty to settle alleged contraventions covering transactions worth Rs 46 crore.