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India accuses edtech giant Byju’s of $1.1 billion forex violations – TechCrunch

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India accuses edtech giant Byju’s of $1.1 billion forex violations – TechCrunch

 

India’s Enforcement Directorate, its crime-fighting agency, has issued a show-cause notice to Byju’s, accusing it of violating the nation’s foreign exchange rules.The ED’s allegations say that the Bengaluru-headquartered startup has violated rules under the Foreign Exchange Management Act (FEMA), to the tune of $1.12 billion, by failing to submit documents of imports against advance remittances and proceed of exports made outside India and delayed filing of documents for foreign direct investment received by the startup. TechCrunch reported about the impending show-cause notice earlier Tuesday.In a press statement (PDF), the Indian agency said “various complaints regarding the foreign investment received by the… 

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