5 days ago
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The Reserve Bank of India (RBI) has issued a compounding bid nether the Foreign Exchange Management Act (FEMA) successful the lawsuit of Myntra Designs Private Limited, involving a one-time outgo of ₹2.88 lakh.
The bid has been passed pursuing a “no objection” from the Enforcement Directorate (ED). In this case, based connected inputs, the ED conducted the probe into suspected FEMA contraventions, the ED said connected Thursday (June 4, 2026).
“The lawsuit was nether probe portion the institution filed an exertion earlier the RBI for compounding of the said contraventions nether FEMA arsenic per the provisions of Section 15 of the Act. On notation from the RBI, the ED issued nary objection for specified compounding successful enactment with the existent tone of the Act,” the ED said.
